Edible oils association supports efforts to uplift economy

SOLID and regulatory fiscal measures put in place by Government recently should help strengthen the local currency, says Crushers and Edible Oils Association consultant Aubrey Chibumba.

Mr Chibumba said there was need for a balanced approach to manage the country’s investment programme to boost the economy.

He said deliberate measures put in place should be practically implemented to translate into a favourable environment for the benefit of the Zambian people.

Mr Chibumba said investors coming in Zambia should bring in Foreign Direct Investment (FDI) and should not rely on borrowing from the domestic market to make their profits.

He said with the new measures put in place, the continuing Government economic reforms would bear fruit, adding that investments were critical in generating and sustaining growth and employment if harnessed well.

Mr Chibumba said Zambia could not run away from the fact that major cost elements were dollar-based, which was pushing for “mismatch” when it came to pricing.

He said most of the major cost elements especially for agriculture were dollar-based, and in the process affected the economy as two-thirds of edible oils were imported.

“Agriculture is key to driving the economy and if all the necessary requirements are put in place to begin sourcing some products locally, our economy will be stable as products will be cheaper,

“We should promote our locally produced goods and in the process consumers will feel direct benefit because commodities will be affordable,” he said.

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