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Zambia’s economy can potentially quickly rebound if government executed various strategies over a sustained period, according to Pricewaterhousecoopers (PwC) Country Senior Partner, Andrew Chibuye.
He was speaking when he appeared on Radio Phoenix’s “Let the people talk” programme discussing “The state of the economy and its ‘outlook” on Friday last week.
Chibuye identified policy implementation as one major challenge hampering the growth of the economy, while admitting that the country had positive ideas.
“Something which I picked up in the budget analysis of 1985, the strategy then was to diversify the economy away from copper to agriculture, use of local materials in place of imported materials, development of small and medium entrepreneurs (SMEs), intensified road construction through development of road development programme and widened aggressive drive to increase the country’s foreign exchange capacity.
“This was our strategy 40 years ago and sounds exactly like what we are doing now. My emphasis is that we need to execute this, not a question of what to do because we already know things needed to turn around the economy,” he said.
Chibuye highlighted that the idea of each government, when in power, wanting to execute its own ideas proved to be a challenge in getting things done in a right way.
“When we aggregate things, we have done over time, we have not done much. What we need is a consistent trajectory of about 15 to 20 years we can then see the impact,” he said.
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