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Friday, August 19, 2022
HomePolitics‘Be Bold’- Pres ED Told As Inflation Skyrockets

‘Be Bold’- Pres ED Told As Inflation Skyrockets

President Emmerson Mnangagwa has been urged to decisively deal with the economic situation which has seen inflation fluctuate alarmingly while basic commodities have spiralled out of the reach of many.

The Mnangagwa administration has been battling to control inflation which surged to 256.9 per cent in July from 191.6 per cent the previous month. The month-on-month inflation rate in July stood at 25.6 per cent, shedding 5.1 percentage points from the June rate of 30.7 per cent.

In response to rising inflation, the government introduced various measures including hiking the bank policy rate from 80 per cent to 200 per cent per annum as well as introducing gold coins to tame rising inflation.

People’s Unity Party President, Herbet Chamuka said Mnangagwa risks a heavy blow in the 2023 elections as many citizens are disgruntled by his silence in the wake of a worsening economic situation.

Chamuka added that Mnangagwa, as President, must invoke price control methods to guard against incessant price hikes.

“I’m warning President Emmerson Mnangagwa, that if he fails to control the prices of basic commodities, he will have a torrid time retaining power in 2023. His supporters are leaving him because he has failed to be in control of the economic situation.

“He is ignoring the worsening situation yet he is supposed to be offering lasting solutions to the economic crisis,” Chamuka said.

Zimbabwe experienced inflationary pressure over the past seven months, driven partly by external factors as well as exchange rate volatility. Annual inflation steadily rose from 60.7 per cent in January 2022 to 256.9 per cent in July.

Chamuka further noted that failure to do this means Mnangagwa might not win the elections and he will resort to violence and intimidation.

“We urge him to be bold enough and address the economic situation and this entails him ensuring that our currency is stable. With one year before the elections, we are likely to see unrests from disgruntled citizens and it will not be good for us,” Chamuka said.

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Multi-award winning journalist/photojournalist with keen interests in politics, youth, child rights, women and development issues. Follow Lovejoy On Twitter @L_JayMut

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