By Chinoyi Chipulu
Copperbelt Provincial minister Elisha Matambo says the Bank of Zambia (BoZ) must educate people on the proposed de-dollarisation policy in Zambia, as many businesses do not understand the term.
And Matambo says Copperbelt is poised for a significant economic boost with the resuscitation of Mopani and Konkola Copper Mines (KCM).
Matambo said most business houses do not understand what the proposed dedollarisation was hence they needed clarification to adjust to the decision that would be made post the consultation stage.
Matambo said this when BoZ deputy governor Dr Francis Chipimo paid a courtesy call on him yesterday, at his office in Ndola.
“I think these issues you have raised, I think these are the questions we are bombarded time and again from our business community around the province. The issue to do with stability of the dollar rate and the same dollarization. It’s like some people did not get clearly what you meant,” he said.
Matambo said some business houses were living in anxiety because they did not know the way forward.
“So we are delighted that you will be engaging business houses, companies and so on, so that they can ask questions and understand. I think it’s important that every now and then you engage people here on the Copperbelt,” he said.
Matambo also said the mines would greatly contribute to the economic recovery of the country as it would recapitalise small businesses and create numerous business opportunities.
“With the resuscitation of the mining sector, our economy is looking good. The province is peaceful and the environment for investment is very conducive, that is why we have a chain of few companies trying to invest because of the atmosphere which we have,” he said.
Matambo said mining was the next oil for Zambia’s dream of economic growth and development.
He added that this had the potential to revitalise the local economy.
Speaking earlier, Dr Chipimo said that board members were in the province to engage with stakeholders and the business community on various issues such as dollarisation among others.
Dr Chipimo said a deeper engagement with stakeholders and the business community was important in order to see what challenges they were facing and also ensure that the financial sector was stable.
“We want to be having board meetings outside Lusaka and engage stakeholders also for the better understanding of what is happening and so that is why we are on the Copperbelt. As you may be aware, we recently had our monetary policy meeting, apart from the administrative oversight which the board gives us, one of the things we will be discussing is just our assessment of how the economy is looking and challenges,” said Dr Chipimo.
He said BoZ would also hold meetings with the mines and hear the challenges they were facing.
