PSDA CALLS FOR LEGISLATION TO DOMESTICATE ZAMBIA’S EXPORT EARNINGS
By Michael Kaluba
The Private Sector Development Association-PSDA is calling for new legislation to ensure all Zambia’s export earnings come into a local bank for accountability purposes and to recapitalize the domestic economy for growth.
Association chairperson Yusuf Dodia says currently, Zambia is starved of foreign currency and liquidity while the country exports $40 million worth of copper daily alongside other associated products such as cement, sugar and agriculture exports among others, money that can grow the local economy exponentially over the next few years.
He is concerned that 80 percent of Zambia’s economy including the daily export earnings in excess of $40 million are controlled by about 20 companies in mining and a few other corporates which leaves Zambia with little to nothing, hence the need to compel these monies to remain in Zambian banks.
Mr. Dodia is of the view that export earnings must come into a Zambian bank as this would recapitalize the local economy with an excess of $40 million daily which will support local businesses and grow the economy to a point where Zambia can service its debt among other fiscal needs.
PHOENIX NEWS
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