By NATION REPORTER
THE Advocates for National Development and Democracy (ANDD) is concerned with the continued depreciation of the Kwacha which is consequently impacting the country’s economy negatively.
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ANDD Executive Director, Samuel Banda said due to the continued rapid depreciation of Kwacha, the cost of doing business and living had unfortunately continued to increase making it impossible for the majority to cope.
He said it was important that the government stabilises the exchange rate to reduce the cost of doing business and create a conducive business environment that would ultimately reduce the cost of basic commodities and living standards.
“As a country, we need to increase copper production output and copper export volumes, as that will help us generate more forex to stabilise our national exchange rate,” he said.
Mr Banda noted that a stable exchange rate was important for domestic economic growth and development of the country in terms of promoting commerce and trade activities profitably.
He also appealed to President Hakainde Hichilema to promptly address operational challenges in the mining sector, which included expediting the Konkola Copper Mines – Vedanta transition process so that Vedanta can fully take over the operations of the mining firm and help increase copper production output.
Mr Banda said the government should also ensure that Mopani Copper Mines start operating optimally to increase copper production and increase export volumes as an equity partner had already been engaged.
“We can’t continue moving on this negative trajectory, we need to change our economic outlook and trajectory positively by ensuring our primary sector, the mining sector, which is our economic development engine, starts functioning successfully,” Mr Banda said.
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