By
Yohane Mbeeya Moono
The first Ingredients of the Zambian economic system is its abundant natural resources. Zambia is rich in mineral resources which include among others Copper, Cobalt, Emeralds, Gold and Manganese. She is also blessed with much arable fertile farm soil, and it is blessed with a moderate climate. The country is blessed with a moderate population that has been steadily increasing over the years and will continue to increase
This first ingredient of the Zambian economy are the mineral resources that have made the country to make important developmental strides as it is the major source of the Foreign Exchange the country earns and also accounts for the huge Foreign Direct Investments that comes to the country. This ingredient accounts for almost 60% of the Gross Domestic Product of the country annually. Zambia is blessed with a lot of mineral deposits on the Copperbelt and the new Mining giant the North-western province. Other provinces have also accounted for themselves very with the mineral deposits dotted in those parts of the country.
The second ingredient of th Zambian economy is the Arable fertile farm land that the country is blessed with. Zambia has a space over 750 000 square kilometers of land. The country has many fertile soils presumably along the line of rail. The line of rail has predominantly been the production areas of much of the farm produce that the country has been consuming over the years.
The third ingredient of the Zambian economy is Water. The country has no sea coast but has many rivers that flow through the country with the Zambezi River being the longest that flows from Kalene Hills in North-western province through to the Indian Ocean. The Water bodies are a source of Economic activity through the Fish that is stocked in the water bodies dotted around the country. Mpulungu is the only Harbour the nation has which connects with other countries in the Great Lakes Region. The town is renowned for the Fish that comes from the Lake Tanganyika. Locally known as Buka Buka Fish. Luangwa is another town renowned for the fish that hails from the area. Siavonga, Mongu and Kafue are among towns that are said to be a hive of Economic activity because of the Fish in the water bodies around the aforementioned areas.
The fourth ingredient worth of mentioning is the Labourforce. The Labour force is the one that is responsible for converting the natural resources into goods. The number of available workers and more importantly, their productivity help to determine the healthy of the economy. The quality of the available Labourforce, how hard the same Labourforce is willing to work and how skilled they are- is of great consequence to the country’s economic success. A strong emphasis on education, including technical and vocational training are going to serve as the springboard for economic prosperity. Labour mobility has the capacity to always keep the Labourforce willing to work hard as the right kind of renumeration helps the Labourforce to be motivated.
The fifth ingredient of the Zambian economic is the Financial Muscle. The financial sector helps to propel the economy of the country through provide stable and secure financial solutions to the many challenges that the country might face. Money is the oil that rubricates the business activities in the country. With the advancement in Technology, the transactions in the day to day business have been made much easier through the various online platforms that have created for people to transfer and receive money.
These resources must be organized and directed as efficiently as possible. The government and business houses have increasingly stressed the importance of of education and training to develop workers with the kind of nimble minds and adaptable skills needed in the new industries such as computers and telecommunications.
It is worthy noting that natural resources and labour play consequential roles in the healthy of the economic. Economic success depends upon the labour force using the natural resources into the desired goods for heighten economic activities.
Prudent management of the basic Ingredients of the Zambian economy shall propel the country to healthier economic growth
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