Industry’s Call For Suspension Of New Forex Rules Motivated By Greed – ZCTU

The Zimbabwe Congress of Trade Unions (ZCTU) has lashed out at the Confederation of Zimbabwe Industries (CZI) for calling for the suspension of Statutory Instrument 127 of 2021.

ZCTU said CZI is not a victim of a bad policy and its call for the suspension of the SI is motivated by greed as it has been colluding with the government to exploit workers and consumers.


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In a statement, the workers’ representative body called for social dialogue, saying business should not be allowed to dictate what must happen. ZCTU said:

The call by [the Confederation of Zimbabwe Industries] for immediate suspension of SI 127 without a clear call for an equitable economic policy aimed at addressing the mismatch between RTGS salaries and prices pegged in USD black market rates is irresponsible and motivated by greed.

While it is true that SI 127 has caused serious troubles in the market, these are just symptoms of deeper economic inequalities obtaining in the country.

Businesses and government have been colluding to exploit workers and now is the time to correct this.

We reiterate our position that businesses are not victims but accomplices in exploiting workers and consumers. Therefore businesses must not be allowed to dictate what must happen

We need a new social contract that is a product of inclusive social dialogue.

The government last week gazetted SI 127 of 2021 which compels business to peg prices of goods and services in line with the official exchange rate.

The new regulations penalise those found on the wrong side of the law including businesses refusing to transact in the local dollar.

Meanwhile, CZI has called for the suspension of SI 127 of 2021 to allow for dialogue between government and business.

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2 comments on “Industry’s Call For Suspension Of New Forex Rules Motivated By Greed – ZCTU

  1. What happened at the planned breakfast meeting/discussion this morning between RBZ and shoppers/retailers. Still waiting for the tea/coffee/chibuku to be served?

  2. These unethical businesses must ship out of our business sphere. They must not assume we have forgotten that prevailing high ZW$ prices were increased by them, before SI 127, to accommodate their unscrupulous use of black market rate in their transactions so that they rake in more ZW$ to use in fishing Forex from the Auction System & Black Market. They must reduce ZW$ prices in line with official rate becoz they will never justify price increases in USD terms. No to economic saboteurs!

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