By Jane Chanda
The Zambia Institute of Chartered Accountants (ZICA) president Yande Siame Mwenye has urged the government to address the energy crisis in Zambia promptly, warning that it directly impacts employment and livelihoods.
Speaking at a ZICA press briefing of the 2nd quarter of 2024 on matters affecting the accounting profession and the nation at Accountants Park in Lusaka yesterday, Mwenye emphasised on the need for swift action to stabilise the power supply.
“With the rising unemployment and SME closures, the energy crisis has a direct impact on employment and livelihoods. We need to address this challenge to achieve the projected growth rates of 6.6 percent in 2025, 5.9 percent in 2026, and 5.6 percent in 2027,” she said.
Mwenye noted that the energy crisis posed a significant threat to Zambia’s economic recovery and development potential and that historical data showed that optimistic growth projections often faced significant hurdles.
“These projections might not fully account for potential external shocks, such as global economic downturns, commodity price fluctuations, or local issues like power shortages and adverse weather conditions,” she added.
Mwenye warned that the energy crisis was a ticking time bomb that required immediate attention.
“We cannot afford to wait and see. We need to act now to address this challenge,” she said. “As accountants, we understand the impact of economic instability on businesses and individuals, and we are committed to supporting the government in finding solutions to this crisis,” she said. “We need to ensure that all stakeholders are held accountable for their actions, and that there is transparency in the management of resources. This is critical in building trust and confidence in the government’s efforts to address the energy crisis.”
Mwenye however, commended the government on the launch of the Green Growth Strategy, aligned with Zambia’s Vision 2030, the African Union’s Agenda 2063, and the United Nations’ Sustainable Development Goals (SDGs).
She said ZICA stood ready to support the implementation of this strategy, which aimed at reducing greenhouse emissions to 25 percent by 2030 and increase renewable sources to 50 percent of the total energy mix.
Mwenye further called on the Ministry of Local Government and Rural Development to ensure all finance professionals in local authorities were properly regulated by registering with ZICA.
“Once these finance professionals are registered, this will act as a deterrent to misconduct because once they are reported, they risk being de-registered from the profession if found wanting,” she said.
