PSDA calls for re-strategising to slow Kwacha’s slide

The Private Sector Development Association (PDSA) says it’s time the country re-strategized on how to ensure export earnings are brought back in the economy in order to reduce the pressure on the Kwacha.

PSDA Chairperson Yusuf Dodia says with the continued depreciation of the kwacha, the economic development of the nation is also declining because foreign investors begin to look at the country as an expensive destination for investment.Dodia

Mr. Dodia says the only way to reverse the trend is to ensure that the country’s economy is recapitalized with export earnings.

He notes that the country is exporting many goods and yet the export earnings are not coming in the country.

Mr Dodia adds that if the export earnings are to be brought back in the economy, it will mean that the demand on foreign currency will be reduced which will in turn make the kwacha stronger as it will be able to meet the demand of every Zambian who wants foreign currency.

Mr. Dodia stresses that this will also mean that the capacity of the economy will grow because every Zambian will be able to borrow money from the bank and develop their businesses which in turn will contribute to national development.

He further states that with export earnings coming in the country, government will get more taxes because they will be more businesses and people will be employed thereby growing the country’s GDP.

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