QUANTUM Global Group, a Zurich-based investment fund and asset organisation with a large African focus, has ranked Zambia as the 8th best performing economy.
According to a press statement issued by Ministry of Finance public relations officer Chileshe Kandeta, who quoted the 2018 Africa Investment Index Report, Zambia was also the third best performing economy in the SADC region, behind Botswana and South Africa.
Quantum Global’s 2018 Africa Investment Index (AII), according to Kandeta, stated that Zambia’s economy was Africa’s overall eighth best on growth, liquidity, risk, business environment, demographic and social capital factors.
The AII averages each country’s macro-economic and financial indicator rankings on growth, liquidity, risk, business environment, demographic and social capital factors.
The top ten economies, in a ranking of 54 African countries, are:
“1. Morocco 2. Egypt 3. Algeria 4. Botswana 5. Ivory Coast 6. South Africa 7. Ethiopia 8. Zambia 9. Kenya 10. Senegal. Among the top 10, North Africa was the best performing region with Morocco, Egypt, and Algeria as pace setters, followed by the SADC region represented by Botswana, South Africa and Zambia, then west Africa was third with Ivory Coast 5th and Senegal 10th, and finally east Africa represented by Ethiopia 7th and Kenya 9th,” Kandeta stated.
He added that Zambia’s ranking by Quantum Global was a reflection that the country continued to be recognised as “one of the best emerging markets for overseas investment.”
“It is also an affirmation that international investors are looking at a wide range of sectors for investments including in areas such as energy, infrastructure, tourism and agriculture among others,” he stated.
And commenting on the matter, finance minister Margaret Mwanakatwe observed that the independent ranking by Quantum Global Group was consistent and in the same positive direction with Zambia’s rating outcomes published by Moody’s, Fitch and Standard and Poor’s.
She reaffirmed her government’s commitment to the implementation of the medium term debt strategy and improvement of the domestic revenue base.
The minister further stressed Zambia’s commitment in meeting external debt obligations while remaining steadfast in dismantling the country’s domestic debt.
“To ensure that the confidence of our people and that of the international investment community in our capacity to guide the economy to greater heights is not eroded, we will continue with economic stabilisation, transformation and growth reforms so that we position the country for increased solid economic performance by leveraging on our strategic geographical location, increasing foreign direct investment and improve the overall business environment,” stated Mwanakatwe.
“We will do our best to build a strong private sector, create jobs and grow wealth without leaving anyone behind.”