The Private Sector Development Association has predicted 2020 to be a tough year for the private sector in the country.
Association Chairperson Yusuf Dodia told Money FM News in an interview this is because the price of almost everything is likely to go up, and is likely to trigger a sharp increase in the cost of doing business.
Mr. Dodia added that the situation will be worse for the Private Sector because once government inspectors are invited to license one’s business, the license fee will be much higher and these factors will be passed on to the consumers who are the end users.
“The prospects are looking even more aggressive for 2020 because when the Minister of Finance was presenting a budget in September, he highlighted that he wanted government agencies and departments to look at cost reflective fees,” he said.
He said cross border traders will not be spared because the price of obtaining a passport is likely to cost about K1, 000.
Mr. Dodia further said some Companies may also be forced to shut down if the cost of doing business continues to escalate and relocate to other countries in search of favorable business opportunities.
“ Now I’m hearing that a passport which K320 to apply for, will now cost about a thousand kwacha,tomorrow the driving license will go up, birth certificate will go up, everything is likely to go up and this means that the cost of living in Zambia will be very high,” Mr. Dodia observed.
