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.
Economic growth will make no difference
To challenges Zambians are facing.
LIES! LIES! You told us before that your target on inflation was a single digit. You fictitiously manipulated the inflation figures to less that 10( Single digit) . I remember Nalumango celebration this in Parliament . She almost was dancing at this ” achievement” . WHAT IS IS THE INFLATION TODAY????
6 % salary increments to government ghost workers.
BaMusokotwane twatotela sana. Tukalya 6%. And we will go and ask 6% to switch the lights on. Iwe 6% you must bring akabunga kunganda. This 6% should give us medicine at UTH and if I find a pombo asking for a cold drink at a roadblock I should direct him to go get it from 6%
Blame Sata and Lungu. They borrowed and looted US $32.8 billion, which is now being used to emasculate Zambia economically
can you imagine the projections if we had uninterupted power supply
It will turn out to be a lot less !!
and El Nino will get the blame or some other excuse
@tikki, El Nino and PF wll get the blame of course
Maybe if 4 of the 7 Zambian presidents did not borrow and steal. a pair of whom accounted for US $32.8 billion of this theft, Zambia would not have to export what little electricity it generates in times of drought, to earn money to service the debt they caused. I believe Dr. Musokotwane. He comes from an area of the country where people tell the truth, and try to do things honestly. Those who come from places where people always lie to and steal from each other, may not understand the concept of honour. They may think that everything everyone says is a lie; and every action of everyone is meant to steal… Who would blame them, when crooks like Chiluba, Banda, Sata and Lungu lied to and looted them???
The prediction of 6% is good but maybe its over ambitious owing to load shedding that has negatively affected productivity across several sectors.
A failed government and failure of a president in the name of Hakainde promise Hichilema. “I have ended loadsheding one year in office”. Kwacha, fuel, mealie meal and you continue telling people rubbish. For what I know is I do not have power for 12 hours in a day, I am buying none GMO mealie meal at k450, fuel at k30, fertilizer at k1500 as opposed to what some idi0t promised. Corruption and now murder has hit the rooftop. You are boasting about the mines whose investors have come here with no money and you are not even taxing them. How do you give a mine to a foreign investor and then give them money to run the mines and expect the economy to grow. Then you go ahead and give them tax holidays. This country has really gone to the dogs.
We were told the country is going on the 24-hour economy upswing.Has it happened?
He said Zambia will be producing 3 million tonnes of finished red metal to counter the DRCongo Look around whether that has happened.
While they forecast a 6% GDP rise, reality has different figures less than 2.
you are spot on unfortunately its not logical to others
The elections are coming in 2026, Hakainde and his cronies know very well that they have not performed even to the bare minimum. All they have done this far is to run down the economy. So to redeem themselves with the usual lies and folked tongue speeches they will be projecting very positive economic outlook using fake numbers. Their hope is that they will fool the gullible and those tribal guys benefiting from a highly skewed Zambezi Govt. This Govt is all about lies and thieving.
With the tax incentives given to the mines, and if truly the intention was to promote economic growth, then we should expect a double digits rate. Can you break it down by sector with figures so that we make informed comments? These guys are full of empty statements. They don’t have an agenda that’s why they have taken the PF as the yardstick. There’s nothing they can do without the PF being in the picture. They’re time wasters
Why should you expect double digit growth? Is because this what is possible or what you want? Why do you steal, and then expect us solve the problems you caused? Where and when has Zambia ever grown by double digits? Do you know why the mines got those tax incentives? It is because Michael Satan and Edgar Lungu borrowed and stole US $32.8 billion, which we will never be able to pay back. This is exactly what they call a debt trap. The people who own the money are now using our inability to pay this debt to get these types of tax incentives, in addition to such painful nonsense as visa free entry into our country, meaning that the money which should have been collected in visa fees goes to them in form of the revenues from the hotels they own in Zambia
Kikikikiki Musokotwane trying hard to sound like he knows what is talking…3 years in office and still promising Zambians heaven on earth whilst they’re enduring hell
He knows what he is talking about. He has a PhD in economics which Chiluba, Banda, Satan and Lungu did not have. What these had was a PhD in stealing and tribalism, especially in the rotten toothed Satan, the Congolese dwarf Chipuba, and the bucktoothed kaponya Lungu. Mwanawassa and Magande fixed the nonsense these caused, and immediately, the ones I mentioned before stole everything. It is your fault
Well sir your ‘projection’ of favourable rainfall yields this year…is it backed by any environmental evidence? or is a factor you have simply thrown into the pudding and hope for the best?
Iine growth ba talk about…my living standards are going down.
“Some idi0t promised” @KCI. This is way as a country we can never make substantive gains because we are hell burnt on insults and not finding solutions. The country is currently in a crisis, with a lot of external factors that have affected the whole world. I live in the USA, and even here the Economy is hitting. Please Zambia let’s get out of the tendance to always allot blame and insults when times are hard. Let’s get to a point where we offer solutions and find local mitigating measures that help us grow. Insults are a waste of breath. Just my two cents worth.
You can call me names but your puppet is just a failure.
Limpo Nyambe, you live in the US, you have no idea the circus that is going on here.If you do then you are just burying your head in the sand. Offer solutions to Who? your president knows it all. He does not even listed to the clergy except to take group photos with them. People are hungry and angry in case you don’t know. By the way did you know that your president commissions incomplete toilets here in Zambia? By the way you must have met him when he came for a photo show with your other president there by the name of Joe biden. Nothing was there for the Zambians here, just talkshows.
He forgot to put the negative sign in front of the 6. So projected growth this year is minus 6%.
@Limpo Nyambe
You should have been saying the same thing when HH and his UPND stooges were insulting Sata ,Lungu and PF leadership…chawamila galu kaluma mbuzi….
Why does my name have to be Musokotwane before I am allowed to speak some basic arithmetic. It looks primitive, bring a new name and clan at least
He says government has put various strategies in place which will bring about this growth mmmmmmm but Dr. its just right you state or list down some of the strategies otherwise as citizens we feel like there is no government in this country
Minister Kapala told us BECAUSE OF THE STRATEGIES GOVERNMENT HAS PUT IN, THE COUNTRY WILL NOT EXPERIENCE LOADSHEDDING. And indeed it’s working.