He says growth on the continent has reduced with the International Monetory Fund IMF World Economic outlook having an estimated growth of 3 per cent, a level that below the 5 to 7 per cent range experienced over the past decades.
He says energy shortages and climate change related issues have played a bigger role in dampening growth prospects hence putting the poorest of the continent in a precarious position in matters to do with food security.
And president Lungu notes that Zambia has not been spared from the impact of energy shortages and climate variability saying the country’s economic prospects have been negatively impacted as a result of receiving below normal rainfall in 2015 that continued to 2016 and caused electricity generation to reduce by 3.3% in 2015 with this year’s projection at 38.9 %
The president charges that as a result of climate variability, Agriculture production fell by 8.1% in 2015 adding that the region’s agricultural output has been severely hampered while hydroelectric power generation has been adversely affected with severe power rationing that has in turn reduced industrial activity across sectors.
The president was speaking during the official opening of the African Development Bank AfDB Annual General Meeting being held at Mulungushi International Conference Centre in Lusaka, Zambia.
The meeting has seen delegates from all across the continent with notable names like Former United Nations Secretary General Koffi Annan, Former Nigerian President Olusagun Obasanjo among others.
