ED meets Captains of Industry

By Rudo Saungweme

President Emmerson Mnangagwa has assured the nation that the use of bond notes is safe and secure and that the multicurrency system of exchange is here to stay.

Addressing bankers and captains of industry at State House today, President Mnangagwa strongly warned local manufacturers to desist from holding commodities from retailers and also discouraged retailers from charging exorbitant prices.

“I fully know what is going on in the country. As a listening president, I am here to listen to whatever you say. This gathering will enable us to interact and share ideas in our drive to economic recovery. The new Government is working day and night to stabilise the economy. Be informed that the multicurrency system of exchange is here to stay. The use of bond notes is safe and secure.

“It has come to my attention that manufacturers are holding their products to retailers. Do not expect me to visit you. I call upon all Zimbabweans to rally together and work in unity to build the Zimbabwe we all want. It is not in our national interest to bring anguish to our fellow Zimbabweans. Some retailers are charging exorbitant prices on commodities. Let us not charge ridiculous prices. Let’s respect one another. Seed price charging is ridiculous.” he said

Prices of commodities sprouted following the monetary policy pronouncement by Reserve Bank of Zimbabwe Governor, Dr John Mangudya on 1 0ctober 2018. This was because of the misinterpretations by citizens that bond notes no longer had value.

Some manufacturers started holding their products for sell and this brought artificial shortages. Those who had the commodities at their disposal started to charge ridiculous prices taking advantage of the situation.

President Mnangagwa condemned this behaviour urging people to demonstrate a spirit of patriotism.

Commenting on the measures being implemented by the Government to revive the economy, President Mnangagwa said that the measures involved were painful but the pain will eventually lead Zimbabwe to attain a middle income economy by 2030.