The Zimbabwe Cross Border Traders Association (ZCBTA) has commended efforts by exchange control authorities to tame exchange rate volatility and bemoaned the failure by retail shops to display prices in both local and foreign currency.
In a statement, ZCBTA secretary general, Augustine Tawanda said price reduction on goods and services were being hampered by greedy.
“The journey towards price reduction and stability is being thwarted by greediness and primitive capital accumulation in some circles as the consuming public continues to suffer from overpricing, profiteering, and extortion by some players in the retail sector.” said Tawanda
He said the association is concerned with the absence of those entrusted to protect members of the public from price manipulation.
“ZCBTA is concerned that those entrusted to protect the public in this regard are notably absent or not visible at all. The authorities allow monopolies and cartels to continue to manipulate prices unchecked. The current lawlessness and madness in the retail sector cannot be allowed to continue as it negatively impacts on the lives of ordinary citizens.
“The ZCBTA also notes with regret failure by most retail outlets to display prices of goods in both United States Dollars and the local currency using the prevailing auction rate as required by Statutory Instrument 185 of 2020,” said Tawanda
He further implored the Government to compliment price stabilization initiatives introduced by monetary authorities by enforcing discipline and compliance and advocate for the stringent deployment of inspectors, law enforcement agencies throughout the country to stem out the rot.
“We are also calling upon monetary authorities to increase circulation of higher denominations notes to improve portability and also consider reintroduction of ATMs to reduce congestion in banking halls. It is also important for Government to ensure that cross border traders are given facilities to consolidate their consignments.
“This will help to fight this over-pricing and profiteering by cartels because through cost cutting measures, they can afford to sell goods at lower prices than currently prevailing. This move will also ensure the restoration of livelihoods of mainly women traders while at the same time, providing the much needed competitiveness in the pricing matrix” he said
Tawanda said given that over 300 000 cross border traders have lost sources of livelihood as a result of the devastating effects of Covid-19 pandemic, the government should open up space for these traders to conduct safe and monitored activities within the confines of the law.
