Categories: Editor's Picks

Closure of chain stores to affect revenue collection

The BuyZed Campaign says the closure of some chain stores due to devastating effects of Covid-19 is a sad situation for Zambia.
Speaking in an interview with Money FM News, Organization National Coordinator Mambo Phiri called on local investors to consider coming up with Zambian chain stores so as to create employment for the local people.
Mr. Phiri observed that the over 300 workers who were depending on the chain stores for their survival will greatly be affected.
“It’s really sad to see the developments that as country we have enjoyed in terms of chain stores that were increasing in numbers, but now some of them they are winding up, it’s really sad for the Zambian people because at the end of the day there are some people that have been employed and they are benefiting from the chain stores.”
“That is why on the BuyZed campaign that’s where we have been emphasizing more on the need to promote local products, we have people in Zambia who have enough funds to ensure that they can create jobs for Zambians. Let’s ensure that Zambians who have the financial muscles also participate in coming up with Zambian chain stores so as to create employment for Zambians,” Mr. Phiri said.
Meanwhile, Mr. Phiri observed that the closure will also result in revenue reduction because government will be losing out on the revenue they were getting from the chain stores and employees.
He stressed the need for government to partner with the private sector to support local products for the benefit of every citizen.
“It’s really a good indicator even when you look on the government part because it’s all about revenue reductions, it means that the government will be losing out on revenue that they were getting from all the employees.”
“Apart from that, it’s also a bad indicator on our Gross Domestic product (GDP), because once our GDP in terms of revenue collections if we don’t meet our target it means most of our social sectors are going to be affected and it’s not really a very good indicator to monitor our economic growth. So government must ensure that they partner with the private sector in ensuring that we promote the local produced products so that everyone is going to benefit and it will be to the benefit of the poor Zambians,” he stated.

More From Author

World Bank urges Zambia to capture other benefits beyond mining sector

• World Bank is committed to supporting African countries to translate Africa’s mineral wealth into…

Read More

Kwacha gains should benefit consumers – BuyZed

• This is to ensure that consumers begin to enjoy what is produced locally.• Manufactures…

Read More

SEC attributes decline in Q4 bond trades to delayed debt restructuring process

• One of the challenges is to do with the delays in finalizing the debt…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

IZB profit up 18.74% to K604.33 million

IZB has posted a K604.33 million Net Profit after tax for the year ended 31st…

Read More

Indo Zambia Bank declares K50 million dividend cheque

This is part of the K125 million dividend, the highest ever for 2023 financial year.…

Read More

Economist expects currency to hit K15 between April, December, 2024

  The Kwacha has been experiencing an unusual decline since introduction of the Export Proceeds…

Read More