By Davison Vandira
ECONOMIC analysts have castigated industry’s insincerity and culpability to macro-economic instability despite harvesting national resources without passing on the benefits to consumers.
Local industry, through the Reserve Bank of Zimbabwe’s foreign currency auction platform, has since January harvested more than US$800 million translating to an average of US$120 million per month for the purchase of raw materials, including machinery and equipment.
Since the introduction of the auction system in June 2020, the productive sector alone has gobbled billions of the greenback and the benefits have been internalised by companies accessing these national resources through profiteering tendencies punctuated by unethical business operations.
It is against this background that economic analysts have called on government to act on manufacturers who are feasting on national resources without passing the benefits to the consumer through fair pricing.
“It is regrettable that the general public continues to be exposed to the vagaries of unethical conduct by businesses especially the manufacturing sector which week in week out access forex through discounted rates but it has not translated to stability which means there is abuse of resources somewhere,” said Kudakwashe Mugova an investment analyst.
“Reciprocity is key for economic development and this is the missing link that our local industry should at least try to extend to consumers who have bone their Insincerity for a very long time that it is now advisable that government should consider other means as the industry is unrepentant,” said Titus Mukove an economist.
Economists believe ethical and fair business operations are a critical pedestal to the attainment of an upper middle income society by 2030.