More job losses looming as companies plan closures

More people mostly in the trading sector risk being jobless as many traders plan to close their businesses due to economic uncertainty brought by PF’s bad governance.

Prominent among those that have already closed some of their outlets and are planning more closures are Food lovers, Hazida the distributors of Samsung products, Radian stores and Spar supermarket whose Reekays mall shop in Ndola was closed around December.

In Lusaka and the copperbelt some property owners have even reduced rentals by about half but even that has not helped much.

A source said that the unstable currency exchange rate and now the political violence being fueled by ruling PF hired thugs has left traders in suspense and fear that riots may break out in the run up to the 11th August polls.

“There are fears of riots and political turmoil so some traders don’t want to risk their investment but above all the business environment is unstable so maybe after elections things may get better,” said a source who worked as manager at one of the closed outlets.

And a copperbelt based hardware dealer says that sales have drastically dropped and that most sales are from construction projects bring finished while there are very few new works.

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