• Economic benefits are a lot more especially for Zambia that has been depending on imported products.
• The development in terms of Forex is going to massive.
• Our Forex has been badly affected because of the products that are traded in foreign currency.

An Economist says Parliament’s move to ratify Zambia’s participation in the African Continental Free Trade Agreement (AfCFTA) has many economic benefits for Zambia.
Speaking in an interview with Money FM News, Mambo Phiri said this is because the country has been depending mainly on imported products, hence locally made products will be consumed by other countries in the region, thereby enhancing Zambia’s Foreign Exchange earnings.
Mr. Phiri said the move will boost the country’s economy which has been greatly affected by Covid-19 and other factors.
“This is going to give us an opportunity where this trade is going to be within the continent. A lot of products that are produced in Zambia are going to be consumed also by other regions, in the Southern African region as well as the Northern part. The development in terms of Forex is going to be massive because if you look at our Forex it’s been badly affected because of the products that are traded in foreign currency.”
“We need to ensure that all those products that are being imported are being purchased in the currency that is also recognized in the region, which is actually a good benefit more especially at the time when Zambia is lagging behind when it comes to the foreign exchange rate. Due to Covid-19 and other factors that have affected our country, at least this will give us a boost in ensuring that our country achieves the Sustainable Development Goals by 2030,” Mr. Phiri said.
And Mr. Phiri urged manufactures to increase production of various goods and commodities in order for the country to have more exchange earnings.
“The best advice I would give to Zambian producers is to ensure that they produce more because the more they produce the more exchange earnings we are going to have and the more stable our economy is going to be so that even the government will be able to receive more revenue from various companies that will be producing all these products, services and commodities as well as other value chains that will be benefiting the nation,” he added.
Last week, Parliament ratified the African Continental Free Trade Area (AfCFTA).
According to a statement availed to the media, Zambia’s Ambassador to Ethiopia and Permanent Representative to the African Union, Emmanuel Mwamba, disclosed the development when he deposited the Instrument of Accession of the AfCFTA at the AU Commission in Addis Ababa on behalf of Foreign Affairs Minister Joseph Malanji.
In 2018, Zambia signed the Declaration of the AfCFTA in Kigali, Rwanda, and in February 2020, the country signed the Agreement of the AfCFTA in Addis Ababa which was witnessed by President Edgar Lungu.
In October, 2020 Cabinet approved the ratification by Parliament.