Economist raises alarm over counterfeit goods threatening economy

COUNTERFEIT products, which have flooded the informal market are a direct threat to the Zimbabwean economy and stifling of locally produced products. This is according to economist Levious Chaukura, who sounded alarm bells as authorities grapple to tame the vice of fake products in Zimbabwe. The dominance of counterfeit products has been attributed to the porous points of entry and corruption, which have resulted in the smuggling of goods into the market.

Chaukura said the counterfeit products have robbed the country of much needed revenue and dissuades investment into locally manufactured goods. “Counterfeit goods distort markets, reduce government revenue through lost taxes, discourage investment and weaken the competitiveness of legitimate businesses. “A strong anti-counterfeit culture is essential for industrialisation, investor confidence and sustainable economic growth.

“Supporting authentic Zimbabwean products is both an economic and patriotic responsibility that benefits the entire nation,” said Chaukura. According to a survey conducted earlier this year, 67% of people who participated revealed that they are purchasing counterfeit products. According to analysts, Zimbabwe is estimated to be losing more than USS1 billion annually, a situation that is hampering the growth of locally manufactured products.

Buy Zimbabwe chairman, Munyaradzi Hwengwere, said described the proliferation of fake goods as a crime against the economy. “Counterfeit products are more than an economic crime, they are a direct threat to our industries, jobs, consumer safety and national development. “Buy Zimbabwe Anti-Counterfeit Day is a call for every Zimbabwean to become an active participant in protecting our economy by choosing genuine Zimbabwean products.

“When consumers buy authentic local products, they safeguard jobs, encourage innovation and contribute directly to the growth of our national economy,” said Hwengwere. The post Economist raises alarm over counterfeit goods threatening economy appeared first on NewZimbabwe.com.