President Hakainde Hichilema has urged the financial sector to reduce interest rates, saying they remain too high despite improving economic fundamentals.
Speaking at the 4th Public-Private Dialogue Forum in Lusaka, President Hichilema has noted that inflation has continued to drop and several sectors are recording growth, yet lending rates have not adjusted accordingly.
The President has also called for a mindset shift among Zambains from consumption to investment, stressing that economic growth cannot be achieved if capital meant for investment is instead spent on consumption.
The President has further challenged businesses to change their traditional approaches and adopt innovative practices that support growth.
Meanwhile, President Hichilema has directed Secretary to Cabinet Patrick Kangwa to gazette the PPDF Private Sector Day, noting that the day will remain a working day.
By Prudence Chota
