… Claims bureaucracy, over-regulation, and resistance to private sector-led economy
Our economy continues to be strangled by bureaucracy, Chairman of the Business Coalition Taskforce Diego Casilli has charged.
Reacting to the International Monetary Fund’s downward revision of
Zambia’s gross domestic product (GDP) growth achievable in 2024 from 2.3% to 1.2% “with alarm and great concern”, Casilli stated that bureaucracy, licenses, controls, and restrictions continue to strangle Zambia’s economy.
“Initiatives like the PPDF [Public Private Dialogue Forum] have failed to bring about meaningful change, as they themselves are impeded by the same bureaucratic quagmire,” he charged.
In a strongly worded statement yesterday, Casilli said the private sector plays a vital role in driving economic growth and it is essential that it is given the support needed to bring about the economic changes it is capable of achieving.
“The private sector has a huge capacity to create jobs and wealth for the people of Zambia, providing over-regulation and the heavy hand of government is removed. Unfortunately, our experience has been marked by entrenched resistance from deep within the Civil Service that hinders our ability to contribute effectively to Zambia’s economic development.”
He said as his Coalition continues to advocate for a private sector-led economy, they are in agreement with the UPND leadership on the policy direction it has set for the country but that it had not been translated into action by the “civil service administration” and has, therefore, not yielded the desired results.
He has urged the government to action the “agreed policies” and pledged to provide meaningful input to help address the country’s economic challenges.
This is the second downgrade this year. Initially, the Fund reduced Zambia’s 2024 growth projections from 4.7% to 2.3% on account of a debilitating drought responsible for widespread crop failure and a critical power shortage that has left the productive sectors starved of electricity, fueling food inflation and dismal economic performance.
