President Emmerson Mnangagwa has chided businesses over the recent wanton price hikes, saying that the development has no justification at all.
In an interview with ZBCtv ahead of Independence Day Celebrations, Mnangagwa said that he has no desire to regulate prices but warned businesses they may force the government’s hand to do so. He said:
With regard to the issue of prices, I made an appeal a few days ago to our compatriots in industry and commerce that prices are coming up but there is no justification in many areas why they are coming up.
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It’s just a question of perception, fear of the unknown that we want to cushion ourselves today for possible challenges tomorrow.
When we met the majority said we are reducing by half whatever has happened before we can talk about it and the prices went down. That is how we must go.
We don’t think that is the way we should operate. Last time we had the same phenomenon of prices just being increased and I asked captains of industry to come and meet me here at State House.
We do not want to go to a situation where the Government is forced to regulate prices.
Price controls were last implemented in 2007 when inflation was galloping out of control. However, enforcing the Price Control Act resulted in severe shortages of basic goods.
Bakers recently hiked the price of bread from $2.00 up to $3.50, a development that has been met with anger and disbelief by the consuming public.