OPINION: EcoCash And ZACC Should Assist In Solving The Cash Crisis

An opinion in the Herald has opined that ZACC and Ecocash should help solve the cash crisis that has ravaged the country. Zimbabwe has been experiencing cash shortages since 2016 and Ecocash agents started selling cash then. The cash situation has deteriorated to such an extent that cash is now sold for close to 60% for bond notes and 50% for coins.

The editor encouraged citizens to stop abusing cash amid reports that the reserve bank is moving to curtail cash shortages by injecting more cash into the system. The editor further notes that the selling of cash if the chief architect of 2 tier pricing and that alone undermines the strength of our currency and promotes illegal dealings the editor penned.

The solution the editor gave are as follows:

EcoCash, the host of the main platform outside the use of banking cards, has been abused by many businesspeople and entities and we think Econet Wireless should put in place mechanism to thwart those abusing their facility

The Zimbabwe Anti-Corruption Commission should also descend on those who abuse the finance system. It is fact not fiction that big retailers, wholesalers, fuel service stations supermarkets, individuals who are fluid with cash and other companies with access to cash are the ones fuelling the selling of cash. Many people dealing with the selling of cash at the high premium are actually sponsored by big companies and this is now common practice.

More: The Herald

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