Experts believe that Zambia’s economy will keep growing, thanks to strong performances in important areas like mining and agriculture.
Andrew Chibuye, the Country Senior Partner at PwC Zambia, explained that the recent rise in the value of the Kwacha is due to several positive factors, including more copper being produced, higher global copper prices, and a great agricultural harvest.
In an interview with ZNBC News, Mr. Chibuye also mentioned that the stabilization of international crude oil prices and the increase in local production of important imports like fertilizer are helping the local currency as well.
He pointed out that the stronger Kwacha is already bringing good results, like lower import costs and reduced inflation, which are helping to stabilize the economy overall.
Similarly, Dr. Nicholus Mainza, the National Secretary of the Economics Association of Zambia (EAZ), noted that the mining sector is a key part of Zambia’s economic growth, with more copper and other minerals being produced, which is greatly increasing foreign exchange earnings.
Dr. Mainza stressed the importance of having policies that support long-term stability for the currency. He suggested boosting local production, adding more value to exports, and speeding up industrialization to help the economy be more resilient against global economic changes.
