Power Sales closes Masvingo branch

Power Sales has shut down its Masvingo branch, amid warning by retailers over tough operating environment.

Commenting on the development, exiled investigative journalist Hopewell Chin’ono said this is because the Zimbabwean economy has collapsed, and the local currency is breathing its last breath, lying on the floor.

Retailers like Power Sales survived by offering credit to civil servants, but when the economy collapsed, they couldn’t continue.

He adds that Friday’s 44% exchange rate devaluation against the Zimbabwean local currency, the ZIG, was the final nail in the coffin, as what these retailers were owed in credit is now worth nothing.

The devaluation of the Zimbabwean local currency has undoubtedly exacerbated the challenges faced by retailers, particularly those who rely on credit to maintain their operations.

The devaluation not only erodes the value of the credit they are owed but also undermines the purchasing power of their customers, further reducing their ability to generate revenue.

“In other words, it is no longer viable for them to pursue business under the present economic environment.

“The printing of money by Mnangagwa to fund his insatiable appetite for looting public funds through public procurement led us to here.

“All that money that was stolen through tenders has to be paid by someone, and that someone is YOU!

“The closure of Power Sales’ Masvingo branch serves as a stark warning of the potential consequences that misguided economic policies can have on the retail sector and the broader economy,” he said.

Zwnews