PWC Delivers Positive Outlook for Zambian Economy

PwC Zambia has predicted a positive outlook for the future of the Zambian economy, highlighting encouraging trends in inward investment and an upcoming boon for the country’s agricultural sector.

Speaking during the firm’s Economic Review of 2022 on Wednesday, PwC’s senior country partner for Zambia Andrew Chibuye and Zanaco chief risk officer Mutisunge Zulu offered a balanced perspective on the challenges which the country has experienced over the last few years, whilst also showcasing the positive impact which the New Dawn government has had on the state of the country’s economy.

Under the previous Patriotic Front government, Zambia was the first COVID-era African nation to default on its debt-repayments, putting the country in a challenging position economically. Nonetheless, under the guidance of President Hichilema and the New Dawn government, economic prospects are improving, with finance Minister Situmbeko Musokotwane hoping for the debt restructuring process to be completed in the next few weeks. Speaking on this, PwC noted that a debt restructure deal is likely to bring about additional investment into the country as the economy continues to stabilise and grow.

Speaking on behalf of Zanaco, Mr Zulu also offered positive news for agriculture within the country. As the Russian war in Ukraine sadly continues, and agricultural exports from Ukraine become increasingly challenging to obtain on the global market, Zambia’s strong agricultural sector has an opportunity to benefit from the gap which the market currently experiences, Zulu highlighted.

The progress of inward invest within Zambia over the past few years painted a similarly pretty picture, with funding rising from just US$0.7 billion in 2018 to US$4.5 billion in 2022. With the exception of the pandemic year of 2020, Zambia is continuing to experience year-on-year growth in its internal investment.

Commenting on these figures, Mr Chibuye observed that “It’s a very positive story, activity is starting to happen and it is only a matter of time before the activity then starts to bear fruit in terms of jobs, more economic activity etc.”.

Around the world, investors are starting to look at Zambia with fresh eyes, with PwC’s positive assessment adding reassurance to those considering making investments within the country.

To watch to the full review, visit: https://fb.watch/jqH45MgU88/.