HomeBusiness DigestGono says NIPC must stop interference

Gono says NIPC must stop interference

Jesilyn Dendere

THE Reserve Bank of Zimbabwe (RBZ) has said the National Incomes and Pricing Commission (NIPC) should not interfere with any other products other than th

e three controlled products — bread, cooking oil and mealie-meal.

In his 2008 first quarter monetary policy statement Reserve Bank governor, Gideon Gono should also concentrate on monitoring the 16 products which were approved by government. Gono said the NIPC should exercise extreme caution to avoid the repetition of yet another price blitz by interfering with basic commodities which are not on the list of the three controlled goods and the 16 monitored products.

“Our recommendation and advice is that the NIPC confines its operations around the three controlled products and the 16 nationally agreed products on the monitoring list, and not concern itself with tourism products, air travel, entertainment, beer and other product prices,” said Gono.

NIPC chairman Godwills Masimirembwa had told the businesdigest on Wednesday that his commission had the power to control every product and prices of imported goods.

Gono said the NIPC should also concentrate on being “beneficial as opposed to being a threat and a risk to businesses”.

“The full machinery and expertise of the NIPC will be concentrated for maximum beneficial impact, as opposed to the potential risk of this key institution being spread too thinly across too many products, regions and markets, in the end degenerating into a vehicle of disruptive distortions,” he said.

“Specifically, through the work of the NIPC, extreme caution should be exercised to ensure that this does not degenerate into yet another unintended catastrophic blitz exercise and fight between government and business that impairs business operations and breed a spirit of mistrust among stakeholders.”

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