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Zambian minister says economic transformation agenda puts country on positive growth path

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Zambian Finance and National Planning Minister Situmbeko Musokotwane said on Thursday that the economic transformation agenda embarked upon over the past two years has placed the country on a positive medium-term growth path.

Musokotwane, however, said the country needs to build resilience to manage threats that may affect growth prospects and leverage opportunities to support the government’s agenda of transforming the economy.

“Despite the economic rebound, our country remains exposed to a number of risks emanating from the adverse effects of climate change and the impact of the prolonged Russia-Ukraine conflict. The country is also grappling with the persistent risk of higher interest and inflation rates, exchange rate depreciation, and a high cost of living for our citizens,” he said at the start of an annual risk conference.

The conference has been organized to facilitate the assessment and management of major risks that the country was facing as well as enhance the development of risk management practice in Zambia.

He further said the government has continued to face fiscal risks arising from high public debt levels, an increase in contingent liabilities due to poor performance of state-owned enterprises, increased domestic arrears, and emergency spending related to natural disasters.

The minister said risks are not only in the public sector but also in the private sector, adding that risk management is an indispensable contemporary management tool.

According to him, the risk environment is continuously evolving, hence the importance for institutions to embrace and uphold a proactive and agile mindset of risk management.

The government, he said, has placed a high premium on the function of risk management in the public sector and reiterated the government’s commitment to promoting the risk management profession.

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