Price hikes il­le­gal — Min­is­ter

Sunday News (Zimbabwe) - - Front Page -

IN­DUS­TRY and Com­merce Min­is­ter Cde Man­gal­iso Ndlovu has blasted re­tail­ers who are in­creas­ing prices of goods and ser­vices say­ing the price hikes are il­le­gal as there was no jus­ti­fi­ca­tion what­so­ever, other than prof­i­teer­ing and warned them to stop the price mad­ness.

The min­is­ter was re­spond­ing to calls by con­sumers who have been on the re­ceiv­ing end as there was an un­ex­plained in­crease of many goods in shops and su­per­mar­kets through­out the coun­try in the past week.

He said there was no jus­ti­fi­ca­tion what­so­ever as to why prices sud­denly shot up other than spec­u­la­tive be­hav­iour which had no ba­sis at all. He said he was hav­ing marathon meet­ings with stake­hold­ers in the busi­ness sec­tor to get to the bot­tom of the price frenzy that was hurt­ing the or­di­nary peo­ple.

“The price hikes are not jus­ti­fied at all. Peo­ple ride on spec­u­la­tion and that is re­ally un­called for. I urge the re­tail­ers to re­verse their prices,” he said.

e min­is­ter said it was sad to note that man­u­fac­tur­ers of the same goods had not in­creased their prices to guar­an­tee price hikes but the re­tail­ers have in­creased theirs.

“If you check with the man­u­fac­tur­ers of the goods and whol e salers too they have not in­creased their prices and you won­der at what point in the value chain is the price hike ef­fected,” he said.

Min­is­ter Ndlovu also be­moaned the fact that some sec­tions of the value chain were op­er­at­ing on spec­u­la­tive ba­sis which he said was un­called for and un­nec­es­sary.

“We are fol­low­ing these events with great con­cern and hope­fully they (re­tail­ers) will just get back to proper busi­ness ethics and stop this prof­i­teer­ing ten­dency,” he said.

Mean­while, the Cor­po­rate Cap­i­tal Con­sul­tancy Zim­babwe will host a busi­ness fo­rum un­der the theme “Meet the In­dus­tri­al­ists” on Sat­ur­day where the Min­is­ter of In­dus­try and Com­merce to­gether with his deputy Raj Modi will be the guest speak­ers.

Speak­ing to Sun­day News, Miss Re­joice Ma­fukidze, the co-or­di­na­tor of the event said all sec­tors of in­dus­try were ex­pected to come and be part of the event.

“This is a fo­rum that we are hav­ing which is based on hear­ing the pos­si­ble so­lu­tions to re­viv­ing our in­dus­try. We want ex­pert brains in in­dus­try through­out the coun­try to come and prof­fer their ideas on how we can get our in­dus­trial hub Bu­l­awayo back on its feet,” she said.

She said it was es­sen­tial that the cit­i­zens get con­fi­dence in the cap­tains of in­dus­try as they speak out on how best the city could be trans­formed to be the in­dus­trial hub that it used to be in the not far away past.

“It is now time for ac­tion and ev­ery­one has to be in this band­wagon as we rein­vent the in­dus­trial hub via this so­lu­tion mak­ing fo­rum,” she added.

The deputy min­is­ter Cde Modi said the fo­rum was also an op­por­tu­nity to have con­ver­sa­tions with the cap­tains of in­dus­try and hear their suc­cess sto­ries and also the op­er­a­tional chal­lenges that they were hav­ing and map the

way for­ward.

Min­is­ter Man­gal­iso Ndlovu

Newspapers in English

Newspapers from Zimbabwe

© PressReader. All rights reserved.