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The government has projected that the country’s economy will grow by a minimum of six percent in 2024, according to Finance and National Planning Minister Situmbeko Musokotwane. This optimistic forecast is attributed to various strategies the government has implemented to restore economic stability and the commencement of operations at several key mines.
Dr. Musokotwane highlighted that the positive outlook for 2025 is also based on the expectation of favorable rainfall this year, which is anticipated to bolster both agriculture and energy generation. He made these remarks during the Ministry of Finance and National Planning’s Mid-year Budget and Economic Performance Review held in Lusaka, where he also distributed the financial report for 2023.
Despite the financial challenges faced this year, Ministry of Finance Budget Office Assistant Director Percy Musona assured that the ministry is committed to enhancing enforcement measures aimed at increasing tax compliance. However, Mr. Musona pointed out that commodity price volatility, supply chain interruptions, and relatively low copper production remain significant challenges.
In related news, Bank of Zambia Governor Denny Kalyalya has urged stakeholders in the financial sector to engage in the ongoing consultation process of de-dollarization. Dr. Kalyalya emphasized that while the kwacha and ngwee are the legal tender, the dollar remains the common currency used to reflect the country’s reserves. He also revealed that the bank is nearing the completion of the purchase and assumption transaction of Investrust.
Additionally, Zambia Revenue Authority (ZRA) Commissioner General Dingani Banda reported that the authority continues to implement measures to strengthen tax revenue collection.
These developments signal the government’s proactive approach to economic management and the steps being taken to ensure sustainable growth and stability in the coming years.
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