Economy to grow by 6% in 2025

By Ruth Chayinda

Government has projected that the country’s economy will grow by a minimum of six percent in 2024.

Finance and National Planning Minister SITUMEBEKO MUSOKOTWANE says this is owing to the various strategies Government has put in place to restore economic stability and the start of operations at most mines.

Dr. MUSOKOTWANE says the projected positive outlook for 2025 is also owing to the expectation that the country will this year record favourable rainfall to support agriculture and energy generation.

He said this during the Ministry of Finance and National Planning Mid-year Budget and Economic Performance Review in LUSAKA, where he also distributed the financial report for 2023.

And Ministry of Finance Budget Office Assistant Director PERCY MUSONA said despite the financial challenges the country has faced this year, the ministry will continue strengthening enforcement measures aimed at increasing tax compliance.

Mr. MUSONA however said commodity price volatility, supply chain interruptions and relatively low copper production remains a challenge.

Meanwhile, Bank of Zambia Governor DENNY KALYALYA called on stakeholders in the financial sector to participate in the consultation process of the de-dollarization.

Dr. KALYALYA said the bank is currently carrying out consultations and emphasized that the kwacha, ngwee is the legal tender.

He however said that the dollar is the common currency that is used in terms of reflecting the country’s reserves.

And Dr. KALYALYA disclosed that the bank is almost completing the purchase and assumption transaction of Investrust.

And Zambia Revenue Authority –ZRA- Commissioner General, DINGANI BANDA said that the authority continues to put measures in place to strengthen tax revenue collection.