New Zimbabwe.com

Industry summons Mnangagwa to explain ambush

BY Matabeleland North Correspondent


CAPTAINS of industry meeting in Victoria Falls, beginning Wednesday, under the banner of the Zimbabwe National Chamber of Commerce (ZNCC),  have summoned President Emmerson Mnangagwa to explain his government’s decision to “ambush business” after a shock announcement this week banning the use of foreign currencies in the economy.

According to the conference programme, Mnangagwa is expected to deliver a key-note address on Thursday afternoon.

Delegates attending the conference said they wanted the President to respond to a number of issues around the latest government policy announced under Statutory Instrument 142/19 that brought back the Zimbabwean Dollar for the first time since 2009 when a basket of currencies was adopted.

“We are eagerly waiting for the President so we interact with him because as industry we want to understand a number of issues around the latest fiscal policy. Questions being asked are why ambush people and what will be the way forward especially looking at how the industry has reacted?

“Yes shops have quoted prices in local currency but prices have drastically gone up in one day,” said a delegate.

ZNCC chief executive Chris Mugaga confirmed that the President is expected at the occasion being attended by over 200 business leaders under the theme “Expanding Horizons: Dynamic Solutions for Economic Turnaround.”

Meanwhile, a snap survey by NewZimbabwe.com’s crew in the resort town showed a varied response to the fiscal announcement this week with some prices having remained static while others had been adjusted upwards. Almost all shops had however complied with the government directive banning transactions in foreign currency.