The Zambia Chamber of Commerce and Industry (ZACCI) says the country has recorded an improved business environment in the last six months.
ZACCI President Michael Nyirenda attributed the continued improvement in business to rising copper prices on the international market as well as an increased injection of liquidity on the local market.
Addressing a media briefing in Lusaka today, Mr Nyirenda said that ZACCI had sampled over 200 of its members from all sectors of the economy across the country and all indicated that their business trading environment had improved.
According to the ZACCI business confidence index, business in the first quarter of 2018 suffered from the cholera outbreak, and stiff competition from imported goods.
However business has substantially increased by 44.2 points rising from 124.3 points to 168.5 points due to favourable copper prices and increased liquidity injection in the economy.
Mr Nyirenda praised government for reducing the lending policy rate and statutory reserves which have stimulated business activities and growth on the economy.
The ZACCI President however lamented that closure of businesses on the last Saturday of the month in line with the Keep Zambia clean, green campaign is affecting sales and revenue generation from most businesses.
Mr Nyirenda added that ZACCI has since engaged government and the line ministry to explore amicable ways of addressing the matter, to satisfy both business and civic interests.
He called on the authority to be consistent with policies in order to promote economic activity and secure long term foreign investments in the country.
Not a true reflection. There is no trickle down effect from copper price hike to the business community.
The same government giving KCM 7 days to pay suppliers and contractors for the 7 months of non payment meanwhile the same government owes contractors, suppliers and retirees for many years.
Me thinks Zambians, news “commentors” on the internet that is, complain much. Come to Tanzania, see government policies suffocate economic activity. Zambia five years ago is a different one today. Imperfect as it is, still economically, infrastructurally much improved.
Human development is still in the stone age, though. We need to develop people first, the rest will follow.
That report only confirms Zambia’s one main weakness – that our economy is a one tool handyman whose fortunes are tied to copper.
uchumi wa Zambia polepole unabadilika, lakini unaendelea vizuri nafikiri! Copper still a millstone round the nation’s neck but slowly changing. Tourism is growing, so is Agriculture, Finance and construction, too. More can be done. To Tanzania, Zambia exports much Soya beans, eg. South Africans touring the country in big numbers, too. Pambiri ne Zambia!
My heard bleeds when I see that 54 years after independence, Zambia still has no middle class, and only has a poverty-stricken working class. There is no way an economy can grow when you have such a situation. When you go to these upmarket stores, they are not teeming with people buying high quality goods. But when you go to Soweto market (the salaula section) you find all sorts of clients making the selection of salaula clothes. Even Chinese and other foreigners buy from there (salaula).
It is impossible to create a vibrant economy if the middle class is weak. Reasons are many – poor remunerations, coupled with numerous taxes are some.
I meant to say ‘head’ and not ‘heard’.