Zambia Faces Economic Imbalance as Shopping Malls Overshadow Manufacturing Sector
Zambia’s economy heavily relies on the service sector, contributing 60% to the local economy, while manufacturing struggles with a mere 15% share.
Economic analyst Mr. Kelvin Chisanga sheds light on the imbalance, emphasizing the overwhelming surge of shopping malls, particularly in Lusaka, where more than 50 malls have sprouted.
Mr. Chisanga expresses regret over the dearth of manufacturing and agriculture companies, highlighting the need for a strategic shift towards industrious activities.
Despite the proliferation of shopping centers, Zambia lacks a solid manufacturing base, posing challenges for employment, product diversity, and technical advancement.
“As a developing nation, we are promoting detrimental economic factors by relying on a foreign concept that externalizes our local currency resources through forex interplay,” he warns, emphasizing the urgent need for a manufacturing overhaul.
The economic analyst underscores the critical role of the agriculture sector in accelerating the manufacturing process.
He advocates for a steadfast commitment to agriculture, citing it as a potential solution to diversify the product basket, address unemployment disparities, and provide raw materials for the industrial sector.
With an impassioned plea for a shift in economic strategies, Mr. Chisanga urges policymakers to redirect their focus to agriculture, envisioning a future where Zambia’s industrial base is fueled by the productive output of the agriculture sector.
The analyst emphasizes that a resilient commitment to agriculture is key to addressing the current economic challenges and steering the nation toward a more balanced and sustainable future.
