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Thursday, July 18, 2024

Private sector-led economy in motion

Story by Stanley James, Business Editor

THE private sector has reiterated its commitment to work with the government in consolidating macro-economic gains to achieve economic growth.

The government has since May unveiled several fiscal and monetary policy measures to stamp out price madness, promote the use of the local currency, maintain a tight liquidity and stabilise the exchange rate.

Zimbabwe National Chamber of Commerce (ZNCC) chief executive officer Mr Christopher Mugaga says the private sector is continuously engaging the government to ensure the policies are a success.

“The business community certainly is excited by what is happening. The fact that the prices of basic commodities are also cooling down is a clear indication of the private sector’s positive response to the results emanating from government interventions,” he said.

Confederation of Zimbabwe Industries (CZI) Economics Committee chairman, Mr Jimmy Pscillos says business is ready to support the government in ensuring the ongoing reforms are sustained.

“The measures that were announced in May this year have worked. We have seen the exchange rate stabilising, the question is how to sustain this. The first point is that we need to stick to what has been working, we need to keep liquidity very controlled, live within our means, and ensure that there is zero money creation in the economy, and that is what the measures have achieved. We have seen the exchange rate strengthening and what is important is a stable exchange rate and keeping it for an extended period,” said Mr Pscillos.

Zimbabwe’s economy is this year expected to register a 5,3% growth, with the private sector being the key driver in agriculture, manufacturing, mining, construction, and tourism.

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