Zambian president fires finance minister, appoints central bank deputy governor

Zambia’s president has fired Finance Minister Margaret Mwanakatwe and appointed central bank deputy governor Bwalya Ng’andu to replace her, a statement from the president’s office said.

President Edgar Lungu’s spokesman Isaac Chipampe said in the statement on Sunday night that Ng’andu would be sworn in on Monday morning.

Lungu did not give any reasons for the removal of Mwanakatwe, who was named finance minister last year.

Mwanakatwe could not immediately be reached for comment.

Ng’andu has previously served as managing director of the Development Bank of Zambia, managing director of the National Savings and Credit Bank and director general of the Zambia Investment Centre.

The International Monetary Fund (IMF) has repeatedly warned that Zambia, Africa’s second biggest copper producer, is struggling with high debts and shrinking foreign exchange reserves.

Zambia and Mumbai-listed Vedanta in May began a fight over ownership of the Konkola Copper Mines (KCM).