President axes Finance Minister

Zambian President, Edgar Lungu, has fired the country’s Finance Minister and replaced her with the central bank’s deputy governor responsible for operations.

The Zambian leader said via Twitter last Monday, “I have appointed Bank of Zambia deputy governor, Dr. Bwalya Ng’Andu, as Finance Minister.” He also nominated Ng’Andu to Parliament, saying he was “confident that Zambia’s next phase of economic development” will be managed well under him.

On Sunday evening, Lungu’s office thanked the outgoing Treasury head, Margaret Mwanakatwe, for her service during her tenure. No reasons have been given for Lungu’s decision to fire Mwanakatwe.

A panel of economists at FocusEconomics expect GDP growth in Zambia to grow by 3.4% this year, saying a “challenging external backdrop will likely cause export growth to slow and, in turn, an overall loss of momentum this year” for Zambia’s economy. The new Zambian Finance Minister is expected to hit the ground running to address systematic and economic challenges hobbling Zambia.

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