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The government has said price guidelines for contracted farmers are not a form of price control, as the private sector will ultimately determine the prices based on supply and demand dynamics.
During a question and answer session in the National Assembly, Vangelis Peter Haritatos, the Deputy Minister of Lands, Agriculture, Fisheries, Water and Rural Development, clarified the government’s position.
He explained that the prices announced by the government are the rates that will be used by the Grain Marketing Board (GMB) when purchasing produce from the contracted farmers.
The Deputy Minister asserted that the private sector will still have the flexibility to set prices that align with market conditions of supply and demand. He said (via <a href="https://www.newsday.co.zw/local-news/article/200029442/govt-to-set-price-guidelines-for-farmers">NewsDay</a>):
<blockquote>
We are not about setting price controls or anything to that effect. What we do, essentially, we announce a price for whatever is contracted to the government.
So, when we talk of the Presidential Input Programme or National Agricultural Programme, these are related to the government.
For us, we feel it is right to announce pre-planting prices as well as producer prices so that at least our farmers understand before they even go into that crop.
During price guideline implementation will bring [together] all stakeholders, farmers, input suppliers and also contractors.
We are the buyers of grain. We need to announce the prices and the hope is that consumers and the public take that as a guiding price so that our farmers can get similar prices.
</blockquote>
Last month, GMB announced a new payment structure for grains, which will see farmers receive US dollar payments upon delivery of their produce.
As reported by <a href="https://www.sundaymail.co.zw/gmb-announces-new-producer-prices">The Sunday Mail</a>, maize and traditional grains will fetch US$390 per tonne, with sunflower seeds earning US$713 per tonne, up from US$696.
The producer price for soya beans has been set at US$620 per tonne, up from US$580.
In the past, GMB paid farmers a mixture of US dollars and local currency for their crops.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The government has set price guidelines for farmers who have contracts, but this is not controlling the prices. The private sector will still decide the prices based on supply and demand. The government is only announcing the prices that will be used by the Grain Marketing Board when buying crops from contracted farmers. Farmers will still have the flexibility to set their own prices according to market conditions. Recently, GMB announced new payment rates for different grains, with farmers now receiving payments in US dollars upon delivery. In the past, farmers were paid in a mix of US dollars and local currency.

Government Says Price Guidelines For Contracted Farmers Not Price Control

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) is targeting manufacturers who refuse to accept Zimbabwe Gold (ZiG) or limit transactions in the local currency.
FIU is concerned that the actions of some players in the manufacturing sector could lead to fresh volatility in the exchange rate and inflation rate.
FIU Director General Oliver Chiperesa told <a href="https://businesstimes.co.zw/fiu-target-manufacturers-2/">Business Times</a> that several accounts of the offending manufacturers and suppliers have since been frozen. He said:
<blockquote>
We started this targeted exercise against manufacturers last week and we have frozen the accounts of several industry players and penalised them. They have paid penalties and we will monitor if they are now in full compliance.
We are targeting more and more this week as we act on reports we are getting from the retailers.
One area that remains of concern to us is some manufacturers and suppliers who still restrict the amounts of ZiG that they receive from downstream traders.
We are using both engagement and enforcement against them. We have already frozen the accounts of a handful of manufacturers and penalised them.
We are expecting compliance levels to continue to increase in that sector, which will in turn have a cascading effect down the supply value chain and ultimately benefit the consumers.
</blockquote>
Chiperesa cumulatively 534 accounts were frozen, and 161 were penalised for violating exchange control regulations. 12 foreign currency manipulators were caught between Monday and Tuesday this week.
He said that certain offenders will be barred from using financial services for a considerable amount of time.
An official from the country’s biggest lobby business group, the Confederation of Zimbabwe Industries (CZI) told Business Times that they were not charging exorbitant prices. Said the official:
<blockquote>
We are charging a price that allows us to continue producing, we can’t charge a price that will see us close shop again. There is a need to engage so that we can have a common understanding.
Manufacturers accused the FIU of harassing struggling companies to impose “price controls”.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Financial Intelligence Unit Targets Manufacturers

Business leaders and economists have criticised the government’s move to manipulate exchange rates thereby reintroducing price controls for all goods to slow down inflation.
The annual inflation rate increased to 57.5% in April, up from the previous month’s 55.3%.
In a move aimed at regulating the pricing of goods, the government recently imposed the Statutory Instrument 81A of 2024 which removed the 10% premium on forex sales.
As a result, all sellers of goods are now compelled to use the interbank selling rate or risk being fined at least ZiG200 000 penalty.
The president of the Confederation of Zimbabwe Retailers (CZR), Denford Mutashu has since written to the Minister of Industry and Commerce, Mangaliso Ndlovu, expressing concern over the contents of Statutory Instrument 81A of 2024. The letter, seen by <a href="https://businesstimes.co.zw/disquiet-over-price-controls/">Business Times</a>, reads in part:
<blockquote>
We are writing to express our strong concerns regarding Statutory Instrument 81A of 2024. While we understand the intention behind this instrument we believe that the current framework is not workable and requires significant adjustments to ensure its feasibility.
Our concerns are centred around the maximum exchange rate, which does not reflect a cost recovery exchange rate given the current circumstances.
Specifically, banks are currently charging clients a rate around 5% above the selling rate. This week, the banks have been selling at a rate of around ZiG14.70:US$1.
The new intermediate money transfer tax (IMTT) statutory instrument announced by the minister has increased the IMTT for forex (FX) purchases on the Willing Buyer, Willing Seller (WBWS) from 1% to 2%.
This is in addition to the 1% charged by the Reserve Bank of Zimbabwe (RBZ), taking the total cost for WBWS purchases to 3%. These costs add up to an average of 8% above the RBZ selling rate.
Furthermore, FX is not available on demand, and any time lag between receiving ZIG and purchasing FX on WBWS can result in losses for traders due to ZIG rate devaluation.
To make this SI workable and possible for players to comply, we recommend that the bank selling rates must not exceed the RBZ selling rate and that FX purchases from the WBWS must be exempted from IMTT.
</blockquote>
Mutashu also urged authorities to remove the RBZ’s 1% admin fee for WBWS purchases and to allow an additional 2% above the WBWS selling rate to account for ZIG rate volatility if these measures are not implemented. He added:
<blockquote>
SI 81A of 2024 will not be workable, and it will lead to a cat-and-mouse game between the regulator and businesses. We urge you to consider our concerns and recommendations to ensure a feasible and effective framework.
</blockquote>
Kurai Matsheza, the president of the Confederation of Zimbabwe Industries (CZI), said:
<blockquote>
In economics, there’s a law of demand and supply hence the government should follow that for the exchange rate to stabilise. Anything outside that will affect the economy.
</blockquote>
Economist Vince Musewe pointed out that the government is repeating mistakes by reintroducing price controls, which could lead to shortages and smuggling. He said:
<blockquote>
You cannot police market sentiment. The market is a beast that can only be tamed by building trust and confidence.
Price controls always create alternative market shortages and increased smuggling. We are not learning from history.
</blockquote>
Another economist, Tony Hawkins, said the threats of arrests and fines “confirm that nothing has changed”. He said:
<blockquote>
Next comes the shifting of goalposts with new SIs and additional ways of calculating inflation.
In this case, we have a new twist — the conversion of an already out-of-date national budget into zigs which will give Treasury lots of opportunities to switch spending and raise stealth tax revenues.
The next stage, as is happening now is threats, arrests and fines all of which confirm that nothing has changed.
How can it be a free market if anyone who trades on a willing buyer-willing seller basis is breaking the law unless he trades at the manipulated RBZ rate?
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Price Control Reintroduction Draws Criticism from Business Leaders and Economists

Economists say the Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) is forcing businesses to enforce “price controls” which is in turn fuelling US dollar inflation.
This comes as the Government has been battling exchange rate volatility and a sharp rise in the prices of goods and services in the past months.
In its latest report, the Confederation of Zimbabwe Industries (CZI) said the enforcement of price controls by FIU is inflationary. Reads the report:
<blockquote>
The FIU has been harshly enforcing compliance with the prescribed principle of “formal exchange rate plus a 10% margin”.
The enforcement of price controls through the exchange rate by the FIU is actually also inflationary as it causes an increase in United States dollar prices at a time when the American dollar has a higher weight in the blending.
In short, the United States dollar inflation is a compliance-driven inflation as formal businesses tried to hedge against an unrealistic official exchange rate that they were being forced to use.
</blockquote>
Economist Gift Mugano told <a href="https://businesstimes.co.zw/fiu-hounds-firms/">Business Times</a> that if the FIU enforces price controls, it will destroy businesses. He said:
<blockquote>
The local firms peg their prices at the prevailing parallel market rate causing the Zimbabwe dollar to be on the high side as the businesses forward price to survive.
If the FIU comes to enforce the indexation of the United States dollar companies would struggle.
</blockquote>
However, Finance and Economic Development Deputy Minister Clemence Chiduwa said businesses should comply or perish. He said:
<blockquote>
Those who continue to index their prices using the parallel market rates will put themselves out of business as consumers have choices so the United States dollar inflation is for the short term and what is critical is for business to adjust.
The reality is that stability is going to be sustained, we are not going to let go and stability is not transitory. It’s now time for business to start to be ethical.
They can hold on to their current position and see what is going to happen. It is going to be sustainable. They are allowed to take their position but they will lose out in US$ terms as the local currency appreciates.
</blockquote>
CZI chief economist Cornelius Dube told Business Times that the Zimbabwe dollar pricing is correlated with the movement of the parallel exchange rate hence the prices will follow that pattern.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

"Price Controls" Driving US Dollar Inflation - Economists

Industry and Commerce Minister Sekai Nzenza said that the moratorium on prices increases agreed on by the government and businesses during the COVID-10 crisis had not worked.
Nzenza made the admission on Thursday when she appeared before the Parliamentary Portfolio Committee on Industry and Commerce chaired by Chimanimani East MP Joshua Sacco. She said:
<blockquote>This agreement with VP Mohadi was done in good faith and based on moral suasion, but what we have noted is that the moratorium on the increase in prices has not worked and I want to admit that it is partly because of the cost of production, lack of foreign currency to bring raw materials needed for production and some of the borders have closed and prices have remained high.</blockquote>
Nzenza accused retailers and manufacturers of engaging in rent-seeking behaviour and showing no sympathy to consumers. She said:
<blockquote>Another point is to do with behaviour and monetary practices, where retailers and manufacturers have not been sympathetic to consumers and we are witnessing rent-seeking behaviour which is affecting inflating and parallel market rates which change on a daily basis and is difficult to control.</blockquote>
She revealed that President Emmerson Mnangagwa had an urgent meeting with fiscal and monetary authorities to address the issue of rising inflation and a fall in the value of the local currency and a positive announcement will be made soon.
<h4>More: <a href="https://www.newsday.co.zw/2020/05/price-controls-have-failed-govt-admits/" rel="noopener noreferrer" target="_blank">NewsDay</a></h4>

Govt In Frank Price Controls Admission

The government is set to reach out to manufacturers and retailers in a move meant to control prices of goods, which are spiralling out of control on the back of a sharp fall in the value of the local currency on the parallel market.
Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa, in a post-Cabinet briefing on Wednesday, said the government will announce measures which will see the situation stabilising in due course. She said:
<blockquote>We will surely urge; we will surely reach out to industry or maybe this time to firm up so that we could control these prices.
So that they do not immediately react because that is what has been happening that they have been a reaction to the parallel rate when the parallel rate moves the retail sector prices also move.</blockquote>
The exchange rate at the parallel market was US$1:$60 via electronic transfers and US$1:$45 for cash transactions while the official rate is 1:25.
Last month the government and industry agreed that prices should revert to March 25 levels but instead, prices have continued to rise while salaries remain stagnant.
<h4>More: <a href="https://www.chronicle.co.zw/govt-to-unveil-price-stabilisation-measures/" rel="noopener noreferrer" target="_blank">Chronicle</a></h4>

Govt To Enforce Price Controls

The Zimbabwe National Chamber of Commerce (ZNCC) has warned the government that imposing price controls will result in empty shop shelves experienced in 2007.
In April this year, the government ordered businesses to revert to March 25 pricing levels but the price moratorium has largely been ignored by retailers as prices continue to rise on the back of a weak currency.
In a new research document titled Sustainable and Market Friendly Interventions to Addressing Price Spiralling During The Lockdown, ZNCC said:
<blockquote>As Zimbabwe National Chamber of Commerce (ZNCC), with membership across all the value chains of the economy, was not consulted when the decision on the price freeze was implemented … This is not the first time that price controls have been introduced in Zimbabwe. In 2007, the economy came to a halt due to price controls.
With products to be affected by the price moratorium set to include basic commodities; sugar, rice, maize meal, cooking oil, salt and bread, price freeze of these commodities may decrease product availability from manufacturers and producers which will spawn shortages on retail and wholesale shelves. The suppliers of the basic commodities have not reduced the prices as 
yet.</blockquote>
ZNCC further stated that while the objective of price controls is to lower prices for consumers, controls distort market forces of supply and demand and can lead to serious shortages of goods and services.
Price controls also kill competition as it removes rivalry among businesses, ZNCC added.
<h4>More: <a href="https://www.newsday.co.zw/2020/05/no-to-price-controls-zncc/" rel="noopener noreferrer" target="_blank">NewsDay</a></h4>

Price Controls Will Take Us Back To 2007 - ZNCC

The government will enforce price reductions as some shops were not adhering to the price moratorium which they had committed to following a  multi-sectoral stakeholders agreement last month.
This was said by Vice President Kembo Mohadi on Friday at Gwanda Provincial Hospital during a visit to monitor progress in fighting Covid-19. He said:
<blockquote>We had a moratorium where we agreed that prices had to revert to the prices of 25 March.
Some have observed that and some haven’t but since it’s something that we didn’t coerce anyone into as they signed voluntarily, we will have to enforce it to see that it’s done.
It’s not price control, it was a mutual understanding that we need to help people.</blockquote>
The price moratorium seeks to reverse recent steep increases in prices of basic goods including bread, super-refined maize meal, cooking oil, flour and sugar to March 25.
Some retailers have not only failed to reduce the prices but have actually increased them.
<h4>More: <a href="https://www.sundaynews.co.zw/govt-to-enforce-price-reductions/" rel="noopener noreferrer" target="_blank">Sunday News</a></h4>

Govt To Compel Shops To Reduce Prices

The Zimbabwean government could be forced to subsidise various basic goods to enable retailers to roll back prices to March 25 levels.
This comes after retailers expressed unwillingness to slash prices of basic foodstuffs, contrary to an agreement reached with the government last week.
An industry player told Business Times that manufacturers were reluctant to reduce prices without a government subsidy. The unnamed official is quoted as saying:
<blockquote>From the meetings we have had since Monday, retailers are arguing that they can’t reduce prices to March 25 levels as manufacturers have since spiked their prices and are reluctant to go down without any form of payment from the authorities.
Hence the government has so far promised to pay suppliers and all those in the value chain and we can see the retailers starting to adjust prices.
Without that prices are not going to go down.</blockquote>
On Wednesday last week, Vice President Kembo Mohadi announced that prices of basic foodstuffs – including maize-meal, rice, cooking oil, sugar, salt, flour and bread — will revert to the levels of March 25, just before the lockdown.
Prices of goods spiked when the government announced a lockdown at the end of March as demand surged, with consumers stockpiling on food for the initial 21-day stay-at-home order.
<h4>More: <a href="https://businesstimes.co.zw/broke-zim-govt-to-subsidise-basic-commodities/" rel="noopener noreferrer" target="_blank">Business Times</a></h4>

'Businesses To Reduce Prices Only When Govt Avails Subsidy'

The government last week reintroduced price controls as a measure to cushion the citizenry from the effects of the national lockdown that was imposed to stop the spread of coronavirus.
NewsDay reports, however, that major retailers around the country have not adhered to the decree and are actually increasing prices of their commodities.
Announcing the price control last week, Vice President Kembo Mohadi said that the retailers have to price their commodities using the prices of 25 March.
The NewsDay conducted a snap survey in Harare and Bulawayo over the past few days revealed 
that prices of basic commodities have shot up by a factor of 400% since the lockdown on 30 March as retailers are revising prices of basic commodities upwards almost daily to keep pace with the exchange rate. The publication noted:
<blockquote>Two litres of cooking which was pegged at around $60 at the end of March now costs $190 with prices of other goods such as flour and washing soap changing daily, depending on the retailer.</blockquote>
Inflation in the country has over the past 24 months been on the rise when workers’ salaries have remained relatively stagnant.
Economists say observe that the government is in a dilemma as inflation is likely to further deteriorate the living standards of many while price controls would have an adverse effect on the economy.
More: <a href="https://www.newsday.co.zw/2020/04/retailers-defy-price-control-directive/">NewsDay</a>

"Major Retailers Defy Price Control Decree," - Snap Survey

Officials from the Ministry of Industry and Commerce and the Consumer Council of Zimbabwe are currently assessing the cost of basic goods in retail shops following a price freeze announced by the government.
A recent government directive did not only order a price freeze but also directed manufacturers and retailers to revert to price levels that existed as at March 25, just before the coronavirus national lockdown.
Industry and Commerce Minister Sekai Nzenza said her ministry will reveal what will be done to retailers that have ignored the price moratorium as soon as the teams have completed their assessments. She said:
<blockquote>We agreed in good faith with the businesses that during the lockdown prices should come down to March 25 levels.
We reached this understanding in order to protect the consumer while also taking in the views of the retailers and manufacturers.
We have a task force from our ministry as well as another team from the Consumer Council of Zimbabwe and these are on the ground to monitor what is happening in the shops.
When they are done with the monitoring, we will then make an assessment of their reports before announcing the next steps.</blockquote>
Last Wednesday Vice President Kembo Mohadi announced that prices of basic foodstuffs – including maize-meal, rice, cooking oil, sugar, salt, flour and bread — will revert to the levels of March 25.
<h4>More: <a href="https://www.sundaymail.co.zw/govt-to-assess-price-moratorium-compliance" rel="noopener noreferrer" target="_blank">The Sunday Mail</a></h4>

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