Govt Identifies Monopolies Manipulating Prices In The Food Sector

The government is said to have unearthed the monopolies and cartels that are fuelling the rampant price hikes currently being experienced in the food industry.

Industry and Commerce Minister Nqobizitha Mangaliso Ndlovu told State media that a snap survey carried out by the Competition and Tariff Commission (CTC) unearthed the evil deeds of monopolies particularly of sugar, poultry and dairy products. He said:

Monopolies are a big problem in our economy, they stifle innovation; you can see what is happening in our economy in terms of monopolies.

CTC did a snap survey and the full report, at the moment, is confidential. However, they found out that the food sector, in particular, is monopolised to the extent that they control and manipulate prices on the market.

They have also given recommendations which we have started instituting that is why you see that the Government recently approved the Zimbabwe National Industrial Development Policy to promote competitiveness.

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Meanwhile, the Consumer Protection Bill will reportedly be signed into law next month.

The law will among other things, criminalise conditional selling of goods by retailers and manufacturers as well as making it an offence for retailers to fail to display prices of goods on shelves.

More: Sunday News