Industry optimistic of further growth

By Stanley James

Business Editor

ZIMBABWE’s industry has come in support of government efforts to stabilise the foreign currency exchange rate and ensure funding for the manufacturing sector.

A Confederation of Zimbabwe Industries (CZI)’s 2022 economic outlook symposium held in Harare this Thursday saw captains of industry backing growth prospects, with expectations of regulatory authorities forging ahead with measures to further improve confidence.

“The road to recovery is there but it is the extent to which authorities will go ahead in formulating policies to stabilise the exchange rate that is important going forward,” said Busisa Moyo, Oil Expressers Association of Zimbabwe president.

Responding to the concerns from industry, central bank governor, Dr John Mangudya reaffirmed commitment to ensure sustainable policies for industry’s growth.

“The Central Bank is and continues to do it is best in consolidating currency gains. Zimbabwe’s manufacturing industry has been in a recovery mode with expectations that it will continue to register positive growth levels,” said Dr Mangudya.

A survey by the CZI shows that the manufacturing industry is investing more funds in retooling.

It also indicates that most firms have managed to recapitalise operations, thanks to funds secured from the Central Bank’s auction system.

There is also optimism from industrialists that the soon to be released 2021 manufacturing sector survey will further reflect the growth of the sector.