New Export Monitoring System Promises Economic Revitalization for Zambia
Zambia’s economic landscape is set for a transformation with the recent introduction of the export proceeds tracking framework, a strategic initiative aimed at bolstering the nation’s economic interests.
Over the years, Zambia grappled with discrepancies, witnessing goods being documented in export volumes without the corresponding revenue returning to the national treasury. This historical challenge has underscored the necessity for the implementation of a more transparent monitoring system.
Economic analyst Mr. Kelvin Chisanga emphasizes the transformative impact of the new framework. He points out that the nation has grappled with significant imbalances between recorded export volumes and the actual financial inflow into the treasury. The conventional system saw tax receipts and operational funds from investors, but not the commensurate monetary returns.
Mr. Chisanga observes that the introduced policy addresses longstanding challenges in the sector, offering a solution to lapses in policy and market dynamics. The focus on repatriation of funds through conventional currency is expected to enhance control over local forex effects.
The policy’s positive direction is seen as instrumental in curbing the demand for the Dollar while simultaneously ensuring a consistent supply.
He anticipates a favorable impact on Zambia’s economy, providing clarity on the actual position of the export bill. This includes measuring the magnitude of traditional exports and accounting for non-traditional portfolios.
However, Mr. Chisanga emphasizes the need for the export monitoring policy to consider and accommodate the economic challenges faced by exporters and corporate sellers of hard currency. The hope is that the proposed model will be adept at navigating these challenges, ensuring a robust and sustainable economic future for Zambia.
