Zambia: The Lost Opportunity at 60

By Trevor Hambayi – Economist

In reflecting on Zambia’s 60-year independence, it is disheartening that the economic power still remains in foreign hands. We are locked on an economic trajectory that suppresses our capacity to exploit our potential and portrays the country and Africa as poor when the continent holds more than 30% of the global natural reserves of all minerals and gas. THERE IS NOTHING POOR ABOUT AFRICA, OTHER THAN THE POVERTY OF ACCEPTING THAT WE ARE POOR. My 10-point Economic Recovery Approach for the country would include the following

1. Drive a 10 Year 10% GDP Growth strategy to move the country to high middle-income status by the year 2035 – The single most important country priority should be to reduce poverty levels to below 10%)

2. 12 Months Import Cover – Set a macro objective target to achieve 12 months of import cover or a minimum of USD 12 billion in reserves ( It creates macro stability in our exchange rate and ensures we are covered for any debt service liabilities)

3. Agriculture Industrialization – To bring a minimum of 2.5 million small holder farmers into structured agric value chains turning the country into a regional primary agriculture food basket (this also uplifts the poorest of the poor out of poverty).

4. Economic Stimulus – Drive a 10-year USD 20 billion Economic Stimulus, investing USD 2 billion annually driven by domestic SME to match the equivalent investment by Foreign Direct Investors. (directing economic growth to the grass roots)

5. Mining Industrialization – Drive increased export production of copper to 1.5 million Metric tons and accelerate an additional production of 1.5 million metric tons of other minerals that include Gold, Nickel, Uranium, Manganese, Cobalt, Suga lite and precious Minerals that is exclusively must be 75% owned by locals. (Retention of revenue locally is a priority)

6. Incentivize Manufacturing – Re-ignite the manufacturing sector to build local capacity to compete internationally, by doubling taxes for imported commodities that are locally produced. Import substitution and local production must be incentivized.

7. Tourism and Export Development – Infrastructure development through PPP that creates international standard facilities for roads, medical tourism, hotel facilities, fun city destinations and a flag ship export products that compete with mineral exports.

8. Wealth Fund Development – create a wealth investment fund to support economic industrialization by retaining 5% of all domestic government resources and 10% of all revenue from the economic stimulus investment. These funds will create long term investment fund for domestic capitalization of the mining industrialization

9. Gender Mainstreaming – The inclusive agenda of embracing gender equality, mainstreaming economic approaches that embrace the girl child, upholds equality in work places and creates a platform for marginalized groups to have equal opportunity.

10. Economic Constitution – Country to enact an Economic Constitution that outlines the country’s 50-year economic goal, annual project implementation, climate change resilience approach and the fundamentals to measure the performance of political leadership in ensuring they are in line with the aspirations of the people.

We hold the key to our own destiny, for our economic emancipation is one that we must drive ourselves, for it will not be handed to us!! We have both the resources and capacity to succeed. t

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy of Melo Media Zambia.