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President Mnangagwa has said he will meet the business sector to find ways of addressing the problem of skyrocketing prices of basic commodities which are now beyond the reach of the majority of consumers. 

Addressing the nation shortly before flying out to New York for the United Nations General Assembly on Friday, President Mnangagwa said Government remained concerned about the increases in the prices of basic commodities. “Soon, I shall be calling for a meeting with the business community so that we agree on clear ground rules which ensure fair play in the market,” he said. 

President Mnangagwa said it was not the intention of Government to interfere with the operation of business. He however said where clear failures become evident and rampant in the market, the hand of Government will inevitably show. 

President Mnangagwa said to avoid Government interference the business community should demonstrate leadership, empathy and patriotism while recovery takes root. The President said Government has, for some time now, observed with increasing concern a tendency within the business sector to randomly increase prices without cause. 

He said some businesses were just after profiteering hence the exorbitant prices being charged. President Mnangagwa called on the business sector to put on show leadership that takes business decisions, which are professional, ethical and even compassionate. 

Prices of most basic commodities have during the past two weeks been increased by more than 100 percent. The consumers have in fact been subjected to incessant price hikes since last October. Government has repeatedly urged the business sector to be professional and ethical in its conduct but it seems the business sector has chosen to be defiant. 

It is time Government cracks the whip in order to protect citizens against this price hike madness. It is unfair when retailers peg their prices based on the parallel market rates when salaries of consumers have not been adjusted even based on the low official market rates.

The planned meeting between the President and the business sector should come up with mechanisms to guard against profiteering and there should be severe penalties against businesses which decide to be defiant.  President Mnangagwa’s message to business on Friday was very clear regarding Government’s expectations and patriotic businessmen will therefore not wait for the planned meeting to adjust.

We have said it before that business should not force Government to interfere with their operations but if business decides to fleece consumers, Government is left with no option but to intervene. 

Government’s role should be to facilitate and create a conducive environment for business to flourish while business on its part upholds professionalism and ethics. This mischief of pegging prices based on the parallel market rates should stop.