UNZA DON URGES ZAMBIA’S PRIVATE SECTOR TO EMULATE ABSA
“… as ECONOMIST BALLY stabilises Zambia’s economy and ABSA Bank increases salaries for employees.”
19th November, 2022 – Lusaka
By Vanessa Chileshe
UNIVERSITY of Zambia Lecturer and Researcher Ntazana Mutungwa Musukuma has implored owners of private companies in the country to follow the foot-steps of ABSA Bank Plc by increasing salaries for their employees following the stabilization of Zambia’s economy.
ABSA Bank Plc has awarded K2, 600 salary increment to workers across the board effective 1st April 2023. The Management of the Bank has announced that this follows the conclusion and signing of the full 2023/2024 Collective Bargaining Agreement (CBA) with the Zambia Union for Financial Institutions and Allied workers and the Bankers Union of Zambia.
This comes at a time when Government has also increased salaries for all civil servants of Zambia by 10.5% effective 1st January, 2023.
Commenting on these positive developments, Mr Musukuma says Zambia’s economy has now stabilized, looking at where the country was coming from – PF’s economic mismanagement. He has since called on the entire private sector in the country to emulate ABSA Bank by increasing salaries for their employees saying the responsibility for a better Zambia does not rest squarely on Government but extends to the private players.
“PF regime left the economy at negative 2.8% recession but the UPND Government is now growing the economy at positive 5% growth rate. Zambia’s Gross Domestic Product (GDP) expanded by 3.5 percent in the second quarter of 2022 over the same quarter of 2021. PF left inflation at 26.5% but the UPND has dropped it to single-digit 9.7%. The Kwacha is appreciating. The economy is stabilising. What ABSA Bank has done is a response to these positive economic strides, it is commendable and should be emulated by all the other private sector entities,” said Musukuma.
The UNZA Lecturer has attributed Zambia’s positive economic growth and stability to the outstanding leadership of President Hakainde Hichilema and functional economic policies of the UPND Government.
“If you thought these good things in the New Dawn Era are happening by accident, you’re mistaken because they’re not. President Hichilema and the UPND Government have stabilized the economy. Remember that Bally is a product of UNZA where he learnt ECONOMICS which is defined as the study of the production, distribution and consumption of wealth, goods and services. He understands the ECONOMY which is about careful management of available resources,” said Musukuma.
He pointed out that an economy is a complex system of intererrelated production, distribution, consumption and exchange activities that ultimately determines how resouces are allocated among all participants and that it is gratifying to see the current stable economy in Zambia translating into tangible benefits for those operating in it including workers in the private sector.
Mr Musukuma said Zambia is headed for greater heights with ‘Bally the Economist’ at the helm of state power. The UNZA Don has applauded ABSA Bank highly for increasing salaries for their workers and appealed to other private sector actors to do the same in the best interest of improved livelihoods for all.