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The Private Sector Development Association (PSDA) has urged the government to fully implement the Export Proceeds Tracking Framework, which requires all export earnings to be deposited in accounts held at Zambian banks.
As of September 27, 2024, the framework, managed by the Bank of Zambia (BoZ) and the Zambia Revenue Authority (ZRA), had recorded approximately US$7.9 billion.
The initiative officially took effect on January 1, 2024.
Despite this, PSDA Chairperson, Yusuf Dodia, expressed concern over the framework’s limited impact in 2024.
Speaking in a telephone interview with Zambia Monitor on Tuesday, Dodia noted that the continued depreciation of the Kwacha indicated minimal inflows of foreign currency through the system.
“One of the opportunities in 2024 was implementing the Export Proceeds Tracking Framework. Unfortunately, even though it was launched on January 1, the results never materialized by year-end,” Dodia said.
He attributed the lack of progress to technical issues and delays in implementation, which hindered its effectiveness.
Looking ahead to 2025, Dodia called on the government to demonstrate resolve in ensuring the framework functions as intended, emphasizing its potential to revitalize the economy.
“We can lower interest rates, strengthen the Kwacha, and make resources available for the private sector to borrow from banks. This would significantly grow the Zambian economy, especially the domestic sector,” he added.
The PSDA reiterated its commitment to supporting measures that bolster Zambia’s economic stability and private sector growth.
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