Business

ZACCI calls for solutions to electricity problems

KALONDE NYATI, Lusaka
THE Zambia Chamber of Commerce and Industry (ZACCI) has urged Government to partner with the private sector to address the electricity problems being experienced in the country.
ZACCI president Geoffrey Sakulanda said increased load-shedding has negatively affected business operations.
“[This] year has been challenging to the economy and the business community in particular. The increased load shedding, fluctuations in the exchange rates and the increase in fuel prices have all affected business operations negatively,” Mr Sakulanda said.
This is contained in the 2015 national budget submission availed to the Daily Mail on Friday.
He said Government should put in place policies that will enhance economic growth and a tax system that will encourage private sector expansion and growth.
Mr Sakulanda also said Government should cut down on borrowing and ensure public debt is kept within sustainable and acceptable limits.
“Government domestic borrowing should be kept at the barest minimum so that the private sector is not crowded out from the financial system… Government must spend only within its means. If the expenditure has to be increased, measures must be put in place to increase the resource base by broadening the tax base without stifling the growth of the sources of Government revenue,” he said.
Other proposals contained in the submission are the need to improve transparency and accountability by speeding up the implementation of Integrated Financial Management Information System (IFMIS) to enhance transparency and accountability and to reduce misuse and abuse of public funds.
This will enhance revenue mobilisation and ensure that all revenues are put to intended purpose.
ZACCI submitted that there is need for a measure that will see an increase in the construction of new cheaper housing estates and commercial buildings.
Under monetary policies, ZACCI has suggested that Government maintains a stable exchange rate and lower the cost of finance.
On Sunday, Secretary to the Treasury Fredson Yamba said Government will maintain a positive and broad-based growth trajectory, macroeconomic stability and consolidate the fiscal position given the back-drop of fragile global growth prospects and domestic challenges.

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