Economic Diversification is the Answer to Zambia’s Poor Economy
Miners mining copper-picture by google images By Linda Mupemo The economy of Zambia has been under-performing for a long time now and there is urgent need to diversify the sectors which the economy is dependent on. From the post-independence period to date, the economy has heavily relied on foreign currency earnings from copper which apparently is proving to be unsustainable. It is unsustainable in that the country does not have the manufacturing machinery to process the copper into finished products. Copper exports amount to approximately 77 percent of the country’s income. In addition, the copper prices are determined by foreign markets such as the London Metal exchange. Any changes in the prices impacts negatively or positively on the economy. In the case of low prices, the Zambian economy dwindles and the country has little if not no control in the pricing. This begs the question; why has the government everlastingly relied on copper mining as a source ...