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Net closes in on economic saboteurs

President Emmerson Mnangagwa

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Investigations are underway to expose the third hand that could be working with some big companies to destabilise the economy, President Mnangagwa has said.

This comes as the Government has introduced a raft of measures to contain foreign-fuelled inflation which has resulted in unjustifiable price hikes and in some cases hoarding of basic commodities like cooking oil for speculative purposes.

Speaking at the Political Actors Dialogue (Polad) plenary meeting at State House in Harare yesterday, President Mnangagwa said investigations are underway to nail the culprits who are behind currency manipulation.

The first port of call, President Mnangagwa said, is the financial services sector led by banks and financial institutions.

“We have established that some members of the business community were involved in fuelling the parallel market thereby destabilising our local currency.

“Our economy has been under attack from unscrupulous and nefarious individuals and syndicates bent on sabotaging our way of life. The onslaught has created hardships for our citizens due to the inflationary pressures caused by speculation on our local currency,” the President said.

These activities, he said, have been caused by sinister elements that want to effect regime change.

“I believe that these activities have been caused by a third hand whose objectives is to interfere and derail our national development trajectory”, President Mnangagwa said.

It has since been established that recent exchange rate movements were driven more by nefarious activities among economic agents as opposed to economic fundamentals.

Prices in Zimbabwe have of late been increasing at an alarming rate, further squeezing ordinary people whose incomes have been eroded by resurgent inflationary pressures.

“I urge business not to be collaborators in these selfish and self-serving efforts that are not in the nation’s collective interest,” said President Mnangagwa.

Polad is a grouping of political parties that contested in the 2018 harmonised elections who came together to contribute towards national development.

President Mnangagwa commended Polad principals for supporting Government efforts.

–Herald

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