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Buy Zimbabwe Chairman, Munyaradzi Hwengwere, has welcomed the move by local banks to bail out struggling retail giant OK Zimbabwe, highlighting the retailer’s critical role in the country’s economy.
Speaking to Great Dyke News, Hwengwere compared the intervention to the U.S. government’s bailout of banks in the early 2000s, emphasizing that institutions vital to economic stability should not be allowed to collapse.
He, however, urged retailers to reconsider their pricing models to remain competitive and sustainable.
Last week, The Zimbabwe Independent reported that banks had stepped in to rescue OK Zimbabwe from possible bankruptcy.
