Situmbeko Musokotwane
Situmbeko Musokotwane biography
Born (1956-05-25) May 25, 1956 (age 65)
Known forBeing Zambia's Finance Minister
Term27 August 2021-
PredecessorBwalya Ng’andu

Situmbeko Musokotwane is a Zambian economist who was appointed Zambia's finance minister on 27 August 2021 by Hakainde Hichilema. Musokotwane held the same post from 2008 to 2011.



Situmbeko Musokotwane was born on 25 May 1956.[1]


  • BA (Economics)
  • GCE
  • MA (Monetary Economics)
  • PhD (Monetary Economics) (Konstanz University in Germany)[1][2]


Situmbeko Musokotwane founded an agri-business in 1988, which included a cattle ranch and dairy operation that is today among the larger dairy farming operations in Zambia. The land on which the beef ranching operation was based was re-developed as the Nkwashi Estate.[2]


Situmbeko Musokotwane is a former deputy central bank governor who has also held positions with the International Monetary Fund and World Bank.[3]

He also served as Secretary to the Treasury, IMF Advisor and Founding Head of the Financial Markets Department at the Zambian Central Bank.

Dr Musokotwane has also acted as an alternate Governor at the IMF, African Development Bank, and World Bank. At the Bank of Zambia (Zambia’s Central Bank) he was responsible for the re-introduction of Treasury Bills and Government securities auctions in Zambia, as well as the introduction of Central bank Open Market Operations. He led the development of Zambia’s Poverty Reduction Strategy Paper which among others led to the re-introduction of National Planning in Zambia.

During his time in public service, Musokotwane was part of Zambia's economic management team whose efforts led to the reduction of inflation from rates of over 100% to 8%, and interest rates in excess of 45% to 18%.[2]

As Finance Minister

Musokotwane served as finance minister under the late President Levy Mwanawasa's MMD Government and the fourth President Rupiah Banda.

Under his leadership as the Minister of Finance, Zambia experienced economic growth in excess of 7.6%. As Minister of Finance and prior to that Secretary to the Treasury he was responsible for Zambia’s national budget, managing in excess of US$3 billion when he left the Ministry of Finance.

As Finance Minister he was also active in the promotion of the Republic of Zambia as an investment destination, helping to contribute to the generation of investment commitments in excess of US$6 billion over a 3-year term.[2]

After his appointment by Hakainde Hichilema on 27 August 2021, Situmbeko Musokotwane pledged to conclude talks with the IMF on a lending programme by October.[3]


  1. 1.0 1.1 Situmbeko Musokotwane, National Assembly of Zambia, Published: No Date Given, Retrieved: August 27, 2021
  2. 2.0 2.1 2.2 2.3 President Hichilema appoints Dr. Situmbeko Musokotwane as the New Finance Minister, Lusaka Times, Published: August 27, 2021, Retrieved: August 27, 2021
  3. 3.0 3.1 Chris Mfula, Zambia's new finance minister to prioritise IMF talks, Reuters, Published: August 27, 2021, Retrieved: August 27, 2021