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Business and economic stakeholders have urged President Hakainde Hichilema to focus his second term on turning macroeconomic stability into stronger domestic production, investment, jobs and improved household incomes.
Hichilema, who was sworn in for a second five-year term on Tuesday, said his administration would build on the economic stabilisation achieved during his first term through the Grow Zambia Agenda, with a greater focus on economic growth, wealth creation and shared prosperity.
Economist Kelvin Chisanga said the second term should focus on ensuring that the gains from economic stabilisation translated into tangible improvements in the lives of ordinary Zambians.
“As indicated, the first term was largely about stabilising the economy, repairing several key economic fundamental factors,” Chisanga told Zambia Monitor in an interview.
“Importantly, he pointed to the first term’s achievements in macroeconomic stabilisation and policy reforms, while signalling that the second term must now translate these gains into better household welfare,” he said.
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Chisanga said the real test of the Grow Zambia Agenda would be whether macroeconomic stability could be converted into productive growth, increased investment, stronger domestic production, competitive businesses, quality jobs and greater household purchasing power.
He also called for measures to make Zambia more resilient to external economic shocks.
Meanwhile, the Copperbelt Mining Policy Monitoring Team (CMPT) urged Hichilema to build on reforms in the mining sector, particularly the implementation of the local content framework.
CMPT Executive Director, George Jere, said the government should ensure that policies aimed at increasing the participation of local businesses in the mining industry translate into greater economic benefits for Zambians.
“We expect to see stabilisation of the mining industry, especially building on the established laws and regulations aimed at empowering local enterprises and making the local economy more vibrant,” Jere told Zambia Monitor in an interview.
The CMPT has particularly welcomed the local content provisions requiring mining companies to allocate a share of their annual procurement expenditure to local enterprises.
Jere said effective implementation of such measures would help strengthen linkages between the mining industry and the wider domestic economy.
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