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Minister of Finance and National Planning Situmbeko Musokotwane said the government expects the country’s economy to grow by at least 6% in 2024. The optimistic forecast is attributed to the various strategies implemented by the government to restore economic stability and the operation of several major mines.
Dr Musokotwane stressed that the positive outlook for 2025 is also based on the expectation of good rainfall this year, which is expected to boost agricultural and energy production. He made these remarks at the Ministry of Finance and National Planning’s mid-year budget and economic performance review meeting in Lusaka, where the 2023 financial report was distributed.
Despite the fiscal challenges this year, the Assistant Director of the Budget Office at the Ministry of Finance, Percy Musona, assured that the Ministry of Finance is committed to strengthening enforcement measures to improve tax compliance. However, Mr. Musona noted that commodity price volatility, supply chain disruptions and relatively low copper production remain major challenges.
Related News: Bank of Zambia Governor Danny Kalyaya has urged stakeholders in the financial sector to participate in the ongoing de-dollarization consultation process. Dr. Kalyaya stressed that while the Kwacha and Ngwe are legal tender, the US dollar remains the common currency reflecting the country’s reserves. He also revealed that the bank is close to completing the purchase and takeover of Investrust.
In addition, the Director General of the Zambia Revenue Authority, Dingani Banda, reported that the authority will continue to take measures to strengthen tax collection.
These developments indicate that the government is taking a proactive approach to economic management and taking steps to ensure sustainable growth and stability in the coming years.
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