Zambia’s Economic Attractiveness on the Rise, Says Finance Minister Musokotwane
Zambia’s Finance and National Planning Minister, Dr Situmbeko Musokotwane, has called on the private sector to sustain its growth momentum and enhance productivity across all sectors.
Speaking during 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 exacerbated by drought, will significantly reduce by next year.
The Minister urged continued investment in the energy sector to support the Government’s efforts in diversifying energy sources. He highlighted the importance of public-private partnerships (PPPs) in driving job creation and economic transformation, with a particular emphasis on the agricultural sector.
Dr Musokotwane also revealed that the Bank of Zambia is working on establishing a financing facility for commercial banks to provide loans to farmers. This initiative aims to accelerate agricultural development and bolster national food security.
He encouraged financial institutions to promote Zambia’s vast opportunities in large-scale agriculture, especially through farm-blocks.
Commercial banks operating in Zambia have praised the country’s progress in debt restructuring, noting that this has significantly boosted investor confidence. Ecobank Zambia Managing Director Aina Moore congratulated the Government on its achievements in this area, citing the positive impact on the cost of international capital for Zambian projects.
She added that the progress has renewed interest in sectors such as agriculture, cross-border transactions, and energy initiatives.
Similarly, Access Bank Group Managing Director Roosevelt Ogbonna commended the Zambian Government for enhancing the country’s attractiveness to the international community.
He assured the Minister of Access Bank’s commitment to making a substantial impact in agriculture, energy, oil and gas, and infrastructure development.
Mr Ogbonna emphasised that Access Bank’s extensive presence across Europe, the Middle East, Asia, and 16 African markets positions the institution to offer robust support to Zambia.
In addition, Dr Musokotwane 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.
Later in the day, a delegation from the Trade and Development Bank visited Dr Musokotwane to discuss the institution’s interest in participating in PPP projects, such as the Katete-Chanida Border Infrastructure initiative.
