Government And Businesses To Come Up With A Pricing Model To Curb Citizens' Purchasing Power Erosion

The government has agreed to work with businesses to come up with a pricing model to stay ahead of the galloping basic commodities prices which are eroding people’s purchasing power on a daily basis. Industry and Commerce Minister Mangaliso Ndlovu who met with captains of the industry had this to say about the meeting to Sunday News:

The primary issue of the meeting was the prevailing economic situation. There were concerns around the issue of pricing and exchange rate and most importantly we came together to see how best we can navigate through these challenges and they (business community) requested for a day or two to go back and sit down and come up with comprehensive proposals and recommendation, which might have been sent to my office by now.

We work together on a number of issues and that’s the reason we always call them and that’s how we have chosen to approach issues. They are always willing to work with Government. Of course we don’t always agree on finer issues but on broader policies we are together. They always make recommendations and for your own information the introduction of the inter-bank market was a proposal from the business community so we always interact with them for the purposes of finding solutions to our challenges

Prices of basic good are increasing on a daily basis with the latest investigation showing that even meat products went up significantly. Inflation according to the IMF sat at close to 300% in August 2019.

More: Sunday News