GOVT CRITICISED FOR FAILING TO DIVERSIFY ECONOMY

 

Opposition Peoples' Alliance for Change –PAC- Leader Andyford Banda has criticized the UPND government for failing to diversify the country's economy which has contributed to current economic hardships.

During the 2023 budget review symposium held in Lusaka on Friday last week, Bank of Zambia Governor Denny Kalyalya emphasized that despite the country's commendable performance in terms of import cover, the economy continues to face sluggishness, with a primary concern revolving around liquidity in the foreign exchange market.

In an interview with Phoenix News, Mr Banda says the failure by government to explore and invest in alternative sectors has left the country vulnerable to economic challenges thereby impacting the livelihoods of its citizens.

Mr Banda has pointed out that a diversified economy is crucial for resilience against external shocks and global economic fluctuations unlike the current situation which has left the nation overly dependent on a few industries, making it susceptible to downturns in those specific sectors.

He has since called on government to prioritize strategic sectors such as agriculture, technology and manufacturing, coupled with comprehensive policies to stimulate growth in these areas.