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Parliament Seeks Answers On The Closure Of Formal Retail Outlets

4 months agoTue, 05 Nov 2024 14:15:48 GMT
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Parliament Seeks Answers On The Closure Of Formal Retail Outlets

Opposition Member of Parliament, Zivai Mhetu (CCC), has demanded that Finance Minister Mthuli Ncube explain the reasons behind the closure of branches by several formal retail chains across the country, and what measures are being taken to address this issue.

Speaking during a recent Parliamentary session, the Epworth North MP warned that the closure of retail outlets’ branches is detrimental to the country’s economy. He said (via NewZimbabwe.com):

Our economy is becoming increasingly hostile for businesses and we could soon witness an exodus of companies if this trend continues.

This is evidenced by the closure of Unilever, and Truworths and recent reports that Choppies, a leading supermarket chain based in Botswana is considering pulling out of Zimbabwe.

Choppies’ experience is worrisome because it is doing well in other SADC countries. It is only in Zimbabwe that it is facing operational challenges. It is a clear indication of our business environment that is problematic.

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Last month, Choppies announced it was considering withdrawing from Zimbabwe due to challenges faced by its local subsidiary, which have adversely affected the group’s financial performance.

These challenges are largely attributed to the instability of the Zimbabwe Gold (ZiG) currency, which was introduced in April to replace the Zimbabwe dollar as the official domestic currency.

Mhetu further argued that the closure of formal retailers will exacerbate the unemployment rate in the country. He said:

Closure of big companies triggers unemployment, something we cannot afford as our unemployment rate is already incredibly high.

Only 46.3% of Zimbabweans of working age are employed according to statistics released by ZIMSTAT earlier this year.

Without urgent efforts to address currency instability and inflation. More businesses are likely to follow the Choppies route.

It is imperative that Zimbabwe stabilises its currency and creates an environment where businesses can thrive. The National Development Strategy 1, speaks on creating 760 000 formal jobs by 2025.

The local currency has undergone six name changes but has yet to achieve stability, confidence, trust, or sustainability due to inflation fueled by excessive money creation by the Government.

Its previous iterations include the original currency post-independence, that is, the Zimbabwe dollar, then later bearers’ cheques, traveller’s cheques, bond notes, RTGS dollars, and now ZiG.

More: Pindula News

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34 Comments

SADC CHAIRMAN · 4 months ago
Zvingade parliament here even mapofu anoona kuti innyaya yeZim dollars rochinja zita. Whether green or yellow or black a chameleon is a chameleon
Anonymous · 4 months ago
ZIG ZWG pseudo currency yeNyika ye Zimbabwe gets interesting overview of complete failure..
frango · 4 months ago
Zig out!
Mhanduwe · 4 months ago
Ngavavhare tinosara nema tuckshops akazara down town uye akachipa. Even TMPick and Pay, OK, Spar ngavavhare vaende.
Sol Regem · 4 months ago
Crazy Zanoid
laugh emoji1
Dubs · 4 months ago
Haiwa veduwe!Zvino zvohumwi?
Z · 4 months ago
IF THEY CHOOSE TO CLOSE SHOP NEW OPERATORS WILL EMERGE AND OPEN BUSINESS. SOMETIME AGO DELTA SHRUNK ITS OPERATIONS AND VARUM STEPPED IN AND TODAY IT ENJOYS THE MONOPOLY. LET THEM GO AND BE PREPARED TO RECEIVE BETTER INVESTORS WHO HAVE NO POLITICAL AGENDA. WE CANT BE A NATION WITHOUT ITS OWN CURRENCY LET THEM GO. FORWARD WITH THE ZIG DOWN WITH SABATUERS. ALUTA CONTINUA!!!!
Xxx · 4 months ago
@Z it's your kind of thinking that destroy nations.
1
🤦🏽‍♂️ · 4 months ago
Haa mdara chimbomirai imimi. Nezuro uno maichema neBoterekwa nhasi uno nonsense so. For your own info Chippies yakauya naMphoko muno. Ask yourself why Gushungo dairies is no longer operational. And you expect other players to "emerge"😂😂 Shame
Sol Regem · 4 months ago
Z has done it again 🤣🤣🤣🤣🤣, making us laugh at his ludicrous opinions which are backed with nothing but ignorance and fuelled by an insatiable appetite to attack anything which might bring his favourite mafioso into disrepute no matter how crazy the defensive argument is 😂😂😂😂.
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Invincible · 4 months ago
Even banks, may not be receiving any deposits, because the withdrawal policies are incredible.
🧸 · 4 months ago
aah kubva harare kuuya kwekwe ne escot kufambira kuhodya magwiri then from kwekwe ne escot kuho mama kugweru zvobuda here izvozvo, kana iwe ungamirira izvozvo, usatamba Shasha.
Ctrl Alt Del · 4 months ago
answers from who imi hamusikuona kuti zig raponda zvinhu nxaaaaa
Dhadza · 4 months ago
Bvisai maSanctions fullstop.
...,. · 4 months ago
a parliament should be aware of what is going around the country as it it the policies they pass which build or destroy. they should actually be telling us why supermarkets are scaling down and closing. even Pick 'n Pay of South Africa have stopped recognising their Zimbabwe TM in their accounts. It looks like the policies are deliberately made for companies to close so the policymakers take them cheaply or for free
370H-55V O773H🙃 · 4 months ago
Closure of the of these supermarkets would result in making us consumers of substandard consumables hupfu chaiwo huchasanganisva ne Vim, poor quality, foods that would be kill us nezvirwere
Dr love · 4 months ago
isn't they are saying pple should be their own employers thereby fueling black market and vendorism which doesn't pay a cent to the fiscus
sekuru · 4 months ago
Do these parliamentarians live in Zimbabwe añd were they voted into office by Zimbabweans?
Anonymous · 4 months ago
They live n Zim and didn’t get their salary for the past 8 months
🇿🇼44yrs · 4 months ago
The likes of Heritage Clothing, Concord Clothing, Bernstein Clothing being the Van Heusen shirtmaker, i can name many of these closed companies yooo my beloved country!!!!
Peter Bvirakare · 4 months ago
A lot of companies will close down because of the uneven operating environment.No company can plan wen our currency is so unpredictable. I doubt to whether Companies and indigenous shops are doing any daily banking.A lot have closed down the next giant to fall is NSSA because no contributions will come through because of these closures
Dambudzo · 4 months ago
Varombo vezanu newe Dambudzo msoro wechitima muri kufungei. Paye patinenge tichiti chimbobvaiwo ndiwo matambudziko a tinenge tichiona manje imi muri kutadza kuona nekuda kwehurombo zvekuti ukachererwa chibhorani wobva waona kunaka kwezanu saka mwana inobhadhara nei kana wachera mugoro wemvura. Nyangwe ari kushanda unoitei ne150 per month
Lets Wait for the Lies · 4 months ago
Finance Minister Mthuli Ncube will be slightly embarrassed if he told the truth .. he would rather embarrass himself more by telling lies and making up a story to defend himself ... these chaps have no shame !!! NO SHAME !!!
1
Sol Regem · 4 months ago
😂😂😂 Yeah, he will obviously lie knowing that what he is saying is sh!t, those guys really don't have any self-respect what a disgrace
1
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𝙎𝙞𝙮𝙤𝙮𝙤 · 4 months ago
Zimbabwean government must be changed
1
👶 · 4 months ago
Ypu will the defensive mechanism that will be used on that, and you will wonder where on earth are some of these guys live in ndikureva muZim.
ZimSketch · 4 months ago
at least we have MP who realy knows why he was elected
1
Anonymous · 4 months ago
Yes
Iscariots · 4 months ago
Tshabangu and the rest follow the Zanu Pf chief whip
Sir African · 4 months ago
Dont worry,GMB ,like what it said in 2018,is going to open retail Shops in Zimbabwe and it will sell mealie meal at half the current price.Cold Storage Commission is just waiting for farmers to bring their cattle for slaughter.. Pickn.Pay did no register any profits but will sell its imported in Zigoat.
laugh emoji1
Freedom · 4 months ago
kkkkkkkk 🤔🤔pakaipa sure
Invincible · 4 months ago
Even banks may not be receiving any deposits due to withdrawal policies.

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