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Zimbabwe Minister Says Companies Should Venture Into Forex Spinning Ventures

FILE: National Foods Limited says in Harare, Dec. 6, 2018, it is closing its mills unless it gets foreign currency to import wheat.

Zimbabwe’s Commerce Minister says the government is encouraging companies to venture into export-oriented businesses in order to reinvigorate the declining economy through generating the much-needed foreign currency as some companies shutdown factories owing to lack of money to buy essential inputs outside the country.

In a wide ranging interview, Nqobizitha Mangaliso Ndlovu said such a move would ensure that companies are self-reliant instead of depending on government for foreign currency allocations to conduct their operations.

Ndlovu said business operations in some companies have been seriously affected by lack of foreign currency in Zimbabwe, a nation that heavily relies on imports than exports.

He refuted reports that preference in allocating foreign currency to companies is being given to importers of various goods instead of importers.

The minister noted that his ministry has engaged various companies, including fertilizer producers, in an effort to boost exports and hence foreign currency levels in the country.

National Foods and Delta Corporation have reportedly shutdown some operations owing to lack of foreign currency to purchase inputs from various countries.

But government insists that it has allocated the two companies some money to buy critical inputs in order to avert intended closures.

Interview With Nqobizitha Mangaliso Ndlovu
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