Zimpapers to host business breakfast:
INTEGRATED media group, Zimpapers, will host a business breakfast meeting that will see Industry, Commerce and Enterprise Development Minister Dr Mike Bimha, discussing recent initiatives by Government meant to keep consumer prices stable.
The event is set for April 12 in Harare, running under the theme “Unpacking the pricing conundrum”.
Zimpapers group corporate events manager Ms Jackie Kathemba said Dr Bimha will detail Government’s price stability objective in view of what has been transpiring on the ground.
“Despite measures that have been put in place by Government, we have seen that there has been no downward trajectory in prices; although prices have somewhat stabilised, they have steadied at the higher end. For instance, the Government reduced the price of fuel, but there has been no concomitant reduction in the prices of goods and services. All things being equal, certain policy measures should translate to developments in the economy, but currently they are not. So the purpose of the meeting is for the minister to unpack the conundrum,” she said.
Over the past year, Government has moved to implement measures aimed at protecting consumers, such as reducing fuel prices as well as promulgation of Statutory Instruments 64 of 2016 and 122 of 2017.
The 2018 National Budget also proposed a number of reforms intended to reduce cost of production for local manufacturing companies. It is estimated that around 60 percent of raw materials and merchandise for Zimbabwe’s industries are imported.
Parts of the economy are operating under a three-tier pricing system (cash, RTGS transfers and mobile money) and Government has moved to normalise the situation. Earlier this year, the Reserve Bank of Zimbabwe (RBZ) said it was taking measures to criminalise the use of a multi-tier pricing system by retailers and service providers in the country.
Ms Kathemba added that the event will also function to increase public awareness on what consumers can do to protect themselves from unscrupulous retailers and service providers.
Key stakeholders including business leaders, economic analysts, retailers, service providers, and heads of Government departments among others, are expected to participate at the event.