In response to concerns from the business community that the death of President Michael Sata will affect the Zambian economy, the Bank of Zambia (BoZ) has reinforced the strength and resiliency of the country’s financial sector and economy and assured investor that the fundamental drivers of the economy still securely intact.
In a statement released by the BoZ Governor Michael Gondwe, the bank recognized that the financial markets would likely become unsettled, but urged investors and individuals to take measures based on the fundamental strength of the economy rather than on market uncertainty.
“The financial sector and the Zambian economy remain fundamentally strong and resilient,” he said, “This has been demonstrated this year through the challenges faced in the foreign exchange market over the first half of the year, the measures taken to address these challenges, and the relative stability we have seen over the third and fourth quarters of the year.”
Dr. Gondwe went on to assure investors and individuals that the Bank of Zambia is prepared to support the financial market and make certain that macroeconomic stability is maintained and the continued growth and diversification of the Zambian economy is achieved.
President of the Economic Association of Zambia (EAZ), Isaac Ngoma, reaffirmed the strength of the country’s economy and urged investors to continue with their business plans
“We do not expect that the death of President Sata will disrupt the country’s economy,” he said, “We would like to urge all the visitors in the country and investors in particular to remain calm, focused and reflect on the passing of our President and shaping the future of the country.