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Econet Plans To Hike Tariffs

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Econet Plans To Hike Tariffs

Econet Wireless has called for an upward review of tariffs saying it was the only way to save the telecommunications sector from collapsing.

The Zimbabwe Stock Exchange-listed diversified telecommunications group also said it is heavily constrained by the ongoing foreign currency shortages.

In the results statement for the year ended February 28 2021, Econet chairman James Myers called for a review of the tariff to ensure that the sector remains afloat.

He said:

Our headline tariffs were last reviewed in August 2020. Given the inflationary pressures experienced, we believe that another tariff review is due in order for the sector to remain viable.

All our pricing is determined by the regulator using given cost inputs. The timely adjustment of tariffs, using the Telecommunications Pricing Index, is critical to our continued viability as a business.

Myers also said the foreign currency shortage has crippled its operations and expressed hope that interventions by the Fiscal and Monetary authorities will improve the situation in the near future. Said Myers:

Foreign currency availability continues to be the biggest hurdle facing the Company. This has constrained our ability to provide adequate capacity to our customers.

The Company has encountered operational challenges to meet its capacity enhancement and routine maintenance requirements.

We remain hopeful that the improvements in foreign currency availability due to interventions by the Fiscal and Monetary authorities will improve this situation in the foreseeable future.

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