Former Bank of Zambia Governor Justin Zulu has observed that the low inflation rate that the country has continued to record is a great achievement by the Central Bank.
Mr. Zulu said high rate of inflation tends to disadvantage the low income households and hopes that the reduced 7.3 percent of inflation recorded in October, 2010 will trickle down to the low and middle income households.
He has however stressed that infrastructure development is key to the Country’s economic growth and in efforts to alleviate poverty.
The former governor who served from 1967 to 1970 said the current scenario in Zambia’s economic development is similar to the one in his tenure of office.
He said the country needs to take advantage of the inflows of foreign direct investment adding that this is an important driver of the economy.
Mr. Zulu has also called for the need to maintain the level of foreign investment and focus on power generation through the rural electrification programme to make and sustain economic growth.
He added that Zambia would not be able to attain all the Millennium Development Goals (MDGs) by 2015 but that the leadership should ensure that there is growth in major sectors of the economy.
[ QFM ]
Great achievement for nothing!!! As long as the jobs aren’t their, all this means nothing to an ordinary Zambian!