Ministry of Finance and Economic Development Permanent Secretary, Mr George Guvamatanga has assured the nation that the introduction of a mono-currency in Zimbabwe is the right prescription that the country needs to build a strong economy for the future.
Mr Guvamatanga, however, said the move would cause temporary volatility and upheavals in the economy.
Speaking during an interview with Consumer News and Business Channel (CNBC) yesterday, the Permanent Secretary said, “We are aware that this kind of change will cause volatility and upheavals in the economy. We are very much aware of the difficulties that our people are facing as the market finds its level the fact that this is difficult does not mean it is wrong.
“It is the right prescription that the country needs for us to be able to build a strong economy for the future. We know that the economy is rebasing, it`s finding its level, but it will not happen overnight. We are expecting that prices will stabilise and inflation will come down.
“We are aware of difficulties people are facing but it is part of the change. It is not going to be easy but we certainly believe that we are setting the economy for growth and creating an inclusive economy that everyone will be very proud of us as we move forward,” he said.
Mr Guvamatanga went on to encourage the private sector to consider reviewing and improving wages for workers as Government is doing the same.
“The Minister of Finance and Economic Development has made a call for the private sector to also start looking at reviewing and improving wages for the workers in the private sector. As Government, we are currently in negotiations to make sure that we cushion the workers against volatility and upheavals being caused by the current changes,” he said.