Retailers applaud ZiG for economic stability

Staff Reporter

Retailers across Zimbabwe have commended Government's introduction of the new currency, ZiG, which has brought notable stability to the nation’s economy.

This endorsement came during an interactive ZiG awareness and feedback meeting held between the Reserve Bank of Zimbabwe Governor, Dr. John Mushayavanhu, and key retailers.

In an interview on the side lines with this publication, the President of the Confederation of Zimbabwe Retailers, Denford Mutashu, highlighted the positive impact of ZiG on the economy.

“Retailers are applauding the new currency as it has brought stability to the economy of Zimbabwe. For the past three months, the prices of goods have remained stable, which is a significant improvement compared to previous fluctuations,” he said

Mutashu further emphasized that the retail sector has embraced ZiG more than any other sector.

“Retailers have integrated ZiG extensively into their pricing systems, with approximately 80% of transactions now conducted in ZiG and only 20% in USD. This shift has not only stabilized prices but also increased consumer confidence in the local currency,” Mutashu added.

Tyron Richards, General Manager for N. Richards, echoed Mutashu’s sentiments, praising the seamless adoption of ZiG within their operations.

 “N. Richards has fully adopted and implemented the necessary measures to use ZiG, and so far, it has been going very well. Our systems are in place, and our staff is well-trained to handle transactions in ZiG,” Richards stated.

He also noted a positive response from consumers, “We have observed an increase in purchasing power among consumers, who are now more comfortable and confident using ZiG.”

Meanwhile, Farai Chisvo, CEO of Food World and Trade Centre, reiterated the positive feedback but also pointed out an area needing attention.

“While the adoption of ZiG has been smooth and beneficial, it is crucial to establish a level playing field between the formal and informal sectors. Policies governing the formal sector should also be applied to the informal sector to ensure fairness and consistency in the market,” Chisvo remarked.

The introduction of ZiG marks a pivotal moment for Zimbabwe’s economy, as it aims to bring long-term stability and growth. With strong backing from the retail sector, the currency is poised to gain further traction and acceptance across the country.