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Markets went mad over the past few days with rocketing prices, shortages of a range of commodities including fuel and cement sparking panic buying largely unseen since 2008.

Long winding fuel queues resurfaced across the country, while many businesses increased prices of their stock reportedly multiple times in a day.

Commodities such as cooking oil, soap, sugar and others were swept off supermarket shelves as panicky consumers bought them in bulk. We don’t know if speculators joined in or are the ones to blame for triggering the stampede. Various building materials also disappeared — cement, bricks and so on and when they reappeared yesterday dealers were charging in US$ and the rand only, rejecting the EcoCash, swipe or bank transfer. As this happened exchange rates for foreign currency on the illegal market rose sharply.

Indeed we witnessed much madness over the past few days, a sort of rumpus that must not continue.

President Mnangagwa did well by coming out strongly yesterday to calm the markets. He said, as we report on our front page today, that there would be no shortage of any commodities including fuel as the Government is working hard to ensure that they are available. He was quite honest at the same time; urging the people to be ready to take the proverbial bitter pill which isn’t good in the short term, but is important in the long term. The President also came in full support of Finance Minister, Professor Mthuli Ncube for spelling out a number of new, bold measures to address the prevailing economic challenges.

“Last week, Minister of Finance Mthuli Ncube, drawing on his vast experience as chief economist and vice president at the African Development Bank (AfDB), announced a series of measures to reform and revive our economy, and put us on the path to steady economic growth,” President Mnangagwa said.

“Cognisant of the scale and urgency of the challenges facing us, our plan is bold and far reaching, and will have the desired effect. I have read your comments and understand the difficulties many face, and Government will do all in its power to minimise them.

We are already taking the lead by cutting back on unnecessary spending. The only way to a stronger economy is to restructure, rebuild and reform. We must all be realistic. Whatever some may claim, there are no silver bullets or quick fixes. There is no need to panic, and Government is guaranteeing the availability of all essential commodities, including fuel. We are on a shared journey to a better and more secure future. The road is long, winding and at times bumpy, but there is no other way. This is the road to a middle-income economy, and if we travel it together, with patience and purpose, we will realise our vision.”

Any economic turnaround, like anything that is good in day to day life does not come easily. It takes much effort, sweat, patience and sometimes deep suffering. It takes drastic policy measures that typically wrought considerable pain on the people. The good thing, however, is that the suffering is always short term, but the benefits are more durable and sweeter.

Therefore, we appeal to our people to be prepared for this difficult phase. We know the nation is still traumatised by 2004-2008 when inflation ran into millions, we moved around with worthless money in our car boots and sacks, when shops were empty of stock and hospitals lacked medicines. Nevertheless, our considered view is that while the economic challenges remain, there is no way our economy can sink to the 2004-2008 lows.

Having said the foregoing, it is critical that citizens appreciate that this economy cannot rise on the basis of some magic that only the opposition can perform. It has to be reset. Encouragingly for us all, it is being reset.

Government expenditure has to be curtailed, exports have to increase with more added value, foreign direct investment must flow in and so on. This is our only way out of the rut we are in, not the idealistic remarks that a unity government will, on its own, do that for us.

We already have a political leadership that knows what is good for us as a country, is actively working towards that while the overall conditions, particularly at the international stage, are favourable for a turnaround.

Looking back we aren’t too sure what triggered the chaos of the past few days but we are unhappy with the influence that speculators appear to wield on the market. By their nature, speculators thrive on rumours that are not founded on any fundamentals.

They spread fake news in a bid to direct the market in a certain direction with the motive to always maximise their profit. Now with social media so pervasive, the speculators find it very easy to originate and spread the self-serving rumours. We implore them to engage in more responsible business not skullduggery.

Also, our people need to be more perceptive, refusing to be used by speculators who drive them into panic-buying of various commodities, all to boost the margins of dealers. This leaves consumers poorer and stuck with large amounts of goods they actually don’t need.