Kwacha gains spur economic growth -Mulenga

Government has hailed the continued appreciation of the Kwacha against the US dollar as a positive step toward economic growth, improved trade and enhanced consumer welfare. Minister of Commerce, Trade and Industry, Chipoka Mulenga, said the currency’s stability is expected to lower inflation and create a better business environment. Mr Mulenga urged traders and businesses to pass on the benefits to consumers by reducing prices of goods and services to ease the cost of living.

“The Kwacha is stronger. We should expect a reduction in the price of essential commodities,” Mr Mulenga said. He explained during ZNBC’s Sunday Interview that a stronger local currency reduces the cost of importing raw materials, machinery and fuel, thereby supporting production and distribution.

On industrial growth, the Minister disclosed that the revitalisation of Mulungushi Textiles in Kabwe will stimulate economic activity and benefite local communities and the nation at large. Mr Mulenga reaffirmed government’s commitment to attracting more investors to grow the economy.