Zambian Market Traders Voice Concerns Over Economic Challenges

Market traders in Zambia have voiced their concerns about the current state of the economy, citing challenges that are impacting their businesses. With inflation on the rise and the cost of living increasing, marketeers are finding it difficult to sustain their livelihoods. Many attribute the economic woes to factors such as fluctuating currency exchange rates, high import tariffs, and the effects of the global pandemic. According to Mary Banda a trader at kamwala market in Lusaka, the depreciation of the Zambian kwacha against major currencies has made it more expensive to import goods, leading to higher prices for both wholesalers and consumers. This has resulted in reduced purchasing power among customers, further affecting sales for market vendors. Additionally, Joel Mulenga a marketeer at city market has highlighted the impact of rising inflation, which erodes their profit margins and makes it challenging to cover operational costs such as rent and utilities. Some traders have even been forced to downsize their businesses or seek alternative sources of income to cope with the economic downturn. Therefore, the government has been urged to address these economic challenges through measures aimed at stabilizing the currency, reducing import tariffs, and implementing policies to stimulate economic growth. Market traders emphasize the importance of creating an enabling environment for small businesses to thrive, as they play a crucial role in driving economic activity and providing essential goods and services to communities across Zambia.