The Minority Caucus has strongly criticized government policies they say are stifling local businesses, arguing that rising production costs, particularly in agriculture, are driven more by policy failures than by market forces.
According to the Caucus, the high cost of energy in food production has made it difficult for producers to sell competitively, stressing that “this is not a market problem, but a policy problem.”
They highlighted multiple taxes and levies imposed simultaneously on the same products, including import duties and additional charges, which collectively place an unsustainable burden on businesses.
The Caucus further argued that sectors such as agriculture, oil, and manufacturing are being constrained by excessive taxation and inconsistent policies. Manufacturers, in particular, were described as being “squeezed from both ends,” unable to compete with imports while also grappling with high local production costs.
Concerns were also raised about the lack of proper stakeholder consultation in policy formulation. The Minority criticized superficial engagements, where industries are presented with policies already decided upon, under the guise of consultation.
Across discussions with key industry groups, including traders, manufacturers, and employers—the Caucus reported a consistent theme: businesses are struggling under conflicting policies, regulatory uncertainty, and limited access to finance.
They emphasized that effective legislative consultation is essential for sound economic governance, warning that poor policy coordination directly affects investment, competitiveness, and job creation.
The role of the financial sector also came under scrutiny, with calls for banks and financial institutions to play a more active role in supporting indigenous enterprises. The Caucus urged the development of tailored financial products for small and medium-sized enterprises (SMEs), particularly those led by young entrepreneurs.
The Minority outlined key recommendations to address economic challenges, including structured consultations before major policy changes, comprehensive assessments of taxes’ impact on businesses, stronger parliamentary scrutiny, and coordinated government action on business policies.
They also called for increased investment in technical and vocational education, a formal engagement platform between Parliament and business groups, and SME financing reforms with longer-term loans and more flexible collateral requirements.
They concluded by urging stronger collaboration between government, businesses, and the financial sector to create a predictable and supportive environment for enterprise growth.
The Caucus also encouraged entrepreneurs to seize emerging opportunities and invest boldly, while calling for deeper regional integration, including support for a multilateral visa framework across African countries to boost trade and economic cooperation.
Source: myxyzonline.com
