A man counts out Zambian kwacha 50 denomination banknotes in this arranged photograph in Lusaka, Zambia, on Thursday, Oct. 8, 2015. Zambian Finance Minister Alexander Chikwanda is seeking to restore confidence in the economy to help reverse the world’s worst currency performance, record borrowing costs and sliding growth. Photographer: Waldo Swiegers/Bloomberg

The Ndola District Chamber of Commerce and Industry says there is need to find solutions to the economic challenge the country is facing and avoid a restrictive measure that could negatively impact any direct foreign investment potential.

Ndola Chamber President John Samaras said although the Kwacha has been stable against other major currencies, the current exchange rate is under pressure and called for quick solutions.

Mr. Samaras in a statement said one of the solutions to the problems is to restructure the debt payments and use the central bank to decrease interest rates which may result in a more foreign income being generated.

He said in spite the Bank of Zambia (BOZ) having in placed a monetary policy in place, external forces are easily influencing the country’s exchange rate.

He said there is need to continue with the liberal environment, curb public external debt servicing and reduce on careless spending and borrowing by public institutions which are detrimental to the economy.

Mr. Samaras emphasized the need to build and support Zambian businesses which he said will spur production and reduce on imports thus reducing pressure on the Kwacha.

He said Zambia should not continue being an import based economy but invest in value addition industries that allow the country export finished products and earn forex

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10 COMMENTS

  1. You talk sense like this you are labelled “opposition”…. Its a sad status we in coz everyone seems to be dragged into politics… Even when you don’t want to, you still affected in your everyday living…. Its either you infected, meaning you consumed with power and just want to drain the economy no matter what coz you feel you got to be where you are at all costs…that’s the politician for you…infected…..Or you are affected….meaning even when you choose to just lead your life, work hard to genuinely lead your life the way you want it, away from politics and the mediocre that’s being perpetuated, you still find yourself affected because of the poor leadership and no direction ever of how to steer this nation to prosperity….. That’s you on the ground… A lay person who is…

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    • Years of PF’s reckless borrowing & theft has brought us to this stage. We’ve been warning PF since 2012 but their appetite for theft made them deaf.

      The main problem is that the borrowed money was not invested in projects which yield money. They chose to build sub-standard roads coz it’s easy to steal through kick-backs from Chinese contractors. If PF had invested in new mines & import-substitution factories, the economy would have boomed.

      It’s harvest time now. You can’t plant mangoes and expect to harvest wheat.
      We’ve been down this road before but greed & laziness made PF ignore lessons-learnt. Excessive borrowing in the 70s, 80s & 90s plus corruption led to hyper-inflation, bleeding of Kwacha & suffering for the masses in the 80s & 90s.

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  2. …….yet to vote for this same mediocre leadership…. Coz really Zambia is doomed I can’t see the alternative…. Alternatives are there but are scared, they can’t leave what they have and trade unknown waters of politics infested with hooligans….

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  3. Not just the Kwacha ,the whole Zambian economy has been under downward pressure since PF came to the scene in 2011.

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  4. The problem is that our leaders are not ready to acknowledge the extent of the problem. They are still in the comfort zone. Waste still people who are suppose to advise are the ones misleading them, the case of EAZ.

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  5. He said in spite the Bank of Zambia (BOZ) having in placed a monetary policy in place, external forces are easily influencing the country’s exchange rate.

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  6. Mr Samaras is giving good advice. We have known that an import based economy is not healthy, since President Kaunda brought in the campaign to buy Zambian and going back to the land to become self sufficient in the ’70’s. But the current thought is to regenerate the economy by investor activities. But we know this is wrong as investors represent Leakages from our economy into foreign based investors hands who are inputting our money into their economies.

    Recently a friend bought Zambian kwachas at a rate of 15,500 approx to sterling. In 2016-2017 it was lower. It’s good for foreigners buying kwacha, but usually they spend in foreign stores also engaged in leakages. We need to keep our money in our economy.

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    • Much has been gained by infrastructure investments but the MINES are leaking our money big time. We are literally giving it away.

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  7. There is less liquidity in the country as all the cash is being used to pay off loans worse off, most of it goes back to China through Avic and some other Chinese companies. It’s tough unpaid civil servants can’t go on strike and students too for fear of being jailed thereby wasting more money you don’t have on bail. The so called leader’s focus is on morals and not on people’s suffering.

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