INCREASED demand for foreign currency to fund operations and import raw materials, as well as plant and equipment, is weighing on the competitiveness of local industry, business leaders have said.
This also comes as the government has lifted restrictions on the importation of basic goods, including duties and taxes, which is also threatening local industry.
In an interview this week, the chief executive of the Zimbabwe National Chamber of Commerce (ZNCC), Chris Mugaga, said 85 percent of costs for local industries were now in hard currency.
Advertisements
Christopher Mugaga, the ZNCC chief executive officer.
Subscribe to The Financial Gazette
This is premium content. Subscribe to read article.
Login if you have purchased