THE private sector says Reserve Bank's governor Dr Gideon Gono's monetary policy statement provides a platform for labour, Government and business to "fine tune" the proposed policies through an integrated social contract approach among these key stakeholders. The two main bodies of businsess, the Zimbabwe National Chamber of Commerce and Confederation of Zimbabwe Industries also backed the RBZ's proposal on price and wage freeze.
Such proposal, at least in the short-term period, would give the country time to do the preparatory work on the introduction of this initiative. Business viewed the proposed approach as the launchpad for the reconstruction of the economy, which requires timely implementation.
Deviating from its earlier recommendations that the exchange rate be moved upwards prior to the announcement of the policy, business said there was no need to call for devaluation or other market interventions as a way of rewarding exporters in an economy riddled with distortions. "As for industry in general, we view the monetary policy as taking us back to basics first," said the private sector in a joint statement by ZNCC president Mrs Marah Hativagone and Mr Callisto Jokonya, the CZI president. "We need to start with the removal of all distortions then boosting capacity of companies before exporters can start getting meaningful rewards."
Mr Jokonya said the economic challenges facing the nation "do not need" external help but needed a shared vision among Zimbabweans. |