A year ago following successful transition to power, the new Government announced that it “would make Zambia a better place for all”.
At the time Zambia’s GDP growth was 6.5%, inflation was 8.7% and international reserves were at 4.3 months of import cover.
Zambia has since witnessed a flurry of activities around the key objectives outlined.
To achieve a more equitable distribution of the wealth derived from mineral resources, Government increased the rate of mineral royalties from 3% to 6%.
Mining companies are now also required to provide information on mineral production and export. Government also pledged to “put more money in people’s pockets”.
This was actioned amongst other things, by doubling the tax free threshold for PAYE.
This was followed by the precipitated announcement and enactment of legislation which increased substantially the minimum wages of domestic, general and shop workers.