Africa and its Issues- Why Have We Ignored Africa? Message Board

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Strategies & Market Trends : Africa and its Issues- Why Have We Ignored Africa?

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From: TimF	7/6/2007 11:47:08 PM
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Anti-Inflation Curbs on Prices Create Havoc for Zimbabwe By MICHAEL WINES July 4, 2007 JOHANNESBURG, July 3 — Zimbabwe’s week-old campaign to quell its rampant inflation by forcing merchants to lower prices is edging the nation close to chaos, some economists and merchants say. As the police and a pro-government youth militia swept into shops and factories, threatening arrest and worse unless prices were rolled back, staple foods vanished from store shelves and some merchants reported huge losses. News reports said that some shopkeepers who had refused to lower prices had been beaten by the youth militia, known as the Green Bombers for the color of their fatigues. In interviews, merchants said that crowds of people were following the police and militia from shop to shop to buy goods at the government-ordered prices. “People are losing millions and millions and millions of dollars,” said one merchant in Bulawayo, referring to the Zimbabwean currency, which is becoming worthless given the nation’s inflation, the world’s highest. “Everyone is now running out of stock, and not being able to replace it.” Because the government has threatened to seize any business that does not sell goods at the advertised price, the merchant said he was keeping his shop open, but with virtually nothing on the shelves. Economists said that the price rollbacks were unsustainable and that shops and manufacturers would soon shut down and lay off workers rather than produce goods at a loss... Message 23679618

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