ED Expresses 'Alarm' Over Wanton Price Increases By Businesses

President Emmerson Mnangagwa warned businesses against what he considers unjustified price increases over the past few months.

Speaking to thousands of people who had gathered at the National Sports Stadium on Tuesday to mark the Defence Forces Holiday, Mnangagwa said:

There is, however, some in our business community, who have taken this difficult transitional phase of our economy as an opportunity to unjustifiably enrich themselves.

There is no justification, whatsoever, why our people should be subjected to some of the high prices of goods and services that we have witnessed in recent months.

… The introduction of a market-based foreign exchange rate system is expected to stabilise the economy in the long run.

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However, the government is alarmed by the recent wanton and indiscriminate increases of prices which have brought untold suffering to the people.

This 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.

The Transitional Stabilisation Programme (TSP) is a brainchild of Finance and Economic Development Minister, Mthuli Ncube.

The cocktail of austerity measures introduced under the plan has caused immense suffering for the ordinary citizen.

Over the past few weeks, private schools and universities have hiked tuition fees while long-distance public transporters increased bus fares over the Heroes and Defence Forces Holidays following a 400% rise in toll fees and weekly fuel price increases.

More: Daily News