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Prosper Ndlovu Business Editor
Information, Media and Broadcasting Services Minister Professor Jonathan Moyo says the call to reduce commodity prices and service charges is critical for accelerated economic turnaround and successful implementation of the government’s blue-print, Zim-Asset.

In support of proposals by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya for businesses to slash prices to allow economic growth, Prof Moyo said price modelling has gross implications on economic growth and implored businesses to heed the call.

He said higher price margins were no longer justifiable after the introduction of bond coins, which have solved the headache of change that most businesses used to cite.

“The RBZ has introduced bond coins and we must now reduce prices. Newspapers should reduce prices. You need to change your business model and reduce the price if you’re to increase sales,” said the minister during a meeting with Zimpapers’ editorial staff in Harare last Friday.

“Economic turnaround won’t take place with these prices. Pricing has implications on economic turnaround and this is a major aspect of it. We can’t continue telling people things that we’re not doing ourselves.”

He also called on the print media to reduce the price of newspapers which he said was too high. In Zimbabwe daily newspapers are sold for a $1 while some weeklies are pegged at $2.

Surveys have shown that newspaper prices in Zimbabwe are the highest in the region compared to neighbouring countries like South Africa, where some dailies are sold for as little as R4.

Prof Moyo acknowledged viability constraints facing media institutions in the country amid concerns over declining circulation and reduced advertising.

He challenged players in the sector to come up with robust business strategies and improve on content to suit the changing consumer demands and withstand competition.

The minister was critical of a lack of depth in the coverage of pertinent national issues by the public media in general and called for a paradigm shift towards adoption of a consistent “full spectrum” reporting that speaks to enduring societal interests while promoting national cohesion.

“The problem is that our media content is fixed and often predictable. You aren’t speaking to audiences. The political story has dominated discourse for too long in a negative sense. Let’s have new content that is connected to markets and the economy,” Prof Moyo added.

He said full spectrum reporting that orients and sets the agenda for the nation must be an ongoing narrative if the country’s media is to survive and remain relevant.

The minister’s remarks come at a time when the country is positioning itself for robust economic turnaround amid growing investment interests by local and foreign nationals.

Investors are warming up to opportunities in the country with latest reports indicating the country has so far entered into agreements worth about $1,6 billion.

Meanwhile, the government is seized with facilitating the ease of doing business in the country with a raft of investment reform processes in labour, pricing, banking, and indigenisation review underway.