A Switzerland-based investment fund and asset organization has ranked Zambia as the eighth best performing economy in Africa, the country’s finance ministry said on Thursday.
Quantum Global Group, which has a large African focus, in its 2018 Africa Investment Index Report, said Zambia was also the third best performing economy in the Southern African Development Community (SADC) regional bloc, behind Botswana and South Africa, according to a statement released by the Ministry of Finance.
The organization has ranked Zambia’s economy on number eight on growth, liquidity, business environment, demographic, and social capital factors.
According to the statement, North Africa was the best performing region with Morocco, Egypt and Algeria as pacesetters, followed by the SADC region represented by Botswana, South Africa and Zambia while West Africa was third with Ivory Coast on fifth and Senegal first and East Africa represented by Ethiopia on seventh and Kenya on ninth.
Zambia’s ranking by Quantum Global was a reflection that the country has continued to be recognized as one of the best emerging markets for overseas investment and an affirmation that international investors were looking at a wide range of sectors for investments, the statement added.
Minister of Finance Margaret Mwanakatwe, in commenting on the development, said the independent ranking was consistent and in the same positive direction with Zambia’s rating outcomes by international rating agencies.
She reaffirmed the government’s commitment to the implementation of a medium term debt strategy in order to meet external debt obligations while remaining steadfast in dismantling the country’s domestic debt.
“To ensure that the confidence of our people and that of the international investment community in our capacity to guide the economy to greater heights is not eroded, we will continue with economic stabilization, transformation, and growth reforms so that we position the country for increased solid economic performance,” she said in the statement.
The government, she said, will do its best to build a strong private sector, create jobs and grow wealth without leaving anyone behind. Enditem