Ndola chamber of commerce calls for solutions to economic challenges

By Staff Reporter


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 relatively stable against other major currencies, the current exchange rate is under pressure and called for quick solutions.


Samaras in a statement indicated that one of the solutions to the problems was 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 that in spite the Bank of Zambia (BOZ) having a monetary policy in place, external forces were 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 were detrimental to the economy.


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


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