ANDD calls for mining-led revenue generation amidst debt restructuring
THE Advocates for National Development and Democracy (ANDD) has applauded the government for the US$ 3 billion Eurobond debt restructuring achievement.
ANDD Executive Director Samuel Banda feels this development amidst the country’s souring debt, is the way to go, considering the dire economic crisis the country is currently faced with.
Mr Banda said amidst the jeer and cheer, he however holds a different view that this debt burden should not be the narrative going forward for a country immensely endowed with so many mineral resources such as gold, copper, sugilite, and emeralds, among many others.
“Our plea to the Government is to immediately open up the country’s mining sector at full capacity to start dealing with sustainable debt servicing and revenue generation to support other key productive sectors like agriculture and manufacturing to promote food security and boost export trading volumes,” he said.
“For example, 10 tipper trucks full of sugilite are capable of paying off the country’s entire debt without having to go on the loan market or break the sweat to enter into debt negotiation with borrowers. The question that begs an answer is, why should we ‘starve in the midst of plenty’?”
He said Zambia has home - grown solutions to many of its socio-economic challenges and only requires a strong political will, commitment, patriotism and hard work to economically prosper.
“We bias our interest to mining because apart from being a mining-dependent country, Zambia’s debt requires a viable sector that speaks to the debt demands that are proportionate to the solution.
We therefore, hope that after opening up Mopani, the government will soon open up Kansenseli Gold mine, invest in Sugilite mining exploration, finalize all the legal pending KCMVEDANTA issues and develop other mining industries were we have discovered minerals to promote viable mining that will generate revenue not only to service debt but also to fund our coffers for other socio-economic activities that will restore economic development growth and strongly build and grow our domestic economy into a well functional morden economy that will positively improve the living standards of Zambians,” he added.
“As ANDD our firm position is that Government and as a country we need to utilize the current huge global demand of minerals especially copper, invest more in mining industrialization development, meet global market demand and invest the profits into building massive industries.”
Mr Banda believed that industrialization and mining development are the keys to develop the country, increase tax revenue base, create employment and opportunities for the youths and ultimately enhance the GDP.
He further stated that government going forward will require a proactive approach to debt restructuring devoid of new debt acquisition to avoid making one step forward, and ten steps backwards.