Zambia Creates Over 40,000 Jobs, Exceeding Employment Projections for 2024

Over 40,000 jobs have been created, outdoing the predicted employment projection of 38,119. Finance Minister Situmberko Musokotwane explained this was reached in December 2024 and attributed this achievement to effective tax expenditures, which have driven economic growth, reduced poverty, and improved social equity.

Speaking to ZNBC News Today, Musokotwane explained how tax expenditures provided to Public Benefit Organisations have enabled affordable services in education, health, and humanitarian relief services. He also emphasised that a strong economy, driven by higher investment inflows, expands the revenue base and enhances the government's ability to fund infrastructure projects and public services. He praised the government’s commitment to ensuring tax expenditures support the long-term goals of inclusive growth, transparency, and sustainable financial policy.

The Zambia Revenue Authority (ZRA) has set a target to collect K155.7 billion in taxes for 2025. The authority is optimistic about achieving this goal with continued support from taxpayers. In 2024, ZRA collected K148.5 billion, out of which K17.6 billion was refunded, resulting in a net revenue of K130.9 billion. This exceeded the Parliamentary target of K125.3 billion by K5.6 billion. ZRA expressed gratitude to taxpayers for their contributions, which helped surpass the revenue target last year.

The government’s strategic use of tax expenditures has strengthened economic growth and supported the delivery of essential public services. With ZRA aiming for an even higher revenue target in 2025, Zambia is in a strong position to continue fostering inclusive growth and sustainable development.