The government of Zambia has taken its ongoing campaign for investment, financial resilience and private sector-led growth to the continent at the 2026 African Caucus Meetings taking place in Banjul, The Gambia. The event which kicked off from July 6 to 8, 2026, has the Zambian Secretary to the Treasury Felix Nkulukusa leading the delegation at the high-level gathering of African Governors of the International Monetary Fund (IMF) and World Bank Group (WBG).
Themed “Transforming Africa’s Economies Through Investment, Innovation and Inclusion,” the Banjul meeting brought together Finance Ministers, Central Bank Governors, senior policymakers, development partners, and leaders of international financial institutions to discuss Africa’s development priorities, financing needs, and representation within global financial institutions.
Mr. Nkulukusa is accompanied by Dr. Franvis Chimipo, Deputy Governor for Operations, Bank of Zambia and Akapelwa Imwiko, the Director for Economic Management at the Ministry of Finance.
The meetings come at a time when African countries are intensifying efforts to strengthen economic resilience, mobilize investment, create jobs, accelerate industrialization, and deepen regional integration amid evolving global economic conditions. Discussions are therefore focusing on practical measures to unlock financing for Africa’s structural transformation while ensuring that growth remains inclusive and sustainable.
The programme includes engagements with senior leadership from the IMF, World Bank Group, African Development Bank Group, African Union Commission, private sector leaders, and development practitioners. The opening session featured addresses by World Bank Vice President for Western and Central Africa Ousmane Diagana, African Union Commission Deputy Chairperson Selma Malika Haddadi, African Development Bank President Dr. Sidi Ould Tah, and President of The Gambia Adama Barrow.
Among the key issues under discussion are strengthening domestic revenue systems to restore fiscal space, deepening domestic capital markets, attracting private investment, empowering Micro, Small and Medium Enterprises (MSMEs), promoting regional value chains, leveraging Africa’s natural resources for industrialization, and transforming natural resource wealth through investments in energy, transport, and digital infrastructure.
As part of Zambia’s contribution to the discussions, Mr. Nkulukusa participated in a High-Level Policy Dialogue organized by the African Center for Economic Transformation (ACET) under the theme, “Strengthening African Voice and Collective Action: How can African countries strengthen common messaging, advocacy, and influence in global financing and debt discussions?”
Drawing on Zambia’s economic reform and debt restructuring experience, the Secretary to the Treasury outlined four practical principles that African countries could champion to strengthen their collective influence in global financing and debt negotiations.
First, he emphasized that transparency must remain the foundation of trust and credibility in global financing discussions. Reflecting on Zambia’s debt restructuring journey, Mr. Nkulukusa noted that Africa had suffered from suspicion arising from hidden debts, undisclosed guarantees, and unclear liabilities. He stressed that transparency should not be viewed as a concession to creditors but rather as “a sovereign tool for credibility, ownership, and better policy.”
He further argued that transparency should apply equally to borrowers, creditors, and financial arrangers, calling on African countries to uphold the highest standards of accountability while expecting the same responsibility and openness from development partners. Mr. Nkulukusa underscored the importance of simplicity in debt structures. He observed that increasingly complex financing arrangements involving guarantees, collateralized lending, structured instruments, and contingent liabilities often complicate debt management and restructuring efforts. While such instruments may appear attractive at the point of borrowing, they can undermine long-term sustainability and delay debt resolution when countries face financial distress.
He therefore urged African countries to advocate for “better financing: simpler, clearer, and more aligned with long-term sustainability,” adding that stronger coordination among African nations would help transform individual country experiences into shared continental capacity and strengthen resilience against opaque financing structures.
Third, the Secretary to the Treasury called for greater utilization of multilateral balance sheets, particularly those of Africa-based institutions. He noted that commercial financing had become increasingly expensive while bilateral financing was becoming more constrained, making it imperative for multilateral institutions to play a stronger catalytic role through concessional lending, guarantees, risk-sharing instruments, and credit enhancement facilities.
He emphasized that African institutions possess a unique understanding of the continent’s realities, financing needs, and development priorities and should therefore play a central role in shaping Africa’s financing agenda.
“African institutions must be at the center of Africa’s financing agenda, not at the margins,” he said, while urging such institutions to respond more quickly during periods of economic distress and work alongside the IMF and World Bank in supporting African countries.
Fourth, he highlighted the importance of protecting and strengthening domestic debt markets. Mr. Nkulukusa pointed to Zambia’s decision to exclude domestic debt from restructuring arrangements as a strategic measure that preserved a critical source of financing, maintained financial stability, and supported fiscal adjustment efforts.
He noted that stronger domestic debt markets would enhance Africa’s economic resilience through improved debt management practices, longer maturities, broader investor participation, and credible fiscal frameworks.
As stated by Mr. Nkulukusa, Africa’s long-term resilience will depend significantly on the depth and credibility of its own domestic financial markets.
Concluding his intervention, he called on African countries to move beyond participation and become active shapers of global financing debates through stronger coordination and common principles, and emphasized that African borrower coordination was not about avoiding responsibility but about promoting responsible borrowing, responsible lending, and fairer outcomes during periods of economic distress.
Mr. Nkulukusa urged the continent to champion a stronger collective voice anchored on transparency, simplicity, effective utilization of multilateral balance sheets, and stronger domestic debt markets.
Beyond financing and debt issues, the African Caucus Meetings are also examining ways of strengthening regional trade, improving access to finance, enhancing borrower coordination among African countries, developing future-ready skills, and building stronger human capital to support long-term economic transformation.
For Zambia, participation in the African Caucus provides an opportunity to share experiences from the country’s ongoing economic reform programme, engage regional and global partners on investment opportunities, and contribute to continental discussions on sustainable development financing, fiscal resilience, private sector-led growth, and economic transformation.
The Government remains committed to policies that promote macroeconomic stability, debt sustainability, economic diversification, private sector development, and job creation. Zambia continues to pursue reforms aimed at strengthening investor confidence, expanding productive sectors of the economy, and positioning the country as a competitive destination for investment within the region and beyond.
The African Caucus Meetings will conclude on July 8, 2026, with the adoption of the Banjul Declaration, which is expected to articulate common African positions and priorities for engagement with the IMF and World Bank Group on issues critical to the continent’s long-term development agenda.