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President Mnangagwa warns businesses against speculative behaviour


Harare (New Ziana) – The government will not tolerate speculative and unethical business practices which threaten to weigh down economic growth prospects, President Emmerson Mnangagwa said on Monday.

The remarks come in the wake of rampant price hikes as most retailers and businesses peg prices against parallel market exchange rates, which have gone as high as ZW$650:1 against the official rate of ZW$380:1.

This is despite the most of the local companies getting foreign currency on the official market through the weekly auctions which the Reserve Bank of Zimbabwe conducts every Tuesday.

President Mnangagwa said the government was alive to the situation and was seized with implementing strategies to address it.

“My government is seized with the implementation of mechanisms to reign in the current increases in prices,” he said while addressing mourners during the burial of the late Major General (Retd) Sikhulile Simpson Nyathi at the national shrine.

“In this regard, I exhort business and other stakeholders across various sectors of the economy to assume a strong sense of national responsibility and commit to the overall realisation of sustainable socio-economic development and improved quality of life of our people. Speculative and unethical business behaviour will never be tolerated as this weighs on the projected growth performance of our economy.”

President Mnangagwa said the Zimbabwean economy was proving resilient and rising beyond challenges including sanctions, effects of climate change and Covid-19.

In light of the work ahead to achieve set growth and development targets, President Mnangagwa encouraged collaborative efforts.

“The spirit of commitment to our country and hard work that runs through the life of our heroes and heroines such as Major General (Rtd) Nyathi should galvanise us to work for the prosperity of Zimbabwe.

“This is more pertinent and urgent as the National Development Strategy lays the sound roadmap for the accelerated attainment of an upper middle income society status by 2030. I, therefore, challenge Zimbabweans at home and abroad, and every stakeholder to be part of this roadmap so as to modernise, industrialise and grow our economy,” he said.

Meanwhile, President Mnangagwa said the late national hero Major General (Rtd) Nyathi would be remembered for his exemplary career in the Zimbabwe National Army and sacrifices during the war of liberation.

In dedication to his and other war veterans works, President Mnangagwa urged Zimbabweans to vote Zanu PF, in order to defend the gains of independence.

“We should, therefore, honour and remember the sacrifices of our dear departed distinguished sons and daughters of the soil by defending the gains of independence and development by voting for Zanu PF during the 2023 Harmonised General Elections. Furthermore, I call upon all Zimbabweans, civil society organisations and political parties to conduct themselves in a peaceful and non-violent manner. Violence must never be allowed in all our interactions,” he said.

“The nation and in particular our young people must emulate the spirit of supreme sacrifice and play a vanguard role in scaling up and accelerating efforts towards building a prosperous and united Zimbabwe, from Zambezi to Limpopo and from Plumtree to Mutare.”

Recounting the late national hero’s war history, President Mnangagwa said Maj-Gen (Rtd) Nyathi received initial military training in January 1978, first in Zambia, and thereafter, was among the few Zimbabwe People’s Revolutionary Army (ZIPRA) cadres that were enrolled at the Higher Komsolomol Political Training School in Moscow.

The decorated soldier, President Mnangagwa said, escaped death on several occasions during the war, but remained undeterred in participating in the war.

“Despite evading death by a whisker on several encounters with the Rhodesian forces, he chose to serve in the military and was attested into the Zimbabwe National Army in 1980. I commend the security sector, including the Zimbabwe National Army, for dutifully executing their Constitutional mandate of guaranteeing the peaceful, secure and stable environment that we continue to enjoy as a country.

“The late National Hero contributed to the establishment of an agile, versatile and professional Zimbabwe National Army. His versatility and commitment to serve, saw him leading complex training in logistics and other demanding assignments.”
New Ziana