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THERE are positive developments in the marketplace attributed mainly to the drop in the prices of fuel. The exchange rate has during the past two weeks stabilised and as such there have been not much movements in the prices of basic commodities.

According to the Consumer Council of Zimbabwe (CCZ), the cost of living has slightly dropped, a confirmation that the fiscal and monetary measures being implemented by the Government are having a positive impact.

Government removed levy on diesel as part of measures to ensure fuel prices do not go beyond US$2 per litre.

Consumer Council of Zimbabwe (CCZ)

Government, it seems, is doing a lot behind the scenes to whip into line unscrupulous businesses that are after profiteering at the expense of consumers.

The Ministry of Finance and Economic Development says it is working closely with the Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) to address the issue of exchange rate volatility and attendant inflationary pressures.

The FIU has therefore warned businesses involved in illicit deals that they risk being punished.

Some businesses are using a ridiculously high exchange rate of US$1: $1 200 and what is however comforting is that the FIU says it has identified some of the culprits and is taking corrective measures.

We have said it before that businesses should always uphold business ethics in their pricing and avoid taking advantage of the situation to profiteer at the expense of the consumers.

President Mnangagwa has urged Zimbabweans to buy locally manufactured products to support the manufacturing sector and industry on their part should ensure what they produce is affordable.

President Mnangagwa

The manufacturing sector is already benefitting from the Government’s Import Substitution Strategy and Local Content Policy and should pass on this benefit to consumers by charging affordable prices.

It defies logic for imports to be cheaper than locally manufactured products.

The economy is registering significant growth in the different sectors and it is our fervent hope that the stable inflation and exchange rates witnessed during the past two weeks will be maintained.

Government departments involved in whipping into line unscrupulous businesses fleecing consumers should intensify their operations until there is sanity in the marketplace.

The RBZ on its part, has been prioritising the manufacturing companies when it comes to allocation of foreign currency but what is unfortunate is that some of these companies are the ones pegging their prices using the black market exchange rates.

Businesses have an obligation to complement Government efforts to stabilise the economy so that at the end of the day it benefits both the businesses and consumers.