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The newly released Africa’s Macro-Economic Performance and Outlook report provides Zambia with concrete policies that must urgently be implemented to sustain the recovery, says President Hakainde Hichilema.
Hichilema said the study, conducted by the African Development Bank Group, provided an impetus for Zambia’s and continent’s leaders to forge ahead with needed reforms.
He said this through the Finance and National Planning Minister, Situmbeko Musokotwane, during an event to present the report at the 36th African Union Summit in Addis Ababa on Sunday.
“The findings of this important report, therefore, provide us with a set of concrete policies that we must urgently implement to sustain the recovery and build resilience in Zambia, and on the continent more generally,” Hichilema said.
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He described the report as a significant milestone in the quest for evidence-based knowledge to inform policymaking for a more prosperous and sustainable future for Africa.
Hichilema observed that although Zambia was not spared from global shocks, the country’s economy had shown resilience.
He also acknowledged the impact of Zambia’s heavy debt burden on the country’s fiscal stability and said his administration had launched reforms that would spur economic growth to 4.0 percent in 2023 and 4.3 percent in 2024.
The African Development Bank Group released the inaugural Africa’s Macroeconomic Performance and Outlook report on January 19, 2023.
It has since attracted significant interest among decision-makers in Africa and globally.
The biannual report offers policymakers, global investors, researchers, and other development partners, up-to-date, evidence-based assessments of the continent’s recent macroeconomic performance. It also provides a short-to-medium-term outlook.
In his opening remarks, African Union Commission Chairperson Moussa Faki Mahamat told participants that the report would be presented to heads of state at the African Union Summit to help steer national planning.
“Knowledge is power. The report, to be published twice a year, is a wealth of knowledge – with deep insight into what is going on in Africa in the macroeconomic sphere. It identifies challenges and opportunities for the good of our continent.
“If governments, the private sector, and other stakeholders adopt the report, they will be better placed to make informed decisions,” he said.
The report calls for timely structural reforms to enhance government-enabled private-sector industrialisation in key areas.
African Development Bank president Akinwumi Adesina observed that although African economies had shown impressive resilience, global support was needed to help the continent navigate financial burdens and its security challenges.
“Despite the slowdown occasioned by multiple shocks, Africa demonstrated continued resilience in all but one country and maintained a positive growth rate in 2022 with stable outlook in 2023 and 2024. African economies are indeed resilient,” Adesina said.
He called for strong and collective support to Africa to help the continent navigate the challenges it faces, especially debt burden and debt vulnerabilities.
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