Fifty-one contractors have been blacklisted by Government for unlawfully diverting payments they received for supplying goods and services to the illegal foreign currency parallel market.
Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, announced the move in a statement last night.
He said the blacklisting entails that the companies would be barred from being suppliers or service providers to Government, as well as Government agencies, and this extends to other companies connected with the directors.
"This action has been taken in pursuit of Government's continued efforts to improve economic stability and restore confidence in the financial system and provide a conducive business environment," said Prof Ncube.
"The blacklisted companies have been under scrutiny since July 18, 2022, when Treasury tasked the Financial Intelligence Unit to monitor all payments of high-value Government contracts to identify those involved in illegal foreign currency dealings.
"This was meant to contain market forces and align the macro-economy to the liberalised foreign exchange market, whose exchange rate is freely determined by the banking system based on demand and supply."
The introduction of the Zimbabwe Gold (ZiG) currency as legal tender on April 5, further stabilised the economy and brought about orderly pricing in the market, a positive development that Government seeks to maintain.
Prof Ncube said Government remains committed to improving the economy and will continue to monitor developments in the market.
The continued implementation of the Value for Money principle in Government has realised savings that have enabled the implementation of programmes and projects that benefit citizens.
The principle was introduced after it was established that contractors were fleecing the Government through inflated invoices and then taking the money to the parallel market for foreign currency, a development that pushed up exchange rates and consequently inflation.
Some of the blacklisted companies are Browline Transport (Pvt) Limited, Avant Garde Group, Zambezi Bulk Plant Hire and Goldair Technologies.
Other companies were previously named, shamed and blacklisted for diverting funds from their payments to the forex parallel market.
