PeP calls for review over mine’s remittances
said sectors. his institution com- mitted She to emphasised support meas- that ures the aim aimed was at to expanding actualise export dreams, oriented ideas and poten- value chains tial. and strengthening
Through the new tagline,
backward and forward Ms Phiri said, ZDA encap-
linkages for local enter-
sales, the people have a right to sulated the aspirations of
know whether high level cor
prises.
ruption has a hand in Governhelping Zambians and the
should formument’s inertia in this regard,"
Dr Bwalya said DBZ’s country late as and a whole impleto real-
he said.
ultimate desire was to see
ment policies Mr Tembo said PeP was ise potential.
that would comconcerned with the fast pace a transformed She said it was and expected inter- pel mining companies to at which the Kwacha has been nationally that the tagline competitive would ap- remit the gross proceeds of depreciating against major mineral sales back to Zamconvertible currencies, which private peal to a sector broader driven spectrum by bia and only be allowed to is now trading at around K21 repatriate profits to stabito the US Dollar and having the of its ingenuity clients and could robust be lise the Kwacha, Patriots for breached the K20 psychologientrepreneurial relatable across all spirit. levels.
Economic Progress (PeP) cal barrier barely three weeks president Sean Tembo has
He “Therefore, indicated the that role DBZ of said. and the Agency ZDA would is to identi- work
Mr Tembo said the current scenario were mining comhard fy potential to expand and help access our panies externalise the gross proceeds of mineral sales is to stakeholders affordable realise sources their of detrimental to the exchange finance dreams, for and local helping enter- the rate.
Mr Tembo said the eco
prises. country achieve unlimited nomic events such as an increase milestones in copper due prices to or the com-
"There is no doubt an increase in the volume parative and competitive
in my mind that DBZ of copper exported, do not have advantage any positive bearing it has. on
resources will become the exchange rate.
“Further, being an al-
more impactful, in
"This situation is unacceptable ready and established must immebrand,
terms of generating de- diately be addressed. The the Agency is not com-
velopment benefits for Zambian people must ask their pletely Government moving why it away is from failing to formulate and imthe Zambian existing brand people but and just plement a policy that would businesses, enhancing the when familiarity de- compel mining companies ployed of the brand to projects to the various that to remit back Zambia gross proceeds of mineral are stakeholders supported and by clients,” the
ZDA," Ms Phiri he said.
GOVERNMENTago. He said the fast depreciation of the Kwacha was with the fact that major forex earner, copper, is currently trading at an all-time high of about US$7, 000 per metric tonne. "One would therefore generally expect an influx of US Dollars in the economy and therefore a significant appreciation of the Kwacha, but this is not the case," Mr Tembo said.
He said the continued fall of the Kwacha against major convertible currencies is the diminishing productive capacity of the economy due primarily to the unstable and unaffordable supply of electricity, which is a key production input.
He said the country has seen the largest increment in electricity tariffs at the same time that it has seen the most unstable supply of the commodity in the past two years.
"This combination of adverse factors has caused our economy’s productive capacity to significantly diminish and several businesses failing and shutting down. In order to address this problem, it will not be enough to only increase the country’s electricity generation capacity, but there is also need to revise the tariffs downwards so that they can be affordable to an average local business," Mr Tembo said.