Zambia’s Minister of Commerce, Trade and Industry, Chipoka Mulenga, has expressed concern over the business community’s reluctance to lower commodity prices despite recent improvements in the country’s economic indicators. The Minister pointed out that key factors such as a drop in the inflation rate, a reduction in fuel pump prices, and the appreciation of the local currency should have already translated into price relief for consumers.
Speaking during an engagement with business stakeholders, Mr Mulenga criticised what he described as a weak and delayed response from retailers and suppliers. He said many businesses continue to cite “old stock” as the reason for maintaining high prices — an explanation he finds increasingly unconvincing.
“Firstly, they were telling me they need to get rid of old stock,” Mr Mulenga said. “But honestly, even if you sell old stock, how come it is not finishing in four months?”
The Minister emphasised that Zambians deserve to benefit from the government’s efforts to stabilise the economy and ease the cost of living. With macroeconomic indicators showing notable improvement, he believes the private sector must now play its part by adjusting prices in line with the prevailing economic environment.
“The time has come when Zambians should get benefits out of these positive economic fundamentals,” he stressed.
Mr Mulenga added that his ministry will continue engaging with industry players to ensure consumers begin to feel the impact of reduced transport costs and lower inflation. He also hinted at the possibility of policy interventions if the private sector fails to respond appropriately.
This call from the Minister comes amid growing public frustration over stagnant commodity prices in supermarkets and retail outlets. Many Zambians have yet to experience the benefits of the country’s improving economic health, a disconnect that the government is keen to address.
As the country moves forward, Minister Mulenga reiterated his commitment to advocating for fair pricing practices and ensuring that the positive strides in Zambia’s economy are reflected in the everyday lives of its people.