Bank of Zambia Governor Dr. Denny Kalyalya says Zambia is not the only country experiencing economic challenges saying it’s a global challenge.
Speaking at the Launch of the 2018 Zambia Banking and Non-banking industry Survey for Price Water House Coopers (PwC), Dr. Kalyalya says if economic growth continues to weaken everyone in the country will surfer.
And the Governor says if any country does not have an economy that is growing at a sizable level, the country’s economic performance will greatly be affected.
He adds that if the country’s economy is not grown, it will become harder for concessional loans to be settled.
The Governor has since urged financial institutions in the country to spearhead the diversification economic agenda.
He says the diversification agenda should not be left to government alone despite government being the champion for this noble cause.
He says the private sector also have a role to play in ensuring that the economic agenda is achieved.
Speaking at the same event Banker’s Association of Zambia President Leonard Mwanza says the association is aware of the fact that a number of Automated Teller Machines (ATMs) are not functioning following the enhancing of bank notes for security reasons.
Mr. Mwanza says the association has observed the decline in service delivery at ATM’s point of delivery from the time the bank notes were enhanced.
Earlier, the Price Water House Coopers said the economic performance for Africa remains positive with regional economic performance projected at about 5 percent.
PwC Leader for Africa Costa Natsas told Money FM News that Africa is seen as a second profitable banking sector in the world.
Mr. Natsas however noted that some external shocks such as the US – China Trade war, climate change and terrorism among others may have an impact on the economies of Africa.