Government cracks down on counterfeit goods and cu...

Government cracks down on counterfeit goods and currency manipulation

Oscar J Jeke

Zim Now Reporter

The Zimbabwean government has announced a tough stance against the influx of counterfeit and smuggled goods that have been undermining local industries. The move comes as the country prepares for de-dollarization.

In a bid to protect local businesses and consumers, the government is set to increase border patrols, bolster the number of customs inspectors, and implement stricter penalties for those involved in illicit trade.

Information Minister, Jenfan Muswere, revealed during a post-Cabinet briefing that the government is taking a comprehensive approach to address the issue. "Penalties are being enforced against all perpetrators of unjust price hikes, manipulation of the ZiG currency, smuggling, and all forms of unfair trade practices," he said.

The minister further highlighted that fines for these offenses will be significantly increased, ranging from a minimum of US$200 to a maximum of US$5,000. Additionally, the government plans to streamline the licensing process for businesses to enhance efficiency.

The surge in counterfeit and smuggled goods has led to a decline in the competitiveness of local products, as these illicit items often evade taxes and import duties. The government hopes that these measures will level the playing field for local businesses and boost the economy.

Meanwhile, the government has also expressed concern over retailers and traders who are manipulating exchange rates and charging prices above the official rate. As the country moves towards de-dollarization, such practices will not be tolerated.

The Minister of Finance, Economic Development, and Investment Promotion has presented a de-dollarization roadmap outlining the steps and timeline for the transition. The government is determined to ensure a smooth transition and stability in the economy.