9.5 C
Alba Iulia
Wednesday, May 18, 2022

Economic challenges affecting Zambia amid the high cost of living and doing business neeeds to be tackled

Economy Economic challenges affecting Zambia amid the high cost of living and doing...

Ndola District Chamber of Commerce and Industry (NDCCI) President Paul Chisunka has said a multi-sectoral approach is needed to tackle economic challenges affecting Zambia amid the high cost of living and high cost of doing business.

The increase in fuel pump prices effected last week by a margin of around K4 has sparked debate among stakeholders.

Some people have gone on to accuse the Government of failing to manage the local economy properly owing to increased fuel prices.

But Mr. Chisunka said stakeholders must resist the urge to point fingers but must rather focus on designing well thought out appropriate solutions to economic challenges.

He has called for enhanced joint efforts from the Government, private sector, cooperating partners, civil society to overcome economic challenges Zambia was currently grappling with.

Mr. Chisunka said there is a need to use resources and intellectual abilities to change and improve business and create jobs for Zambians.

He called for a quick enforcement of the Single Licensing regime in all sectors, rolling out legal Instruments and even presidential decrees to give temporal trade moratoriums.

Mr. Chisunka further advocated suspension of duties on selective imports, and introduction of amnesties on tax and penalties to increase capital employed.

He also appealed to financial institutions like banks to work on reducing transaction costs and provide loans at reduced rates to help alleviate the economic situation.

Mr. Chisunka said the business community in Ndola wants the Government and the mines as the biggest buyers along with other large businesses to allocate the bulk of their local procurement to Zambian businesses and cooperatives.

“Mostly, due to high fuel prices and the dislocation of global trade, as a country we are experiencing an unusually high cost of living and doing business. But in times like these we must resist the urge to point fingers and rather focus on designing well thought out appropriate solutions. Government, private sector, cooperating partners, civil society – we need to stand together as a multi-sectoral unit committed to dealing with economic and social obstacles,” Mr. Chisunka said.

“Our resources and intellectual abilities should be applied to changing and improving what is within our power in terms of prioritising business and jobs for Zambians. The Single Licensing regime should be quickly enforced in all sectors and we need to urgently roll out legal Instruments and even presidential decrees to give temporal trade moratoriums, suspend duties on selective imports, and introduce amnesties on tax and penalties to increase capital employed and our collective output,” he said.

Mr. Chisunka said:”We appeal to our trusted banks to work on reducing transaction costs and provide loans at reduced rates to help alleviate the situation. The Government and the mines as the biggest buyers along with other large businesses should provide economic stimulus by allocating the bulk of their local procurement to Zambian businesses and cooperatives so that we can build instant liquidity and raise the purchasing power of households while keeping inflation in check.”

4 COMMENTS

  1. Just ride the wave. There’s nothing you can do about high oil prices in an economy that is already heavily indebted. Do not go back to the policies of the 70s and 80s when KK subsidized consumption only to end up bankrupting the country.

  2. NO PAIN NO GAIN
    ITS TIME FOR HARD WORK
    AND NOT SITTING WAITING FOR FREE HANDOUTS IN THE NAME OF ENPOWERMENT PRACTICED BY ???

  3. Ba copperbalt shut up… enjoy forward since you were in the forefront ati forward..don’t even complain…The man is clueless never been a councillor before …

  4. We warned you about voting in an under 5. If You thought pf was bad then wait and see. You f00ls. Mwaaaneeya

Comments are closed.

- Advertisement -

Latest News

TUESDAY SPORTS BRIEFS

Zambia made a good finish at a UEFA U16 Developmental tournament in Georgia while the senior Chipolopolo team kicks-off...

More Articles In This Category