By Jane Chanda
Private Sector Development Association (PSDA) chairperson Yusuf Dodia has expressed concern with Export Proceeds Tracking Framework (EPTF)’s failure to translate US$7.9 billion earnings into tangible economic benefits for Zambia.
The framework managed by Bank of Zambia (BoZ) and Zambia Revenue Authority (ZRA), recorded US$7.9 billion in exports as of September 27, 2024.
In an interview on Wednesday, Dodia said the continued depreciation of the Kwacha and minimal inflows of foreign currency through the system were stark reminders of the framework’s shortcomings.
“The framework’s underperformance is a missed opportunity for Zambia’s economy,” he said. “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.”
Dodia attributed the lack of progress to technical issues and delays in the implementation, which hindered the framework’s effectiveness.
He emphasised that the PSDA had been advocating for the full implementation of the framework, which required all export earnings to be deposited in accounts held at Zambian banks.
To get the framework back on track, Dodia called on the government to demonstrate resolve in ensuring its effective implementation.
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