VP Kembo Mohadi Announces Price Controls

3 years agoWed, 22 Apr 2020 13:18:40 GMT
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VP Kembo Mohadi Announces Price Controls
Zimbabwe’s vice president Kembo Mohadi has announced price controls to address economic problems faced by millions.”
The said price controls will see businesses reverting to prices that were effective on March 25. Speaking at a press conference this Wednesday, Mohadi said:
The multi-sectoral stakeholders committed to a price moratorium to operate based on the prices that were applicable on March 25. The moratorium will also apply to all value chain players.
The lockdown resulted in a number of businesses closing and a few that remained operational cannot restock since the movement of vehicles and people is prohibited.
The local industry is collapsed therefore it cannot sustain demand. Moreover, countries, where local businesses used to purchase their commodities, are also on lockdown which means the scarcity of commodities is likely to grow.
Observers urge the “bankrupt” government to offer safety nets to the citizenry as what was done by the neighbouring South Africa that recently announced a R500 billion response.
Price controls have been implemented in the country before and results have been disappointing. Businesses resorted to hiding their commodities and the scarcity of commodities increased sharply.
This is happening when Zimbabwe already has a huge scarcity of basics especially mealie-meal prompting citizens to constantly leave their homes to search for the commodity.
More: NewsDay



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