Zimbabwe News and Internet Radio

Mnangagwa accuses Indian business people of hoarding goods in warehouses

President Emmerson Mnangagwa has criticised some members of the Indian business community for allegedly hoarding basic commodities, creating shortages and a cycle of speculation of goods in the real economy that he claims is fuelling inflation.

This comes after the recent emergence of shortages of basic commodities in shops coupled by price hikes and the devaluation of the Zimbabwean Dollar.

Mnangagwa blames this on businesses such as Innscor and some Indian shops whom he accuses of stockpiling goods to create an artificial shortage.

“We are being attacked currently by price hikes. Why, just when we announced that we are going for general elections? Our enemies decided they must cause problems among our people and started hiking prices such as Innscor,” Mnangagwa said while addressing a Zanu PF rally.

Related Articles
1 of 738

“I have been told today that some Indians in Harare are stocking basic goods in warehouses.

“They buy sugar from Chiredzi, all the basic goods like flour and so on to stock in their warehouse then raise the prices, let me warn them,” he said and added that his team was investigating this issue and would proceed to confiscate the goods.

“If it is true, we shall confiscate, not only the warehouses but the things inside them and give it to you and distribute to people.”

In an attempt to save the collapsing Zim dollar, the government, through the Finance Ministry, shot down a directive last week by Harare City Council to switch to US dollar rates collection.