STATEMENT BY BUSINESS COALITION TASKFORCE (BCT), ON THE RECENT IMF FORECASTED GDP DOWNGRADE TO 1.2%
It is with alarm and great concern that we note that the IMF forecasts a downgrade of GDP growth to a mere 1.2%. The consequence of this will likely lead to increased hardships Zambians face in their daily lives.
As we continue to advocate for a private sector-led economy in Zambia, we acknowledge that we are in agreement with the UPND leadership on the policy direction they have set for the country. The policy statements are clear. Zambia should be a private sector led economy.
Unfortunately, this has not been translated into action by the civil service administration and therefore has not yielded the desired results.
We remain deeply concerned about the current state of the Zambian economy. In particular, is the failure to implement agreed policies. Policies that would lead to enhanced GDP growth. Our economy continues to be strangled by bureaucracy, licenses, controls, and restrictions. Initiatives like the PPDF have failed to bring about meaningful change, as they themselves are impeded by the same bureaucratic quagmire!
The private sector plays a vital role in driving economic growth, and it’s essential the private sector is given the support needed to bring about the economic changes they are capable of achieving. The private sector has huge capacity to create jobs and wealth for the people of Zambia, providing over-regulation and the heavy hand of government is removed.
Unfortunately, our experience has been marked by entrenched resistance from deep within the Civil Service that hinder our ability to contribute effectively to Zambia’s economic development.
We again urge the UPND government to action agreed policies, recognizing the mutual benefits of a private sector- led economy. We stand ready to provide meaningful input that will help address the country’s economic challenges.
Our commitment to Zambia’s economic prosperity remains unwavering, and we look forward to forging a more productive partnership with the GRZ. We strongly believe that working together, we will be able to navigate our way out of this economic disaster.
Signed,
Diego Casilli
Chairman, Business Coalition Taskforce (BCT)
About BCT:
BCT, a non-political alliance of businesses committed to catalyzing economic transformation in Zambia through private-sector engagement, is deeply concerned about the escalating energy catastrophe that is currently afflicting Zambia. This crisis is undermining the nation’s economic growth and critically compromising the livelihoods and the well-being of millions of Zambians.
BCT remains committed to working with all stakeholders to provide policy advice and technical support in addressing Zambia’s economic challenges.
