Zambia Gets New Finance Minister

Zambian President Edgar Lungu has appointed a new finance minister with immediate effect.

Without explaining his decision to fire the incumbent Margaret Mwanakatwe, President Lungu announced her replacement as the deputy governor of the Bank of Zambia Dr. Bwalya Ngandu. While he thanked Mrs Mwanakatwe for her service it is not clear whether she will be appointed to another position. 

Concern regarding the country’s economy and mounting debt obligation has been growing in recent years, with Moody’s ratings agency downgrading Zambia’s credit rating in May of this year on concerns about the government’s ability to service its debt.

Among Dr. Ngandu’s credentials are a PhD in Applied Psychology, an MSc in Ergonomics an, and a BA in Psychology and Business. He is a Zambian Rhodes Scholar and holds a number of professional qualifications as a fellow of the Chartered Institute of Bankers, UK, the Zambia Institute of Human Resources, the Zambia Institute of Banking and Financial Services and is a representative of the Zambia stock exchange.