ZANU PF President Emmerson Mnangagwa has promised to fix price hikes. He made these comments in his weekly column.

Mnangagwa said the authorities are aware that some businesses were disconnecting point-of-sale devices, discouraging sales in local currency, abusing the foreign currency auction system, and directing goods to the informal market through a covert network of agents in his weekly column for The state owned Sunday Mail.

Given the increasing inflows from record foreign currency revenues and the widespread use of the US dollar in local commerce, he said that it was impossible for the exchange rate to be unstable.

Foreign currency collections increased by more than 20% between January and March of this year compared to the same time last year, continuing the trend. Cumulative earnings are predicted to reach a record US$12 billion this year.

The committee, led by the Ministry of Industry and Commerce, is investigating developments that prompted businesses to increase prices of goods and services.

It is also looking into reported stockouts of basic commodities in some retail outlets.

Industry and Commerce Permanent Secretary Dr Mavis Sibanda told the state media the committee was literally working around the clock to enable it to present its findings this week.

“I have instructed the committee to work 24-hour shifts, including over the weekend, because we want to get the findings soon,” she said.

“The report will be submitted to Cabinet but the investigations are still work in progress.

“They haven’t finished yet and I am hoping to get the final document soon so that we can look at it and submit it to Cabinet.”

Dr Sibanda said the committee was looking at a broad range of issues, including unjustified price hikes, unfair business practices and why some businesses are refusing to transact in the local currency.

“There is really a lot of work to be done,” she added.

“The committee also includes people from the National Competitiveness Commission, Competitions and Tariffs Commission and the Ministry of Industry, so that we look at things from a broader point of view.