Big Boosters to Aid Stimulate Zambia’s Economic Growth, Says Expert
Economic expert Kelvin Chisanga has outlined several key areas that could help unlock Zambia’s significant economic potential and stimulate growth.
Speaking on the nation’s current economic challenges, Mr. Chisanga emphasized the need for innovative strategies, skill development, and sectoral focus to drive sustainable growth across Zambia’s economy.
He highlighted Zambia’s “substantial potential market” and vast investment opportunities, calling for strategic focus on enhancing both the primary and secondary sectors, which have often been overshadowed by the country’s reliance on the tertiary industry.
“We need to push upwards for local industrialization and high productivity,” Mr. Chisanga said, stressing that increased local production and labour force development are critical to expanding Zambia’s gross domestic product (GDP).
However, he expressed concern about the country’s debt-to-GDP ratio, which, although not yet fully concluded, poses significant risks to Zambia’s fiscal health. He noted that debt servicing continues to take a heavy toll on the national budget, particularly in sectors like social protection, where resources are limited.
To mitigate these challenges, Mr. Chisanga called for a comprehensive approach that includes fostering an entrepreneurial environment, promoting equitable land ownership, and improving education and healthcare.
“Entrepreneurs are key to solving problems and driving innovation,” he said, adding that industrial skills must evolve to match the changing dynamics of the economy.
Mr. Chisanga also emphasized the importance of political and social stability in creating a conducive environment for economic progress.
He urged the government to explore new financing mechanisms, such as municipal bonds, to boost local resource mobilization, while also strengthening Zambia’s international trade and diplomatic ties.
“We need to upscale our global, continental, and regional links through economic diplomacy and integration,” he advised.
