The Private Sector Development Association-PSDA- says Zambia’s inflation rate could be up to 25% when the consumer price index is taken into account and not the official figures provided by the Zambia Statistics Agency-ZAMSTATS-, which show inflation at 10.8 percent for the month of August 2023.
And Mr. Dodia says that the private sector’s response to government’s economic policy pronouncements over the last two years has been around 50%, owing to challenges such as high fuel prices, high electricity tariffs, high bank interest rates of up to 30% and an escalating inflation rate.
He has told Phoenix News that Zambia’s foreign and domestic debt crisis has continued to have a detrimental influence on the private sector, with numerous other factors making the atmosphere unsuitable for manufacturing in Zambia.
