• The country is currently experiencing an unusually high cost of living due to dislocation of global trade.
• Banks must work on reducing transaction costs.
• They must also provide loans at reduced rates.
Ndola & District Chamber of Commerce and Industry has called on commercial banks to work on reducing transaction costs and lending rates to help alleviate the current economic challenges.
Speaking in an interview with Money FM News, Chamber President Paul Chisunka also called on government, private sector, cooperating partners, and civil society organizations to commit to dealing with the country’s economic and social obstacles.
Mr. Chisunka noted that the country is currently experiencing an unusually high cost of living and doing business mainly due to high fuel prices and the dislocation of global trade.
He stressed the need for government to quickly enforce the Single Licensing regime in all sectors of the economy, while rolling out legal Instruments and presidential decrees to give temporal trade moratoriums, suspend duties on selective imports, and introduce amnesties on tax and penalties to increase capital employed and the collective output.
“Our resources and intellectual abilities should be applied on changing and improving what is within our power in terms of prioritizing business and jobs for Zambians. We appeal to our trusted banks to work on reducing transaction costs and provide loans at reduced rates to help alleviate the situation,” Mr. Chisunka said.
He further urged Government and the mining firms to consider providing economic stimulus by allocating the bulk of their local procurement to local businesses.
“The Government and the mines as the biggest buyers along with other large businesses should provide economic stimulus by allocating the bulk of their local procurement to Zambian businesses and cooperatives so that we can build instant liquidity and raise the purchasing power of households while keeping inflation in check,” he stated.