Panicky Zimbos resort to hoarding

ZIMBABWEANS have started hoarding amid a growing list of products already in short supply, with retailers saying they were already grappling with a “panicky market”.

BY RICHARD CHIDZA

“There is panic in the market and unnecessarily so. We are actually urging the public not to buy more than what is necessary for their consumption because there is really no need,” Confederation of Zimbabwe Retailers’ Association president Denford Mutashu said.

“The issue of production remains the key focus and even if people panic and horde, we should, in a normal situation, be able to replenish stocks.”

He said Vice-President Constantino Chiwenga was fronting discussions between retailers and manufactures.

“We are in constant discussions with suppliers and this initiative is being spearheaded by Vice-President Chiwenga. Our wish is to make sure the productive sector gets the necessary support from government,” Mutashu said.

“But we are also urging the Ministry of Industry to be on the look-out for key commodities and where there are gaps, to make sure these are plugged using imports. It is not something we would want, but it should be a short-term measure to deal with the situation we have now.”

However, reports suggest that Chiwenga was taken ill on Monday.

Mutashu added: “As things stand, we have challenges with flour availability and in the past two days, bread supplies have dwindled, causing shortages in the market.”

Confederation of Zimbabwe Industries president Sifelani Jabangwe said uncertainty around government’s stabilisation policy was behind the panic.

“There is uncertainty regarding what policies will be announced and how these will affect the business environment,” he said.

“Manufacturers are unsure of how to price their products and there has also been lower allocation of foreign currency to industry. But the biggest problem is uncertainty.”

Economist Prosper Chitambara said the black market premium on foreign currency was fuelling the mayhem in the market and was being exacerbated by the general lack of confidence.

“There are a lot of uncertainties, a lack of confidence as well as trust, which is negatively affecting macro-economic fundamentals,” he said.

“We have seen a ballooning of the black market rates in the past few days and those rates now hovering around 120% (US to transfer), making it more difficult for manufacturers to access hard currency for critical inputs.”

Chitambara said government needed to stop “creating money and curb run-away recurrent expenditure”.

Do you have a coronavirus story? You can email us on: news@alphamedia.co.zw


10 Comments

  1. let them panic buy sooner or later some will be stuck with rotting items in their shelves its the nature of zimbos to see and imagine disaster were there is no one

    1. @eliasha look were the global economy is going and you think zimbabwe is going to be okay i think you need to wake up a smell the coffe,usa terere zanu pf they are not telling people the truth let people panic.zimbabwe is not a self sufecient country vahu vanofa nezhara iwe

    2. You are just crazy dude and you dont need someone from space to tell you that there is disaster!Two months after you claimed a fake victory in the polls its all talking as is your nature but no action!I remember the powerful words of Morgan Richard Tsvangirai that Zanu PF can rig the election but not the economy and this is what is happening now

  2. Mutashu you talk a lot of what Shakespeare called “An infinite great deal of nothing” What solutions do discussions initiated by Chiwenga of all people, gonna bring us? Just keep quiet and let nature take its course. Let Soddom and Gomorah destroy itself and enable us a genuine new dispensation fresh and civilised start.

  3. Maybe it’s time to allow us to become productive self sufficient Zimbabweans…together! Government needs to allow us to create Zimbabwean wealth by producing food and its by products and the long term wealth will follow. Taxing our productivity and ingenuity just destroys the entire nation. Time to put in place some WISE economic policies that will benefit the nation…………PLEASE!!!!!

  4. Some people are so much obsessed with politics which will not pay anyone in the end. People should keep their mouth shut if they have no meaningfull and constructive contibution to any topic of national importance. What we need now is to stay calm vanoita basa ravo vachiita and we have to wait and see the results. We are still waiting for the ministry of finance to give us the full version of their fiscus planning but some people are already mumbling this and that. Who told you that the adminstration is stranded? It is very recent that Ed’s government started operating and how can we expect any amazing results yet? Tikwanirei machinja.

  5. Your Name (required):Special Black

    If you think you can rule this country through your initiated economic problems, go sleep guys. State House is very far away. Let those with money hoard untill such time they join the rest. Rome was not built in one day. It is only you people who lough when Zimbabweans are sick, hungry and helpless. Give us your suggestions dhololo. We soldeired on during the struggle, seeing some nusty things. True ZANU PF shall endure this. Thanks your supporters are coming to us in big numbers, God is great.

  6. If you dont buy in bulk today, listening to Matashu munhu we Zanu unofirwa nevana already mari yako yese yakaotobiwa atova ma Bond unosara nema paper asingatengi, already small polish yaiita 65 cents manje manje its now $2.25 CENTS, Iwe uchinzi chengeta mari yako kkkkkkkk Matashu wenyu uyu anoita seanotaura nevanhu vari kuMalawi, we are in Zimbabwe we look on the situation close to us we dont rely on your words which you just say to get remunerated for after tanyura mari dzese

  7. There is no benefit from panic buying, those who want to hord let them hord but to be true and honest our government is struggling to make our economy better varikuviga mabasics are those vachamadzosa tichatenga kana vabudisa ende vachazvibudisa and buy in our normal prices

  8. This is rubbish govt.A fraud. Noone voted them.

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