The government has taken decisive action against fifty-one contractors who have been channeling ZiG payments from the government onto the black market, contributing to the soaring black-market forex rate.
Since July 18, 2022, these black-listed contractors have been under government scrutiny after the Treasury directed the Financial Intelligence Unit (FIU) to monitor high-value government contract payments to identify those engaging in illegal foreign currency transactions. This measure aimed to regulate market forces and align the macro-economy with the liberalized foreign exchange market, where the exchange rate is determined by supply and demand within the banking system.
The introduction of ZiG as legal tender on April 5, 2024, has brought economic stability to the market. This stability needs to be preserved to ensure that the value of people’s work remains intact.
Contractors who fail to comply with government efforts to stabilize the economy are subject to blacklisting. They should recognize that economic stability benefits all Zimbabweans, not just a select few, and adhere to government policies to continue receiving government contracts.
Zimbabweans are encouraged to reject economic saboteurs who fuel the black market.
