Zimbabwe Plans To Abandon Fixing Prices For Grains

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.

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.

More: Bloomberg