THE Competition and Tariff Commission (CTC) is mulling to consolidate its regulations to avoid cumbersome processes for businesses, NewsDay Business can reveal.
Last year, CTC rejected efforts by CBZ Holdings Limited (CBZ) to increase its shareholding in First Mutual Holdings Limited and acquire a controlling stake in ZB Financial Holdings Limited.
Experts warned that such a move discourages other companies from making similar moves to strengthen their balance sheets, which was the case for CBZ’s efforts.
CTC secretary Jonathan Dube told NewsDay Business in an interview that it is important to review regulations to present a unified voice, thereby avoiding confusion and over regulation.
He stressed the need for a consolidated approach to regulation, suggesting a “one-stop shop” for various regulatory issues.
“But, I know at some point, we have to sit down and look at all the relevant regulations that are there and sort of consolidate so that they are not fragmented all over the show,” Dube said.
“We can have a one-stop shop where regulation is conducted for several other issues that I’ve spoken about.”
Currently, only the Zimbabwe Investment and Development Agency has consolidated a lot of processes for new foreign firms to invest in the country.
- Kuvimba snaps up 50% GDI shares
- Data deficiency delays compensation process
- Our country is being mortgaged
- New perspectives: Building capacity of agricultural players in Zim
Keep Reading
Dube said regulatory authorities were not supposed to punish businesses, but rather provide essential guidelines and protection.
He added that the role of regulators was to monitor, guide, and oversee various sectors of the economy to ensure compliance with laws, regulations and safety standards for the benefit of the public.
“What we need to do, what players and entities need to understand is when regulation is coming on, it’s not coming to de-incentivise the business from succeeding but it is coming to support the business to succeed,” Dube said.
He added that regulators should not be perceived as inhibitors or enforcers but as entities that offered guidance and protection to businesses.
“The regulation is coming in to meet each and every different situation that will ever arise on the market. So, it’s not really over-regulation but it’s an issue to address separately,” Dube added.
Chartered Governance Institute Global consultant and policy adviser Gertrude Takawira highlighted the significance of sustainability in fostering a competitive environment.
“As a society, we have committed to being inclusive and sustainable, which cannot be achieved without integrity. Integrity is the cornerstone of trust, competitiveness and responsible culture,” she said.
“We must align businesses, professionals and the environment to build a unified framework.”
She further stated that integrity is vital for the well-being of institutions and the nation.
“So as a professional, as an accountant, yours is to help to bring that amount of accountability,” Takawira said.
“And as a board member, your responsibility is to set the tone so that we protect our funds.
“You know corruption, you see, if you set the tone of corruption, of stealing and embezzlement of funds, everyone else is going to do it and once corruption is there, we won’t build anything.”
