Maravi

Kapwepwe calls for shift in attitude towards resources

Kapwepwe calls for shift in attitude towards resources
By Sandra Lombe in Livingstone
Sun 08 Aug. 2010, 04:00 CAT

FINANCE deputy minister Chileshe Kapwepwe says there is need for a complete shift in people’s mindset in managing resources, time and attitude towards work if Zambia is to develop.

During the ZICA, CIMA, ACCA annual business conference at Sun Hotel in Livingstone, Kapwepwe said a shift is needed in the mindset and attitude towards work and enthusiasm to act as agents of value-adding change at a personal, corporate and national level.

“There are many aspects of publicly held notions that need to be changed if the development efforts and opportunities that government is bringing forward are to have a significant effect on the livelihoods of the Zambian people,” she said.

Kapwepwe said the aspect of corporate failure and auditing change was a critical area that needed to be looked at if enormous public and private sector resources were to be used efficiently for set objectives.

She said government efforts in social service delivery and infrastructure development in health, education, roads and other sectors were being frustrated by some nationals through misapplication of resources.

“There is therefore need for corporate governance structures that will focus more on strengthening the internal audit function as a management tool to ensuring that there is a day-to-day focus on ensuring that government resources are used to create value for the people,” she said.

Kapwepwe called for a regular performance review of the audit committees to ensure they remained focused on delivering against their set objectives. She said the government through the central bank had been engaging the commercial banks to review the lending rates in view of the falling Treasury bill rates and the strong resilience the economy and growth rates recorded over the recent years.

“Government has made enormous strides in attracting Foreign Direct Investment. In the first quarter of 2010, in excess of US$1.3 billion in Foreign Direct Investment (FDI) inflows have been recorded, compared to US$195 million recorded in the first quarter of 2009. This FDI has gone into mining, construction and agriculture. In terms of overall economic growth, the Zambian economy is expected to close the year 2010 at GDP growth rates of 6 per cent,” she said.

“By failing to reduce the lending rates, commercial banks are making it difficult for the private sector and the household sector to borrow and participate in sustainable economic development. I know that one of the reasons cited is the poor credit culture and the riskness of the Zambian borrower. I believe that the financial sector development plan has put in place measures to improve the credit culture in this country.”

Kapwepwe said there was need for socio-economic paradigm shift among people that would seek to focus on raising per capita incomes.

“The current per capita income of US$1,422 can be increased if we all join hands to work hard and increase national household productivity and ultimately the national income. To do this, there must be a change in our work ethic and culture,” she said.

“Our people must begin to think global and consider the global implications of whatever our choices are.”

Kapwepwe said there was need for the accountancy profession to collaborate with the government in curriculum development aimed at ensuring that accountancy and corporate governance was introduced at very elementary levels of the educational curriculum.

Labels: CHILESHE KAPWEPWE, COPPER, CORRUPTION, NEOCOLONIALISM

posted by MrK @ 3:55 AM