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Government has reaffirmed its commitment to maintaining sound economic policies and working with the private sector to ensure affordable, good-quality goods and services for all citizens.
Speaking at a media briefing in Lusaka on Tuesday, Mulenga said that with inflation now in single digits, the completion of the International Monetary Fund (IMF) programme, and lower production costs, there was no justification for only a few brands reducing prices.
He welcomed the decision by the Zambia Association of Manufacturers (ZAM) to reduce the prices of essential commodities.
“Price cuts ranging from 5 to 20 percent reflect improving economic fundamentals and the impact of Government reforms,” Mulenga said.
He also noted that under President Hakainde Hichilema’s leadership, government undertook difficult but necessary economic reforms to stabilise the economy.
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The Minister said the voluntary price reductions by manufacturers showed that the reforms were beginning to yield results.
“Lower inflation, restored fiscal discipline, a more stable currency, and reduced fuel costs have created a better operating environment for businesses,” Mulenga said.
He also thanked the Zambian people for their patience and sacrifice during the reform period, adding that more positive outcomes were expected.
“I also wish to commend ZAM and the participating companies for responding positively, and urge other manufacturers and business players to follow suit and pass on the benefits of the improved economy to consumers,” Mulenga reiterated.
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