Business Executives upbeat about economic outlook

By Tevarai Dzeka

Some business executives have described Zambia’s economy as promising despite volatility in the exchange rate.

ZANACO Chief Commercial Officer CHALI MWEFYENI says recent developments in the mining sector on the Copperbelt have shown that the country is on a path of recovery with the anticipated increase in copper production.

Mr. MWEFYENI was speaking at the ZANACO Economic Review meeting in Ndola.

He said the New Dawn government’s economic policies have brought investor confidence in the Zambian economy and the debt restructuring deal is just a major boost it needed to unlock other sectors of the economy.

Meanwhile, ZANACO Chief Risk Officer MUTISUNGE ZULU said the recent debt restructuring deal with bond holders will improve Zambia’s sovereign credit rating as MOODY has already shown signs of upgrading the country’s rating to a much better grade than before.

Earlier Dangote Cement Chief Financial Officer CHOOLWE LUNGU said the construction sector has continued to fare well in its contribution to the country’s gross domestic product as evidenced in GDP growth for 2023 running up to the first quarter of 2024.

The Ndola Chamber of Commerce and Industry Vice President DIANA KABAILA called for more financial support to Small and Medium Enterprises – SMES- by the financial sector to protect them from global shocks such as high oil prices.

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