Zambian Advocacy Group, ZUPED, Applauds Export Proceeds Tracking for Economic Stability

The Zambians for Unity Peace and Development (ZUPED) expressed enthusiasm over the anticipated positive impact of the newly implemented export proceeds tracking framework on Zambia’s economy.

ZUPED President Ronnie Jere believes that the initiative will contribute to stabilizing the local currency, the kwacha, and fortify the country’s foreign exchange reserves.

In an interview with Smart Eagles in Lusaka, Jere conveyed the organization’s satisfaction with the framework, emphasizing that it ensures meticulous monitoring of every export transaction, guaranteeing that the generated revenue remains within the country. 

He anticipates that the kwacha is poised to appreciate in the coming month as the export proceeds tracking framework comes into effect.

“With the implementation of the export proceeds tracking framework, it means our kwacha will start to appreciate against the major convertible currencies. This is good for our economy and it is good for our kwacha,” Jere remarked, expressing optimism about the positive outcomes expected from the initiative.

ZUPED’s President also took the opportunity to extend gratitude to the government for reopening shaft 28 mine in Luanshya, which had been closed for an extended period. He sees this move, along with the reopening of Mopani Copper Mine, as instrumental in fostering economic growth in the country.

Jere additionally expressed hope for the swift conclusion of the government’s deal with Vedanta Resources regarding the operations of Konkola Copper Mine (KCM). 

He believes that reviving and enhancing the mining sector will not only create job opportunities for the youth but also stimulate increased economic activities across the nation.

“The reopening of mine shaft 28 and Mopani Copper Mine will also help grow our economy. We are sure that once the mining sector is resuscitated or revamped, we will see the difference in our economy,” Jere stated, highlighting the potential positive ripple effects on employment and overall economic development.

ZUPED remains optimistic about the collaborative efforts between the government and the private sector, foreseeing a promising trajectory for Zambia’s economic landscape in the near future.