Business

BoZ urges translation of mineral endowment

BOZ building.

KALONDE NYATI, Lusaka
BANK of Zambia (BoZ) says transforming mineral wealth into financial wealth through appropriate investment and saving strategies is critical for the country’s sustainable development.
BoZ governor Michael Gondwe said Zambia is endowed with mineral wealth but natural resources have not been wealthy, hence the need for strategies that will spur financial wealth.
Dr Gondwe said this on Friday during the dissemination seminar to promote the book entitled ‘Zambia: Building prosperity from resource wealth’.
The book written by BoZ and Centre for Study of African Economics (CASE) at the University of Oxford highlights the challenges and opportunities Zambia faces in its quest to achieve sustainable broad-based growth.
The book also highlights how Zambia can use its abundant natural assets to achieve growth.
“Some of the themes from the book include the importance of the mining sector and the exploitation of our mineral resources in promoting growth and poverty reduction,” he said.
Dr Gondwe also said ensuring fiscal, monetary policy and enhancement of macro-economic stability remains critical for the delivery of ‘rich job’ growth and sustained poverty reduction, which translates into sustainable development for the country.
He said growth strategies and macroeconomic policies must enhance production and trade activities to achieve sustainable development.
Earlier, Department for International Development team leader for growth Andrew Ackenden said Zambia extractive industry has potential to grow the economy if properly harnessed.

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