Confederation of Zimbabwe Industries (CZI) has stated that though the situation in the country is difficult, the economy is improving. The CZI President Sifelani Jabangwe states this on the update on the state of supply of goods for and on behalf of the federation on the website.
Jabangwe stated that the improvements have come about despite the absence of major external support.
“This improvement can be seen through improved revenue collections; reduced trade deficit; and food security,” he said.
Zimbabwe has seen some economic changes this year after a ‘bumper harvest’ and also the implementation of the command agriculture.
Jabangwe, on the update also touched on the frenzy of panic buying that recently took place in the country saying that this happened when the stocks were low but adequate for normal consumption.
“The low stocks were due to low levels of foreign currency allocations for companies to import raw materials. The foreign currency is generally low in the period August – March due to the closure of the tobacco auction floors,” said Jabangwe.
“The fact that this happened over the weekend meant that suppliers who were closed could not respond to the stock-outs as and when they happened.”
The Zimbabwean government accused the internet of the causing the panic buying claiming that the social media was causing “alarm and despondency”.
Jabangwe also advises the market that with the continued flow of foreign currency the industry will be able to continue to supply goods to the market on the update on the state of supply.
CZI is an independent, self-financed, legally constituted organisation that represents and serves interests of members in a wide array of matters affecting their viability and competitiveness according to its website.