On 17th December, 2020, Zambia’s Republican President, Edgar Chagwa Lungu launched the Economic Recovery Plan for 2020 upto 2023.
It is no brainer, Zambia’s economy is in a critical condition and needs serious intervention. The current economic challenges are largely a product of past internal and external shocks that may have occurred, mostly relating to adverse weather conditions, falling copper prices, as well as delayed fiscal consolidation and the slow pace of economic diversification and of course the adverse effects of COVID-19.
The economic recovery programme could not have come at a better time than this. The African Continental Free-Trade Area Agreement which is soon to be implemented will create a conducive environment for the programme which was launched by the president.
The plan focuses on value addition through the revamping of manufacturing industries.
‘’In manufacturing, government will establish trade facilities at some of our borders to promote cross-border trade.To increase access to export markets, my government will aggressively pursue investment promotion activities,” the President said.
With the ERP, 2020-2023 Zambia will surely turn its economic situation around for the better. It is countries that currently possess or are investing actively in the skills, capital, and infrastructure of the future that will dominate global manufacturing in the years ahead.
For all economies, with the right skills, infrastructure, and policy frameworks in place, it will be easier to navigate change. What is needed is investments in skills for the jobs of the future, infrastructure that supports digitization and trade logistics, regulatory frameworks suitable for the digital age, and a business environment supportive of private investment.
The ERP 2020-2023 is a great plan for economic recovery and Zambians must hold the government accountable and ensure that they implement this plan.