Statement by the Minister of Industry and Commerce Sithembiso Nyoni after her meeting with business member organisations (BMOs) to discuss basic commodities prices and the market supply situation during the upcoming festive season: 15 December 2023.
1. I have just concluded a meeting with the relevant Business Member Organizations (BMOs) to discuss the prices and market supply situation of basic commodities, ahead of the upcoming festive season.
2. As we all know, traditionally the holiday season is a period with hyper activities where businesses world over stock up with various goods, in anticipation of increased spending as consumers buy various gifts for their loved ones.
3. In attendance at the meeting were:
- The Grain Millers Association of Zimbabwe;
- The National Bakers Association;
- The Oil Expressors Association of Zimbabwe;
- The Zimbabwe Retailers Association;
- The Confederation of Zimbabwe Retailers;
- Zimbabwe Sugar Sales; and
- The Zimbabwe Sugar Association.
4. As a Ministry, we had observed an emerging trend, of increases in the prices of basic commodities during this week, wherein laundry soap has gone up 16%; cooking oil by 13%; bread by 12%; and mealie-meal by 9%. It was pleasing to note that the price of sugar has remained constant.
5. As the ministry responsible for commerce and Industry, we have the onus to get to the bottom of this and nip any negative developments in the bud. We have witnessed and enjoyed price stability for a very long time now, ever since the Treasury and the Reserve Bank of Zimbabwe instituted a tight Monetary Control Regime and this must be maintained, to promote consumer welfare.
6. By the same token, we also witnessed and enjoyed a normal supply of basic commodities on the market, with no shortages and crises, as previously happened in yesteryear. We are grateful to the business players that have joined hands with the ministry to ensure that we do not allow any price increases, particularly at this point, when families will be celebrating Christmas and the New Year, indeed a time when basic commodities should be not be found wanting on the market!
7. We also agreed that the business community should trade fairly and desist from profiteering and from creating artificial shortages.
8. I am very happy to report that I had a very fruitful dialogue with the BMOs’, to whom I am grateful for their quick response. Ever since I took office as Minister of Industry and Commerce, I have enjoyed a very good and progressive working relationship with the respective BMOs in both the industry and commerce sectors.
9. Let me assure the nation that industry has enough stocks of basic commodities and that business will immediately work on modalities to ensure that there will not be any sharp price increases.
Let me take this opportunity to wish the nation of Zimbabwe a Merry Christmas and a Prosperous 2024.
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