Zambia’s Ambassador to Germany Anthony Mukwita says Zambia is cognizant of what can happen when a country heavily relies on only one commodity as a source of foreign currency revenue.
Addressing students at Bard College Berlin, an Arts University in Berlin, Mr. Mukwita said President Edgar Lungu has stepped up economic diversification to include agriculture, tourism and other potential areas of growth so that Zambia is anchored on solid gound going forward.
Mr. Mukwita said the Zambian economy faced severe challenges when Anglo-American Corporation suddenly dumped its assets owing to poor copper prices.
He told students that heavy reliance on one commodity may be a form of resource curse as the crisis that comes with falling commodity prices could prove devastating for any country.
The diplomat was invited to the Bard University through Dr. Agatha Siwale, a Zambian lecturer whose students consist mostly economics and political science majors.
And Dr. Siwale said while the school shares theories related to policy formulation and implementation, the invitation extended to Mr. Mukwita was intended to expose the students to experiences involving policy makers and implementers.
This is according to a statement made available to ZNBC news by first secretary for press and public relations at the Zambian Embassy in Berlin, Germany Kellys Kaunda.