The latest Post-Cabinet Briefing has unveiled a series of strategic reforms aimed at addressing economic challenges and enhancing local trade through currency reform, fair competition, and industrial revitalization.
To tackle unfair trade practices, the Government is ramping up penalties for offenders, raising fines from US$200 (Level 5) to US$5,000 (Level 14) or its ZiG currency equivalent. These increased penalties will target those involved in unjust price hikes, currency manipulation, smuggling, and other unfair practices.
Rainbow Hotels — Experience Luxury Across Zimbabwe
Rainbow Hotels continues to redefine hospitality standards in Zimbabwe, offering world-class accommodation, fine dining, and modern conference facilities in Harare, Bulawayo, and Victoria Falls.
Whether for business or leisure, Rainbow Hotels delivers unmatched comfort, exceptional service, and a truly premium guest experience tailored to modern travellers.
Book NowIn response to the rise in smuggled and counterfeit goods, which undermine local products by evading taxes and import duties, the Government is implementing a comprehensive crackdown. This includes boosting border patrols, deploying additional inspectors, and adopting a Whole-of-Government Approach to address the issue at border posts, thereby protecting local industries and ensuring fair competition.
The Minister of Finance, Economic Development and Investment Promotion has introduced a roadmap for de-dollarization, aiming to establish the Zimbabwean currency (ZiG) as the sole legal tender. This roadmap includes a detailed timeline for a smooth transition to a mono-currency system.
To encourage the adoption of digital payments, the Reserve Bank of Zimbabwe is enhancing mandatory licensing requirements for businesses to operate bank accounts and Point of Sale (POS) machines under the Shop and Shop Licensing Act. Additionally, inspectors will monitor practices that disrupt price stability and the availability of essential goods, promoting the use of plastic money and ensuring a stable market.
The Government is also consolidating licenses into a single office to streamline access and improve efficiency. An Inter-Ministerial Task Force will be set up to identify and repurpose dormant industrial assets, aiming to boost revenue for both central and local authorities while creating new job opportunities and stimulating economic growth.
These comprehensive reforms are designed to stabilize prices, support local products, and enhance economic efficiency. By fostering a level playing field for businesses, the Government seeks to encourage responsible operations and contribute to the nation’s economic prosperity.
