CCZ blasts profiteering Zim companies

Business Reporter

CONSUMER Council of Zimbabwe (CCZ) acting executive director, Rosemary Mpofu has slammed greedy profiteering local companies for failing to cascade down lucrative economic benefits they have drawn from the second republic’s administration to the ordinary customers.

To date, the Reserve Bank of Zimbabwe (RBZ ) auction system has disbursed US$2,6 billion since its inception in June 2020 to support companies with their raw material needs.

A raft of other measures have also been implemented resulting in the huge inflationary pressures decline to sustainable levels.

However, the rate of price hikes continues to present a huge mismatch when compared to the impact of the relative economic progress.

Speaking at a post 2022 Monetary Policy Statement , Mpofu slammed companies for doing citizens a huge disservice.

“We have noted with concern and we have complained to authorities including the RBZ that most manufacturers have been accessing foreign currency from the auction system but as consumers we are not benefiting,” Mpofu told the webinar.

“We continue to see prices going up using the parallel market rate. We are seeing that in a lot of products particularly food and other commodities, governor. We ask you to engage to make sure that whoever is given foreign currency on the auction system should also reflect that in their prices,” noted Mpofu.

She demanded that businesses should charge prices that reflect their costs.

The consumer group boss said citizens need to see manufacturers who are responsible as she blamed profits making super companies.

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