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Finance and National Planning Minister, Situmbeko Musokotwane, has encouraged African countries to pursue policy options that are promoting industrialisation and diversification in manufacturing, agriculture and services sectors.
Musokotwane said these sectors were capable of enhancing economic diversification in the medium to long-term and reduce dependency on traditional sectors such as mining.
He emphasised that African countries needed to support countries that were facing political instability, conflict and economic volatility as it deterred investment and disrupts economic activities that are much needed to the contribution of job creation in Africa.
The Minister said this at the Chief Economist of Government (CEoG) event in Lusaka on Wednesday.
“I wish to implore African countries to leverage on advancements in technology and innovation by investing in digital infrastructure and promoting the adoption of digital technologies across various sectors of their economies.
“African countries should strengthen policies that encourage regional trade and economic integration with the sole aim of creating larger markets and enhance job opportunities across borders,” Musokotwane said.
Read more: Musokotwane tasks Zambian delegation at AfDB annual meetings to attract investments
At the same function, World Bank Country Manager, Achim Fock, said structural issues had persisted in the Zambian economy while past growth had not been inclusive enough to significantly reduce poverty and create enough good jobs. Fock said this was one of the findings of the Country Economic Memorandum (CEM) for Zambia launched by the Bank last week.
The CEM is a comprehensive analysis of a country’s economic developments, prospects and policy agenda.
Fock, however, noted that opportunities for inclusive growth with job creation were enormous in Zambia and Africa.
“This forum will provide an opportunity to learn from each other how to overcome constraints and reap the benefits from and for Africa’s people.
“The CEoG network is an important initiative with significant potential to shape economic policy in the continent,” he said.
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