In response to the economic challenges being faced by Zambians, Golden Party of Zambia (GPZ) President Jackson Silavwe has put forth a comprehensive set of short and long-term interventions aimed at revitalizing the local economy and ensuring its benefits reach the citizens.
Mr. Silavwe emphasized that the economic hardships endured by Zambians are exacerbated by a perceived lack of effective intervention measures by the New Dawn administration. To address this, he outlined a series of proposals, categorized into short, medium, and long-term measures.
- Freeze the upward adjustment of the monetary policy rate (MPR) and the statutory reserve ratio (SRR) for three years.
- Prompt payment of all local domestic suppliers.
- Award large contracts to local Zambian companies.
- Increase taxes on the mining sector.
- Create incentives for local small and medium businesses.
- Facilitate easier financial inflow for foreign investments.
- Strengthen the Zambia National Service (ZNS) to contribute significantly (50%)to national maize production and mealie meal consumption.
- Provide tax, levies, and statutory incentives to local small and medium businesses.
- Enhance government revenue generated from the mining sector.
- Declare sugilite, gold, and lithium as state assets through an act of parliament.
- Deposit sugilite and gold in the Bank of Zambia (BOZ) as part of the strategic national reserves.
- Gradually minimize and eliminate tax holidays for foreign companies operating in Zambia.
- Cap the externalization of profits by foreign mining companies.
- Establish a tax haven within Zambia.
- Directly invest USD $1 billion in 10,000 new high-quality startups.
- Boost national production through industrialization and value addition.
- Enact laws to prohibit the exportation of unprocessed minerals from mining.
- Construct government-owned gold and lithium processing plants.
- Heavy investment in technology and creative sectors.
- Target a substantial reduction in unemployment, from over 8 million job seekers to 2 million, within 10 to 15 years through private sector development.
Mr. Silavwe stressed the urgency of these measures, acknowledging the severe impact of the economic downturn on ordinary citizens and businesses. He called on the New Dawn administration to respond proactively on behalf of the Zambian people, providing essential economic relief. The proposed interventions, if implemented, aim to create a more sustainable and inclusive economy, benefitting the broader population.