{"id":8226,"date":"2019-05-01T16:47:13","date_gmt":"2019-05-01T16:47:13","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=8226"},"modified":"2019-05-01T16:47:13","modified_gmt":"2019-05-01T16:47:13","slug":"price-madness-mnangagwa-capitulates-agrees-to-avail-foreign-currency","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/price-madness-mnangagwa-capitulates-agrees-to-avail-foreign-currency","title":{"rendered":"Price madness: Mnangagwa capitulates, agrees to avail foreign currency"},"content":{"rendered":"

AFTER days of threats against businesses following a spate of price increases of basic commodities, President Emmerson Mnangagwa\u2019s government has made an embarrassing climb-down and agreed to provide foreign currency to business.<\/p>\n

An angry Mnangagwa in his independence speech lashed out at businesses that had increased prices of commodities leaving ordinary citizens reeling. The Zanu PF leader described the increases as unethical, unpatriotic and inhumane warning he could be forced to resort to price controls.<\/p>\n

\u201cGovernment is alarmed by the recent wanton and indiscriminate increases of prices which have brought about untold suffering to the people.<\/p>\n

\u201cThis conduct by stakeholders in business, industry and commerce is inhumane, unethical, unpatriotic and goes against the grain of economic dialogue which the Second Republic has espoused. Government remains determined to restore the purchasing power of all workers,\u201d Mnangagwa said.<\/p>\n

<\/ins><\/ins><\/ins><\/div>\n

In response the Confederation of Zimbabwe Industries called for cool heads in dealing with the crisis which now seems to have prevailed over the political posturing from Mnangagwa and his camp.<\/p>\n

But after a Cabinet meeting Tuesday, Information Minister Monica Mutsvangwa seemed deflated and showed the tone from government had changed.<\/p>\n

\u201cGovernment is very concerned about price increases and is therefore putting in place mechanisms to ensure foreign currency is made available, to the business community to procure all materials for production processes,\u201d said Mutsvangwa at a post-Cabinet media briefing.<\/p>\n

\u201cThis will go a long way to stabilise the availability of foreign currency, which is essential to the stability of prices.<\/p>\n

\u201cGiven this initiative, government is appealing to businesses to exercise restraint and not increase prices wantonly.\u201d<\/p>\n

Mnangagwa\u2019s statements last week were followed by a even greater threats and angry talk from Vice President Constantino Chiwenga who told captains of industry on the sidelines of the Zimbabwe International Trade Fair in Bulawayo that government was aware of \u201cfinancial and economic terrorists in the country.\u201d<\/p>\n

\u201cI want to give a stern warning to those practicing financial terrorism in the country. We will react accordingly as Government and nobody should claim that they were not warned. We\u2019ll take very strict measures,\u201d said Chiwenga literally frothing at the mouth.<\/p>\n

\u00a0<\/strong>\u201cAs responsible and patriotic citizens, we should ask ourselves whether our actions are in the best long term interests of the nation?\u201d<\/p>\n

Chiwenga accused some businesses of fueling the parallel market.<\/p>\n

\u201cThe market-based framework for the determination of the exchange rate is expected to facilitate financial sector stability, contain inflationary pressures and build public confidence.<\/p>\n

\u201cWhat we\u2019re doing will work and what the financial terrorists are doing won\u2019t work,\u201d said the Vice President.<\/p>\n

\u201cThe rising inflation, which we\u2019re now experiencing hurts the whole economy and its development prospects.<\/p>\n

\u201cThe trend is as a result negatively affecting all of us. It\u2019s now time we engage and openly discuss why as a nation we continue to experience foreign currency shortages yet our foreign currency earnings exceed those of other countries that are not experiencing the same phenomenon.\u201d<\/p>\n

As if to expose the panic in the corridors of power, the ruling Zanu PF party was not left out, with secretary for administration Obert Mpofu calling on government to stop the rot.<\/p>\n

\u201cWe are totally opposed to this wave of price increases and for whatever reason, the party is against it. It is affecting the generality of our people and we have actually pointed out this to government and they seem to be also opposed to these unwarranted increases,\u201d said Mpofu.<\/p>\n

\u201cIf what we are saying is not listened to, then we will let you know of what measures we are going to take to ensure that people in the market place are responsive to people\u2019s needs.<\/p>\n

\u201cWe are going to go by what people want and I am sure government is doing its best to contain this wave of price increases.\u201d<\/p>\n

Prices of fuel, bread, maize meal and other basics have shot through the roof in the past few month leaving ordinary citizens on the edge amid warnings of social upheaval. Mnangagwa alive to the threat has come out swinging warning of a possible crackdown if need be.<\/p>\n","protected":false},"excerpt":{"rendered":"

AFTER days of threats against businesses following a spate of price increases of basic commodities, President Emmerson Mnangagwa\u2019s government has made an embarrassing climb-down and agreed to provide foreign currency to business. An angry Mnangagwa in his independence speech lashed out at businesses that had increased prices of commodities leaving ordinary citizens reeling. The Zanu […]<\/p>\n","protected":false},"author":84,"featured_media":8229,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[239,31,566,284,371],"class_list":{"0":"post-8226","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-economic-chaos","10":"tag-mnangagwa","11":"tag-mpofu","12":"tag-prices","13":"tag-rtgs"},"yoast_head":"\nPrice madness: Mnangagwa capitulates, agrees to avail foreign currency - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/price-madness-mnangagwa-capitulates-agrees-to-avail-foreign-currency\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Price madness: Mnangagwa capitulates, agrees to avail foreign currency\" \/>\n<meta property=\"og:description\" content=\"AFTER days of threats against businesses following a spate of price increases of basic commodities, President Emmerson Mnangagwa\u2019s government has made an embarrassing climb-down and agreed to provide foreign currency to business. 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