The private sector has urged government to consider consulting other stakeholders when implementing decisions concerning the economy of the nation.
Private Sector Development Association (PSDA) chairperson, Yusuf Dodia, has said the private sector could play a vital role in the economic growth of any country if allowed to give its views.
Mr. Dodia told ZANIS in an interview in Lusaka today that there was need for government to work closely with the private sector when implementing measures aimed at strengthening the economy.
Mr. Dodia, who was commenting on the recent directive by the Bank of Zambia (BoZ) to ban non-residents from borrowing kwacha from commercial banks, said there was need to consider involving other partners in ensuring that the economy was protected at all times.
He explained that BoZ was also supposed to include other stakeholders and have an in-depth analysis of the current economic situation in the country before effecting the move.
He noted that with the current global recession, the central bank should be working out modalities that would protect the economy and attract more investment in the country.
Mr. Dodia further explained that banning of non-residents from borrowing the local currency will negatively affect foreign investment in the country because many foreign investors will find it difficult to do business in Zambia.
The PSDA chairperson noted that for any economy to be stable, there must be a combination of both the foreign and local investment.
Mr. Dodia added that this is why the BoZ should have consulted both the local and foreign investors to come up with proper measures that would not only protect but enhance economic development in the country.
Last month, the central bank introduced the monetary policy measure of banning non-residents from borrowing the kwacha in a bid to strengthen and protect the local currency from further depreciation.
The Kwacha has in the recent months depreciated against major foreign currencies by over 60 per cent.