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*ED Rules Out Price Controls As He Warns Overcharging Businesses*

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President Emmerson Mnangagwa on Friday said that the government will not resort to price controls but threatened businesses that are in the habit of increasing prices willy-nilly.

He also blamed the past 20 years of stagnation for the uncompetitiveness of local industry which he said now requires massive retooling.

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Speaking during a wide-ranging interview on Harare-based Capitalk 100FM radio, President Mnangagwa said:

> . . . what we wish, for the economy to grow, we must not prescribe prices to say ‘you have grown your orange, it shall sell at $2; coming up with a law in Parliament that it shall be $2 or this cup (which was in the Capitalk studio) shall be this much.

> No, we don’t do that. The forces of the market must determine the price. There must be competition.

> We need more people in our commerce and industry so that there is competition but to do that again, as a result of a partial history of 20 years or so, our machines are old; they are almost obsolete so we need to retool our manufacturing sector so that we become competitive.

On businesses engaged in wanton price increases, President Mnangagwa warned that such a practice will not be tolerated;

> That is bad. The time shall come when we make the life of their businesses difficult.

*More: Chronicle*

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