CZR calls out business for speculative pricing


Harare (New Ziana) -The Confederation of Zimbabwe Retailers (CZR) has urged the business community to desist from speculative and forward pricing of goods and services as it is massively eroding consumer purchasing power.

In a statement, CZR president Denford Mutashu warned retailers and wholesalers who were overpricing goods that the consequences of their actions were likely going to be severe if law enforcement agents descended on them.

There have also been reports that some retail shops and outlets were withdrawing Point Of Sale machines from customers that wished to pay in Zimbabwe dollars, claiming that they were not working.

“CZR is currently engaging with the government for a smooth transition of all possible interventions that support and protect the consumer and restore sanity in the marketplace,” said Mutashu.

“It is disheartening to note that some manufacturers and suppliers have decided to starve the formal market and were offloading basic goods onto the informal market, creating artificial shortages in formal retailers and wholesalers. This behaviour has seen retail players struggling to restock while the insatiable appetite for the USD and shunning of the local ZWL have created a market failure.”

Mutashu called on all unregistered tuckshops as well as small to medium businesses to register with the authorities, while manufacturers and suppliers should stop supplying goods to “runners” and unregistered businesses.

He said the continued supply of goods to unregistered businesses had trigged unwarranted shortages on the market.

“CZR also notes with disdain the unjustified attacks on the Foreign Currency Auction system which has for a long period availed cheaper foreign currency to companies for retooling and purchase of raw materials among others,” he said.

Mutashu urged the government to set up an inter-agency committee to investigate companies that accessed forex and make each of them account for the last dollar.

“The ongoing government and private sector dialogue to remove impediments to the doing business environment is highly commendable as the goal is to protect consumer and business sustainability,” he said.

New Ziana

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