• Minister of Finance, BoZ, and ZAM to find a solution to high cost of living.
• Industries to be provided with Incentives to lower production costs.
• High inflation and exchange rate should be addressed.
Zambia Consumer Association (ZACA) has reiterated calls for the Bank of Zambia, Ministry of Finance and Zambia Association of Manufacturers to find a solution to the continued high cost of living.
Speaking in an interview with Money FM News, ZACA Executive Secretary Juba Sakala said incentives should be provided to industries especially on imported materials, in order to lower production costs so that their products can be affordable for most consumers.
Mr. Sakala stated that the high inflation rate and depreciation of the Kwacha are some of the components that had made most basic essential commodities skyrocket in that last quarter of 2020, hence the need to seriously address the matter so as to reduce the cost of living for low income households.
“The high cost of living is a concern to all stakeholders and ZACA is not an exception. We are looking at high inflation rate and exchange rate because these are some of the components that had made most basic essential commodities skyrocket in the last quarter of 2020.”
“As ZACA we are calling upon Bank of Zambia, Finance Minister, and Zambia Association of Manufacturers to sit down and find a solution. If there could be incentives provided to Industries especially on imported materials like duty being reduced to lower production costs so that their products will be lower for most Consumers to afford, this will definitely reduce the cost of living,” Mr. Sakala said.
According to the Jesuit for Theological Reflection (JCTR), the cost of living for a family of five for the month of December increased by K277.
JCTR Programmes Manager Chama Mundia recently disclosed that in November, the cost of living for a family of five stood at K7, 126, while in December 2020, the cost rose to K7, 404.