Zambia’s Finance Minister Urges Private Sector to Boost Growth and Productivity
Zambia’s Finance and National Planning Minister, Dr. Situmbeko Musokotwane, has urged the private sector to maintain its growth momentum and enhance productivity across all sectors.
In meetings with representatives from various commercial banks, Dr. Musokotwane expressed optimism that the country’s current challenges, including the energy deficit and food security issues worsened by drought, will significantly improve by next year.
The Minister stressed the need for continued investment in the energy sector to support the government’s efforts to diversify energy sources.
He emphasized the role of public-private partnerships (PPPs) in driving job creation and economic transformation, with a focus on the agricultural sector.
Dr. Musokotwane also announced that the Bank of Zambia is developing a financing facility for commercial banks to provide loans to farmers, aiming to accelerate agricultural development and strengthen national food security.
He encouraged financial institutions to highlight Zambia’s vast opportunities in large-scale agriculture, particularly through farm-block initiatives.
Commercial banks operating in Zambia have praised the country’s progress in debt restructuring, noting the positive impact on investor confidence.
Ecobank Zambia Managing Director Aina Moore commended the government’s achievements in this area, highlighting the improved cost of international capital for Zambian projects.
She noted that this progress has renewed interest in sectors such as agriculture, cross-border transactions, and energy initiatives.
Access Bank Group Managing Director Roosevelt Ogbonna also praised the Zambian government for enhancing the country’s appeal to the international community.
He reaffirmed Access Bank’s commitment to contributing significantly to agriculture, energy, oil and gas, and infrastructure development in Zambia.
Ogbonna emphasized that Access Bank’s extensive presence across Europe, the Middle East, Asia, and 16 African markets positions the institution to offer strong support to Zambia.
Dr. Musokotwane also projected the completion of the World Bank-supported interconnector between Tanzania and Zambia within two years, which is expected to further strengthen the country’s energy sector.
Additionally, a delegation from the Trade and Development Bank met with Dr. Musokotwane to discuss the bank’s interest in participating in PPP projects, such as the Katete-Chanida Border Infrastructure initiative.
