Zimbabwe: Cooking oil price fall good for the economy

Published Jun 22, 2021

Tridge summary

The article highlights the positive impact of falling global prices of raw edible oils on Zimbabwe's economy, explaining that it will lower the cost of cooking oil for consumers and reduce the national import bill. The Reserve Bank of Zimbabwe's Governor, Dr John Mangudya, has encouraged local farmers to grow more soya beans and other feedstocks to achieve self-sufficiency in edible oils, which would also reduce transport costs and allow consumers to pay less. The article also praises the competition in Zimbabwe's manufacturing sector for protecting consumers from price increases and discusses the potential for expanding input schemes and farm training to include a larger component for oil seeds, benefiting farmers, consumers, industrialists, and shopkeepers.

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Original content

Source: EDITORIAL COMMENT : Cooking oil price fall good for economy | Herald (Top Stories) The falling global prices of raw edible oils is, as Reserve Bank of Zimbabwe Governor Dr John Mangudya noted last week, good news for Zimbabwe and should reduce both the cost of cooking oil for consumers and the national import bill, since we are an importer rather than an exporter. But the yo-yoing international price are another good reason why our own farmers should be encouraged and empowered to grow enough soya beans and other feedstocks for edible oils so that we are least self-sufficient and can not only fix our prices for a year a time, the 12 months between harvests, but also by saving the transport costs both pay our farmers decent prices to grow the products and trim retail prices for consumers. Since the stabilisation of exchange rates through the Reserve Bank auction cooking oil, margarine and other products based on vegetable oils have bucked the general trend of stable shelf ...

Source: Zimbabwesituation