According to Finance Minister Alexander Chikwanda, Zambia’s economy is in dire need of diversification. And instead of mining — which doesn’t always show immediate real returns — agriculture is the way to go, The Southern Times Africa reported.

Chikwanda believes that because there is smaller risk involved, agriculture is a more reliable revenue source for the country. Furthermore, the help and participation of commercial banks is needed to make the transition from mining dependency.

“In the past, there was a myth that went round that Zambians are very bad at repayment of debts. But there is a bank which in the last three years has raised its support to small-scale farmers from 5,000 to 20,000 and the repayment is almost 100 percent,” he said in the report.

“The myth has been debunked. Agriculture has an advantage as the gestation period is very short. You don’t have to wait long periods like mines,” Chikwanda added, noting that once agriculture takes off, the closure of mines should be considered.

Otherwise, he insisted, the government needs to investigate and crackdown on fraudulent activities relating to the mining sector. This includes reinstating the windfall tax. United Party for National Development (UPND) Bweengwa member of parliament Highvie Hamududu agrees.

“There is pressure on the Minister of Finance right now and I think changes must be made now! So, if the minister has admitted, I think as a country we need to bite the bullet and get what belongs to the Zambian people,” Hamududu told Post Zambia.

“We are not saying we must tax the mines out of existence, we are saying they must pay a fair share of taxes and also close the loopholes for fraudulence and tax evasion.”

The Southern Times also reported that in an effort to fund infrastructure, the windfall tax was introduced in 2008 by former president Levy Mwanawasa. The government has talked about, but hasn’t reintroduced the tax on copper which taxed revenue. Causing copper prices to rise, the tax was axed in 2009.

Still, Zambia’s Finance Minister says the government needs to consider review of the tax and ultimately shifting to an agriculture-based economy.