Forty years after independence, Zambians are poorer, their country having missed an opportunity to boost its economy with its rich copper reserves.
When the southern African country broke free from British colonial rule in 1964, its economy was on a par with that of South Korea and ranked second to South Africa in the region.
”Zambia at independence represented one of Africa’s best hopes,” said Alexander Chikwanda, a former finance minister in the post-independence government.
While its economy was about the size of that of South Korea in the mid-60s, Zambia’s GDP is now, at $4-billion, less than one percent of South Korea’s output, said Chikwanda.
Zambia celebrates 40 years of independence on Sunday but with close to 64% of its 10-million people living on less than one dollar a day, there is little to cheer about in terms of economic gains.
”We are today poorer than we were at independence,” says Gilbert Temba of the newly formed Citizen’s Forum, which is trying to reverse the country’s poverty trends.
”What is disturbing about the high levels of poverty, disease, hunger and general deprivation among our people is that they are not a result of lack of human and natural resources or civil wars, but rather of political and economic mismanagement,” Temba says.
Zambia inherited a strong economy at independence although it was heavily dependent on mining as one of the world’s leading copper producers.
The economy went into a tailspin in the mid-1970s following a sharp decline in copper prices, soaring oil prices and significant internal economic mismanagement, according to the World Bank.
Thinking that the downturn was temporary, Zambia borrowed heavily, sinking deeper and deeper into debt without embarking on any economic restructuring.
The country is now struggling to pay a staggering debt of about $6,5-billion dollars (5,3-billion euros) owed to various foreign creditors.
Social crisis has left an estimated 600 000 orphans — mostly living on the streets — without access to education and healthcare.
Zambia’s economy needs to grow by at least five percent annually for it to be resuscitated, according to experts.
Finance Minister Ngandu Magande says the country is on track to reach that goal because it has consistently recorded four percent economic growth for the last five years.
”This is the longest period of sustained economic growth since independence,” Magande says.
Zambia is working with the World Bank to try to diversify its economy from copper mining to agriculture and tourism.
”We have made significant gains from tourism and agriculture ever since we started the diversification of our economy,” says Magande.
The government has also developed an ambitious programme dubbed ”Vision 2025” aimed at setting long-term goals of taking Zambia back to the level it was in 1964. – Sapa-AFP