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While Government has pulled all the stops to ensure a conducive environment for business to thrive, we have noted that some businesses are seemingly taking advantage of this gesture to profiteer.A snap survey which is the subject of our story in The Herald Business showed that prices of goods have gone up in the last few weeks at a time Government introduced Statutory Instrument 64, aimed at cushioning local manufacturers against cheap imports.

Government’s logic to limit the importation of certain products through SI 64 was to minimise the movement of products into the country which can be locally manufactured, thereby creating capacity for local producers.

Creating capacity for local manufacturers was envisaged to result in growing industry’s capacity to meet demand, promote buying of locally produced goods and in the end create employment.

It is also worth noting that Government was also responding to intense lobbying from industry bodies, the Confederation of Zimbabwe Industries, the Zimbabwe National Chamber of Commerce and such like-minded groups.

While industry has come out in support of the measures and going to the extent of acknowledging that the measures have resulted in an increase in capacity utilisation and revenue and subsequently profits, the latest developments leave a bitter taste in the mouth.

As the measures limit the amount of imports into the country this results in an increase in demand for locally manufactured products.

Sadly, industry is taking advantage of the increase in demand to increase prices and in turn profiteer. The price increases will decimate all the gains brought about by the import restriction measures.

Why are we shooting ourselves in the foot?

So many creative reasons have been proffered to justify the wanton increase in prices especially cooking oil.

We are aware that industry has advanced such reasons as the interests they are being charged by foreign suppliers for delays in paying for raw materials due to the challenges with foreign payments, but the magnitude of the price increases cannot be justified.

But, even if we factor in such interest rates, which we still urge Government to investigate, this does not justify the rate of increases that we have witnessed in the last few months.

We challenge industry to give the nation a breakdown of the interest charges they claim to have passed on to the consumers.

It may be time that Government also took keen interest because we see devious elements taking advantage of the increase in demand to punish innocent consumers.

Moreover, the CZI and ZNCC, which lobbied for the restrictive measures should also be vocal against these unbridled price increases.

We are killing ourselves as Zimbabweans. We have no one to blame but ourselves.