Finance and Economic Development Minister Mthuli Ncube said the government plans to stop fixing the prices of commodities and will set up a trading exchange before the end of the year where market prices will prevail.
Speaking during an interview on Tuesday with the state-owned Zimpapers Television Network (ZTN), Ncube said:
We as government determine prices of wheat, maize and cotton. We want the market to be able to do this, so we are going to launch a proper commodity exchange that makes sure that prices are market-determined, and they are fair.
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The Grain Marketing Board (GMB) currently fixes prices for commodities including maize, wheat, soya beans and small grains such as rapoko, millet and sorghum.
In place of the arrangement, a commodities exchange will be launched this year and will be in full operation in 2021, Ncube said.