Speaking at the official opening of the Zimbabwe National Chamber of Commerce annual meeting in Victoria Falls, Mnangagwa said: “We shall continue to deepen the ongoing reform initiatives and not shy away from doing that which is good for our country and the generality of our people.
“To this end, the ongoing monetary reforms, fiscal consolidation, macro-economic stabilisation, stimulation of growth and the quest to create employment for our people will proceed with increased impetus.”
Mnangagwa’s administration shocked the nation when he ended the 10-year use of multiple currencies in the country on Monday and declared the Zimbabwe dollar as the sole legal tender for local transactions.
The move, which has faced a lot of resistance, is already paying off as the black market rate of the local currency against the United States dollar has started appreciating.
Prices, however, remain high but businesses could soon face consumer resistance which will force them to revise their prices downwards or close shop.
Mnangagwa appealed to business to work with the government to explain the new currency measures.
“I call upon the business community to complement government in the fulfilment of the reform objectives,” he was quoted by the Chronicle as saying.
“In our respective spheres, we must take it upon ourselves to explain the new developments especially with regards to the recently gazetted SI 142 of 2019 to our people. Let’s reassure them that we are on the correct path and the measures we are instituting will bear fruit,” he said.