ZANAMACA Urges Greater Investment in Informal Sector to Drive Economic Growth
The Zambia National Marketeers Credit Association (ZANAMACA) says the informal sector such as marketeers, bus drivers, taxi drivers, truck drivers, cooperatives and small-scale farmers, are a vital component of the country’s economic landscape.
ZANAMACA President Mupila Kameya said in a statement that the informal sector contributes significantly to Zambia’s Gross Domestic Product (GDP) and provides livelihoods for millions of Zambians.
He therefore called for more ventures in infrastructure development, including market facilities, transportation, to support the growth of the informal sector.
Mr Kameya said there was need to refurbish markets, improve road networks, and storage facilities adding that investing in infrastructure would improve the overall business environment for informal sector operators.
He revealed that a credit facility of K10 million could be established to support 1,000 marketeers, enabling them to expand their businesses and increase incomes.
Mr Kameya called on the government to offer training and capacity-building programs to help the entrepreneurial skills of informal sector operators.
“By investing in the skills development of informal sector operators, we can increase their productivity and competitiveness, enabling them to grow their businesses and create jobs,” he said.
Mr Kameya said the informal sector was a safe place for all Zambians, including those in formal employment .
He said it was imperative to harness the potential of the informal sector for economic growth and poverty reduction.
He further called on the government to consider increasing efforts to tap into the vast potential of the informal sector as that would reduce poverty among women, youths, and persons living with disabilities.
He said by providing support to the informal sector, the country could unlock economic opportunities, create jobs, and increase incomes.
“We can unlock economic opportunities, create jobs, and increase incomes. For instance, initiatives such as micro-financing, skills training, and market access programs can empower marketeers and small-scale farmers to expand their businesses and improve their livelihoods,” he said.
