By 
Zambia National Commercial Bank (ZANACO) Chief Executive Officer, Mukwandi Chibesakunda, has urged local financial institutions to play a greater role in driving Africa’s economic independence and reducing reliance on foreign investment.
Speaking during a panel discussion titled “Filling the Foreign Finance Gap with Local Investment” at the recently concluded Investing in Africa Mining Indaba 2025 in Cape Town, South Africa, Chibesakunda emphasized that while African nations had achieved political independence, economic freedom remained elusive due to continued dependence on external financing.
“African independence goes back to the 1950s and 1960s in terms of political independence, but economic independence hasn’t yet happened. A key reason for this is that local institutions have not sufficiently addressed the financing gap, leading to a reliance on international investment in African economies,” she said.
Chibesakunda cited the bank’s role in Zambia’s debt restructuring process two years ago as an example of how local institutions can step up in times of crisis.
“When the country faced fiscal challenges, ZANACO was the only bank able to step in because no one else was lending in our market. We turned that challenge into an opportunity, and ZANACO grew significantly,” she noted.
She also highlighted the bank’s critical intervention when Zambia experienced one of its worst droughts, which severely impacted the agriculture and energy sectors.
Zanaco contributed US$171 million to the energy sector, helping to mitigate the crisis, she said.
“The energy sector has now opened up, with various players providing financial solutions to overcome challenges. What is clear is that when local financiers take the lead, others follow,” she said.
The Mining Indaba 2025 attracted over 8,000 delegates, 1,200 investors, 700 mining companies, and 94 government officials from 100 countries, with 20 governments represented at the ministerial level.
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