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Alba Iulia
Sunday, August 29, 2021

President Hichilema appoints Dr. Situmbeko Musokotwane as the New Finance Minister

Headlines President Hichilema appoints Dr. Situmbeko Musokotwane as the New Finance Minister

PRESIDENT Hakainde Hichilema has appointed and sworn in a new Minister of Finance Dr. Situmbeko Musokotwane, making this his first cabinet appointment since assuming power. Earlier the president tweeted that he was going to roll out his cabinet in a phased-out approach stating with the position of the Finance Minister today.

The new Finance Minister is not new to the Government or the Ministry of Finance having served in both the late President Levy Mwanawasa,s MMD Government and the fourth President Rupiah Banda.

Dr. Musokotwane is a leading regional Monetary Economist with several decades of experience in developing markets having served as Finance Minister, Secretary to the Treasury, Deputy Governor of the Zambian Central Bank, IMF Advisor and Founding Head of the Financial Markets Department at the Zambian Central Bank.

Dr Musokotwane has also acted as an alternate Governor at the IMF, African Development Bank, and World Bank. At the Bank of Zambia (Zambia’s Central Bank) he was responsible for the re-introduction of Treasury Bills and Government securities auctions in Zambia, as well as the introduction of Central bank Open Market Operations. He led the development of Zambia’s Poverty Reduction Strategy Paper which among others led to the re-introduction of National Planning in Zambia.

During his time in public service he was part of the country’s economic management team whose efforts led to the reduction of inflation from rates of over 100% to 8%, and interest rates in excess of 45% to 18%. Under his leadership as the Minister of Finance, Zambia experienced economic growth in excess of 7.6%. As Minister of Finance and prior to that Secretary to the Treasury he was responsible for Zambia’s national budget, managing in excess of US$3 billion when he left the Ministry of Finance.

As Finance Minister he was also active in the promotion of the Republic of Zambia as an investment destination, helping to contribute in the generation of investment commitments in excess of US$6 billion over a 3 year term. As an entrepreneur, Dr Musokotwane founded an agri-business in 1988, which included a cattle ranch and dairy operation that is today among the larger dairy farming operations in Zambia. The land on which the beef ranching operation was based is now being re-developed as the Nkwashi Estate.

He has a PhD in Monetary Economics from Konstanz University in Germany and also spent many years as an academic at the University of Zambia.

69 COMMENTS

  1. We have confidence in the Doc and I’m sure he will do a great job. Congratulations to this man knowing that he is a professional and a well documented economist.

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  2. MMD again. Remember MMD destroyed PF.
    Zambia will always be changing party names not necessarily professionals.
    Recycling A. K. A. Akashambatwa and the Kapwepwe’s will follow.

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  3. Only hope that these ” phases’ are not negotiations on who should get what position. Okay nobody beats Situmbeko on this one so the negotiations went without a hitch.

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  4. HH, that is the way to go……take your time to get quality team.
    It’s new dawn, and things should be done differently. The people pushing you or blaming you for the late annointment of your cabinet still live in the old era, and are used to the same old system. They don’t understand that you have also committed to streamlining the cabinet, a task which need some thought on how to distribute the portfolios of disbanded ministries to other ministries and gettting the right person to do the job. The PF Vuvuzelas are used to the “copy and paste” naming of cabinet ministries filled with bootlickers, we don’t want that. Of course, there has to be negotiations and interviews of the aspiring ministers, to ensure you get the best. It can take even a month to get the best cabinet and we…

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  5. cont`d
    let it take even a month, what is important is to get the best cabinet that will deliver your agenda and we support you!! The expectations on deliveries are high and hence you need the best team. The best resources are not easily found.

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  6. It’s shocking that his supporters want us to give more time to a man that never recognized his predecessor from day 1. Let him start work immediately instead of waffling about. He’s been fighting to be President since 2006 so he knows what he was getting into. We want results now not piecemeal appointments. Is he still shivering?

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  7. Very experienced man congrats , i have no doubt whatsoever in your abilities to steer us out of this mess sir. the outgoing regime left behind a messed up ministry but with your experience and dedication everything will be re-aligned. Help the youths with reasonable empowerment funds so that they can venture into farming , cattle raring for milk so that we can achieve health programs like the 1000 critical days of a child this can only be achieved through a productive youth workforce.

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  8. Recycled or not ,Situmbeko has a great track record – low inflation,high economic growth rates and low interest rates.

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  9. This experience is simply superb! I just sympathise with you that every time your services are called upon to only fix a vandalised economy. Please this time around ensure you fix the Institutions to deter born looters who have no regard for Public resources.

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  10. Thanks LT for paying attention to his qualifications. You are living to the following qualifiers: 1. ZAMBIAN 2. QUALIFIED.

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  11. Bally will fix it what he is fixing now going contrary to what he said no recycling!!!!!!!!!!!! Here we recycling old goat……. Youths wired

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  12. I am concerned with these so called experienced. Why don’t they groom young blood to take over? This issue of having same people thinking we will have different results is dangerous. There is need to understand that sometime experience equals stagnation. I hope the man will be rested as soon as this government settles in the next one to two years.

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  13. “The secretary of the Treasury is chosen by the President of the United States. The candidate must then face U.S. Senate hearings and be confirmed by a majority vote before being sworn in.”

    “Each Senate committee holds confirmation hearings on presidential nominations to executive and judicial positions within its jurisdiction. These hearings often offer an opportunity for oversight into the activities of the nominee’s department or agency.”

    I hope we do follow the same procedure in appointing minister of finance in Zambia.

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  14. I expected it, and I am therefore not surprised. A very good choice for Minister of Finance. He brings a wealth of experience to the job. He is a level-headed person and has not had his name tainted before through allegations of impropriety against him. With Dr. Musokotwane, the Ministry of Finance is in an experienced, steady and safe pair of hands. He deserves our support!

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  15. Its could been even been better in Advisory role Not straight minister of finance As it is markets have factored in and reacted to the normal way under the Minister of Finance What we need is a young vibrant minister of Finance also for Commerce and Trade to spur growth and achieve revenues
    Its should not be a pure Financing Minister In my view the Hon minister can still contribute and add more on advisory level on the economy and finance.The leading indicators including the market sentiments have adjusted and factored in nothing is new but we still have time to make amends and reposition to restructure economic potentials.The debt and restructuring of Finances should not be…

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  16. To those who are saying “recycled” or that why not qppointing new blood or new generation. Please understand that the economy is a bad condition and its at a critical point. The fact that HH has anointed a minister of finance first, is a clear message of what the priority is – FIX the ECONOMY !! With fixing the economy, you need someone who can orient himself with ministry of finance from the minute is appointed. It’s not time to have someone who will be learning on the fly…..that person can come in after the economy is stabilized, that will be the time to usher in new blood !!!. For now the ministry of Finance, Ministry Commerce & Trade, Ministry of Mining….those ministries are critical and personally expect the experienced persons to run them from day 1, and ensure the economy…

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  17. Bam!
    MMD is back.
    Whatever hash conditions we had under MMD, we are sure to have under UPND.
    See, we have been telling upnd youths on this podium that there is no…
    There is definitely nothing like fresh blood in running the nation. Same old characters will have to come back for expediency and experience’s sake in one way or the other. Got that? I hope he is not a tired one.
    The freshier in state house got that one right.
    Recycle for expedience.
    Bam you got it.

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  18. @Abena Ng’umbo
    Yes, because under his “leadership as the Minister of Finance, Zambia experienced economic growth in excess of 7.6%.”
    WHO IS YOUR PROPOSED CANDIDATE?

    All those Nays, or saying recycled, or bring in new blood, or could be someone else….bla..bla..? The point is none of you has proposed any name of someone who could have been a better candidate than this man, which MEANS, THERE IS NONE. HENCE, YOU ARE ALL JUST MAKING NOISE ON LT.

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  19. @Abena Ng’umbo
    Yes, because under his “leadership as the Minister of Finance, Zambia experienced economic growth in excess of 7.6%.”
    Who is your proposed?

    All those Na.ys, or saying recycled, or bring in new blo.od, or could be someone else….bla..bla..? The point is none of you has proposed any name of someone who could have been a better can.didate than this man, which means, there is none. Hence, you are just being noise-makers on LT.

  20. I doubt HH has great instincts. You spent good amount of time attacking MMD for economic failure both in LPM and RB, and going back to eat the same vomit is puzzling and hypocritical. This is purely based on Decidophobia. Be courageous badala!

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  21. This is a good appointment in the right Portfolio. There is no time to worst to desk train a Minister in that sensitive Ministry where a lot of money has been stolen by these Thieves.

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  22. @Razor,
    My comment is being moderated by LT.
    But the main content was that of all the comments from the above , these losers are disatisfied with the choice of the Minister of Finance, but none of them has mentioned / proposed / offered any alternative name.
    You are the only one who has come up with a name – Ngandu Magande. It means you know what you are talking about, the rest ni chongo chabe pa LT.

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  23. Excellent Job Mr President! Remember, you were called “under 5” with no experience and today the same PF thugs are saying you are picking recycled people. Ignore looters they only want see you fail so that they come back to destroy the Country again. This time there will be no chance for Thieves and will ensure PF dies a natural death for good.

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  24. Ati forward!!! Then they go backwards & appoint recycled from MMD, which was voted out of power 10 yrs ago.
    This is backwards!!!!!

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  25. Give us fertilizer please. We want agricultural economy, not TikTok.
    Situmbeko never steal cash, he can take stocks nobody cares, Zambians don’t care about stocks, bonds, sh!t.

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  26. There are ministries you need seasoned hand that can hint road running. Thus this appointment is important in this period we find ourselves as a country. Other appoitments can have mix with new entries on the scene.
    During the appointment, too much people who witness the ceremony who should be working. I hope this culture will slowly to start to disappear.

  27. ati Magande my foot! Those are names that led us through HIPC. Essentially, HIPC was not an achievement but parading of extremely poor countries with high levels of poverty and debt overhang. Imwe bamataba, was Zambia that vulnerable? MMD is back tighten your belt!

  28. what ever we may say about our honorable musokotwani…calling a sped a sped is a sped.. he has been in MMD before kikik and this is recycled politicians . finish. bring in new blood to grow zambia like YOU our president. if you need such people , make a team of them to do check and balance not in front. mind you they have friends kaaaaaa…

  29. LT you moderating my comments…
    ati M.agande my foot! Those are names that led us through H.I.P.C. Essentially, H.I.P.C was not an achievement but parading of extremely poor countries with high levels of poverty and debt overhang. was Zambia that vulnerable? MMD is back tighten your belt!

  30. So Lungu had an arsenal of seasoned professionals in the country who could have saved the country, but he went for the likes of Mvunga ???

    That tells a lot about a leader!

    This appointment is visionary!

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  31. People can say what they want but personally. I find HH’s choice of Dr Musokotwane as Finance Minister quite refreshing, The man has what it takes to deliver, no doubt about it,

  32. This is called steadying the ship. Situmbeko has for all intent and purposes been working with the UPND in the last few years. There are other young economists that he will be working with and even grooming and enriching with his experience. Everyone appointed will be subject to performance appraisal. I see the appointment as a more stabilizing one – and not one to be made on the basis of ‘young’ for it’s own sake but proven ability.

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  33. Oh yes.
    But Zambia suffered infrastructureless under the MMD regime.
    Expect no road after these on paper economy feel goods.
    Hats off to the outgoing great leader in ECL.
    We have to put up with old rugs.
    In others, experience there is no.
    When h² was campaigning, he thought he was gonna make Minister of Finance himself.
    But what you see , is what you get. Mmd in the making.

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  34. HH has appointed an ELECTED MP. Nominated MPs are bound to please the boss so that they do not get fired. Musokotwane may have been in government before but he did a stellar job as minister of finance. All those who came after him failed, especially ABC, and MM. ABC is Musokotwane’s counterpart in PF.

  35. I have not commented in years, but this is a great appointment. Mangande should be an advisor to Dr. Musokotwane.

    Now we await the other ministers. Hopefully no cadres but smart technocrats.

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  36. Katamba sichalwe. He meets the criteria,zambian ‘n’qualified no doubt.we hve given u your exellency a very strong mandate.so pick yo team,we shall support u.however ..like the gringos say trust but verify,let him tell u wat happened wen he last held the portfolio under mmd ,especially wen rupiah banda ws president..wat wz his role in removing the windfall tax??does he hve the three b’s?it takes..(brains,balls n braun)to withstand the pressure of this office?considering that most debt wz aquired illeagally(after 2016)i.e.without parliamentary approval.and the other debt (2012)chimbwi no plan.in my humble opinion,this pseudo infrastrucre development by the pf(punka or panga front).is the biggest reap off ,perpetuated on us ,gullible,docile but peacefull…

  37. No matter you say, Hon Musokotwane is one of the best Economists we have in this country, and his appointment is a plus to our party. We knew it was coming for him. Viva UPND, viva HH the rejectyed stone that has now become the darling of the foolish PF people like Nakacinda.
    On another note, i am surprised to read Paramount Chitimukulu advisng his people to work with the Govt when he publicly dishonoured HH and refused to meet him. He has forgotten that HH supported him when late President Sata did not recognise him as Chitimukulu of the Bemba people. What is he going to do now that Lungu and his PF are gone?
    My advise to chiefs is to remain neutral and rule their subjects peacefully because siding one leader may land you in big soup.
    God bless our land and our President HH

  38. While the president is consulting who to poach from elsewhere, the economy has to continue running.
    I think the old broom that worked as IMF governor can quickly get us a deal with these lenders. Recycled or not, he is prudent and formidably cautious

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  39. Exactly the Zambia we want especially at this time when we need the fixers. He’s good at hostility measures whereas no infrastructure development, no salary increment or spoiling to be tolerated. Then debt will be paid off and have enough in the reserves. And as always Zambians will be mad and they’ll waste no time to vote you out and bring the spenders. It’s Zambia of the fixers and spenders.

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  40. Zambia is a one party state ruled by “The Ruling Party”. The Ruling Party just mutates; from UNIP to MMD then to PF and now to UPND. That’s why you keep seeing the same people appearing in each and every successive government. Just watch out for the HH’s cabinet – it will have old faces we are already familiar with. We might just see VJ come back!

  41. Did the MMD govt, under which musokotwane served, ever embark on any robust economic reform and expansion program?
    MMD, under the guidance of the IMF, embarked on a program of restricting govt expenditure and killing jobs by selling off state companies, including the mines, to foreign companies. No real infrastructure programs took place under MMD.
    Musokotwane is talking about increasing copper production to 3 million tonnes. What’s the point if all the proceeds from the sales end up in foreign accounts in London?
    All we have is cosmetic increases in the number of Zambians employed. No real growth or impact on the economy. These foreign companies don’t want to pay a dime in taxes. All I see is a contracted economy with little govt expenditure. That’s how IMF operates. Indeed MMD is…

  42. flag Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans Honeybee

    OK when the economy is so badly ailing such as Zambian’s, you needed someone is battle tested, someone who will be ready from day one to steady the ship in uncharted waters. You get that with appointment in Situmbeko Musokwatene.
    However, you also need new blood to bring in new ideas in the 21st digital age. And so I hope his lieutenants will be made out of savvy technocrats who can speak the language of Wall Street as well as Silicon Valley to bring in investors.

  43. Mr. President, use both the old and new in your cabinet as far as they have qualifications, exposure and indeed loyalty to YOU and the government of ZAMBIA. Get technical advices from technical people or institutions, BUT do not forget to also get advice to non-technical people or institutions that have wisdom.

    UPND maintain YOUR PARTY (UPND) positions do not run to people or individuals who failed to deliver and meet our expectations. Mr. President do not get wrong (inappropriate advice) from anybody, please take your time and select your Cabinet on merit.

    Help cadres, street vendors and others that have been removed from the Markets and stations with new opportunities that will enable there livelihood sustainability. If these people will be left unthought of, we may create a…

  44. The head of state should not centre everything on the old guards where are the new blood, you mean in the past twenty one years no one has ever qualified for the position of finance minister in Zambia, Mr President you are undermining the young talents in Zambia don’t depend on the same guys who destroyed the Zambian industry.
    Please sir tune down where is the going forward if you keep going backwards it is a shame I don’t know what is behind your appointment of the same Dr Musokotwane .

  45. Great start. The emphasis should be on merit, qualification, quality, and a great successful track record. We don’t want dunderheads, grade 7 failures in the cabinet. The best of the best, selected because they have the qualification to get the job done in the right way, and a track record to prove it. Out with kakistocracy, in with meritocracy. Welcome to the new Zambia.

  46. Abanyoli,
    I don’t understand the parallel you are trying to draw, Dr Musokotwane is Lozi from Liuwa for which he represents as MP. So how is this tribalism for HH who is Tonga? Ukunya chinyanyenye uleke ch.ikala wena!

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