THE Economic Association of Zambia (EAZ) has called on the government to prioritise sectors with high economic potential.
EAZ president Oswald Mungule said the government should focus on industries that can produce more goods and services, create value-added products, and allocate resources efficiently.
In a comprehensive statement on the national state of affairs, he urged Government to introduce the supply management policy, which seems to be the country’s economic problem.
“The Ministry of Finance should consider adopting a more flexible inflation targeting regime,” Mungule advised.
This would allow the government to better manage inflation while also considering factors like economic output and exchange rate fluctuations.
Mungule also urged the government to refocus its exchange rate management policy to bring down inflation and promote foreign investment.
He suggested using artificial intelligence to improve revenue collection and develop strategies to export more Zambian goods.
The EAZ president said Government should integrate artificial intelligence systems in revenue collection to strengthen domestic revenue mobilisation through tax reforms, capacity building and improved tax collection efficiency with a target of 25-30 percent of GDP.
“The EAZ commends recent government initiatives to revive the economy, such as debt restructuring and attracting investments.”
” However, sustained efforts, innovation, and consistent policy implementation are essential. Going forward, the focus should be on sectors with high-sustainable output potential, value-addition, and efficient resource allocation. This action will ensure economic resilience and progress towards broader developmental objectives.” added Mungule.
By Mwaka Ndawa
Kalemba June 13, 2024.
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