Stop blaming us, fix the economy: CZI

Kurai Matsheza


Industry leaders have called on the government to focus on getting the economic fundamentals right instead of accusing businesses of sabotaging the economy through speculative pricing and hiding goods from shop shelves.

This development comes at a time when the prices of basic commodities have skyrocketed in recent weeks due to the depreciation of the local currency against the US dollar. Manufacturers are said to be supplying goods to informal traders who pay exclusively in US dollars.

However, Kurai Matsheza, president of the Confederation of Zimbabwe Industries (CZI), told Business Times that the industry supplies both informal and formal traders. “Firstly, we are not sabotaging the economy or anyone as we thrive to ensure that consumers get affordable goods but the thing is that fundamentals seem not to be rightly placed that’s why we continue going round and round,” Matsheza said. He added that “the authorities should get the fundamentals right to ensure businesses operate properly.”

Matsheza also stated that none of CZI’s members were sabotaging the economy and that businesses “want to survive the onslaught of the current economic headwinds.” He warned that “if we find one of our members trying to sabotage the economy we will notify the authorities and the perpetrator will face the music.”

CZI said that suppliers will provide basic goods to anyone who has money to buy them, but those with cash would be preferred. Mike Kamungeremu, president of the Zimbabwe National Chamber of Commerce, said that businesses are doing their best to survive the economic headwinds. “When people start to accuse each other of sabotaging the economy, it means something is wrong somewhere and should be addressed,” Kamungeremu said.

On Tuesday, the government accused retailers of sabotaging the economy. In a post-Cabinet press briefing, Information minister Monica Mutsvangwa said some retailers were hiding goods from shop shelves and engaging in speculative pricing. She warned that such actions would not be tolerated.

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