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When it comes to the celebration of culture and preservation of heritage – the Livingstone International Cultural and Arts Festival (LICAF) has beaconed close to three decades as one of Africa’s fastest growing festivals, setting a substantial precedence in the country since its inception in 1995.

This year’s event was themed “Tourism for Tomorrow: Promoting sustainable Cultural development” highlighting a multifaceted approach towards the promotion of culture. The event kicked off with a carnival that comprised of cultural teams representing the 10 provinces, a diverse cultural facet that glues Zambia’s heritage. Several Livingstone residents thronged to the streets to catch a glimpse of the colorful parade.

The event was held at Maramba Cultural Village in Livingstone, a wide range of artifacts were on display and in attendance was Southern Province Minister Credo Njuwa who was the guest of Honor, Ministry of Tourism Permanent Secretary Evans Muhanga, Botswana High Commissioner to Zambia Alpheus Matlhaku and Livingstone District Commissioner Eunice Nawa. The Zambian Business Times (ZBT) attended the event, and making a key note remark, Ministry of Tourism Permanent Secretary Evans Muhanga underscored the Ministry’s efforts in helping local artisans to diversify their creativity and formulate art that is inclusive and presents a wider appeal, through LICAF. “On behalf of the Ministry of Tourism, I would like to congratulate those that have made this event possible, showcasing the incredible cultural richness that defines Livingstone and Zambia as a whole representing all our 73 ethnic tribes, this year in April we had the privilege of hosting the 2nd UN Africa and America’s Tourism Summit, which is a key milestone for tourism because this highlighted our vision to develop a sustainable and inclusive sector, and we have made a commitment to continue upholding tourism through events like LICAF but also to create ties with other countries.”

He further added that this year’s theme speaks directly to the Ministry’s mandate to develop the sector and also speaks to the tourism master plan which reflects the aspect of building a robust tourism industry. “This is something that creates jobs and empowers communities and contributes to the economic growth, and our vision is to grow the LICAF to an international arts festival, we want to ensure that the all Livingstone and surrounding towns participate.”

Muhanga revealed that the Ministry of Tourism is undertaking major works to rehabilitate the Maramba Cultural Village which is the hub of cultural tourism in Livingstone and surrounding areas. Meanwhile Guest of Honor, Southern Province Minister Credo Njuwa underscored the importance of the event in creating systematic linkages between arts, culture and society, at the same time emphasizing that the platform is viable for economic emancipation for both the curators and other cultural artistic preservers. “This is one of the cultural tourism products that we are proud of as a ministry, cultural tourism ensures the safety of our heritage and ensure its preservation, for future generations,” he echoed.

In light of the drought and other unforeseeable challenges that have hampered the growth of the tourism sector, Juwa emphasized the importance of sustainable development practises, in safeguarding the longevity of the country’s tourism and the cultural treasure overall. “The concept of sustainability in tourism, encompasses three factors, environmental stewardship, social responsibility, and economic viability exhibitions and cultural exhibitions must embrace these principles, if they are to truly serve as bridges, between our past and our future, cultural tourism can advance and enhance.”

Remarking that events such as the LICAF presents an opportunity for art to be exhibited to a wide audience instead of restricting it to museums. “Our Ministry’s mandate is to preserve, safeguard and promote our culture, and this takes a new meaning under the lens of sustainability, digital documentation, community led research and participatory inventorying, now serve not just to record cultural practices but to present it in a viable manner.” “While cultures maybe distinct the challenges of sustainable development are the same and we are building a collective wisdom, that will greatly benefit the present society and posterity, showcasing a diverse aspect of our society rather than confining them to museums, this calls for innovative approaches, by building a world class LICAF we create resilience, preserve, safeguard and promote community laid research to ensure viability in the changing times,” he concluded.

Events such as LICAF are a major building block to a tolerant society in terms of tribes and cultural beliefs, they offer a reliable platform for the nation to unite and exchange ideas on developing the tourism sector to a large scale. Therefore, the Ministry of Tourism and its cooperating partners must be commended for facilitating the success of the event.

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When it comes to the celebration of

Uncategorized

According to the Q1 of 2025 report issued by Securities and Exchange Commission – SEC, availed to the Zambian Business Times – ZBT, Madison Financial Services Plc (MAFS) has recorded a drop in share prices by 5.6% (about 6%).

MAFS share prices at the beginning of the quarter was at K1.8 per share and closed at K1.7 per share by the end of Q1, indicating a drop in the price of shares at K0.1, and eventually striking a drop in price share at 5.6%.

With Madison Financial Services Plc last month April 2025 failing to submit and file their financial statements with LuSE on time, could that be one of the symptoms of under performance?

ZBT efforts to get a comment from Madison Financial services had not been successful by press time.

More details to follow…..

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According to the Q1 of 2025 report

Markets

In a bid to upscale the number of listings, the Securities and Exchange Commission (SEC) has revealed its efforts to work towards streamlining listing requirements and associated costs to encourage more companies to list. In recent times, LUSE has struggled to attract listings, part of the blame piled on high registration fees, lack of understanding on investment options and a volatile economic facet.

Speaking in an exclusive interview with the Zambian Business Times (ZBT), The Securities and Exchange Commission (SEC) Financial Sector Policy and Management Economist Busiku Chitambo has disclosed that methodologies will involve reviewing and streamlining of listing requirements and associated cost with particular attention given to emerging enterprises through designated platforms like the LuSe Alternative Market (Alt-M).

“These efforts are complemented by measures designed to increase market participation from both domestic and international investors, and to improve overall market transparency and operational efficiency”, said Chitambo.

He added that the Successful execution of the initiative will not only stimulate activity on LuSE but also position Zambia as a preferred destination for capital investment.

‘The successful execution of the masterplan will not only position Zambia as a preferred destination for capital investment but foster economic expansion, and generate massive employment

for the next decade.” The measures that SEC has earmarked sound promising, but the nation awaits whether any meaningful dividends will surface

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In a bid to upscale the number

Mining

Zambia’s largest mining firm – First Quantum Minerals (FQM) has revealed that they plan to import about 60% of their electricity and power requirements in the year 2025, perhaps confirming the worst fears that full power supply would be restored in Zambia for both domestic and commercial customers.

FQM which controls two large scale copper mining companies at Solwezi and Kalumbila, and expected to launch its third mine termed S3 also in North Western

Province confirmed in its quarter one (Q1) 2025 report that “the Company anticipates sourcing up to 60% of its electricity from imports”. The imported electricity however will come at a higher cost to production, therefore cutting a slice, await small relative to the current buoyant international copper prices which by May 2025 were upwards of $9,000 per ton, considered as a sweet spot for copper prices. FQM confirmed that the imported price will have an “annualized impact of the supplementary [electricity] sourcing on 2025 copper cash cost is estimated to be approximately $0.07 per lb.”

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Zambia’s largest mining firm - First Quantum

Companies

The Securities and Exchange Commission – SEC first quarter (Q1) report on the Equity Market Performance has revealed that British bank Zambian unit – Standard Chartered Bank Zambia Plc ( SCBL) has recorded a drop in share price of a staggering 17% for Q1 2025.

The Bank whose price at the beginning of the 1st quarter 2025 was standing K2.65 per share and had its closing price at the end of the first quarter of 2025 standing at K2.20 per share, indicating a price drop of 45 Ngwee per share and ultimately recording 17% drop in terms of market price.

When contacted for a comment by the Zambian Business Times – ZBT, Stanchart Head of Corporate Affairs, Brand & Marketing, Christine Matambo requested for more time to get approval from the Chief Financial officer – CFO to give reasons for the steep drop in share price within a quarter.

Stanchart group in late November 2024 announced it’s plans to exit the Zambia wealth and retail business in Zambia and other countries. 

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The Securities and Exchange Commission - SEC

Companies

Last year, the Zambian government, through the Road Development Agency (RDA), awarded a concession to Borderway Investment Company to upgrade the 111km Solwezi-Kipushi Road and border infrastructure under a Public-Private Partnership (PPP).

A check on the Chinese company Borderway Capital Investment limited revealed that it was backed by China Hainan Construction Limited, another construction company that had been active in Zambia but no longer visible.

At the time of the PPP deal award, it was announced that these new awards were very financially and experienced companies that would resume construction at the end of the immediate past rainy season.

As the rain season was drawing to the close in April, amid growing public interest, the Zambian Business Times (ZBT) followed up on the project’s status.

First, ZBT contacted Solwezi East Member of Parliament, Hon. Dr. Alex Katakwe, who told ZBT in that full-scale construction would  begin once the rainy season was over, expecting that the  pending finalization of the Environmental Impact Assessment (EIA) and financial closure would be closed out, with works expected to begin in May.

‎Now, with May well underway and the rain season  excuse totally  dimissed, ZBT sought clarity from RDA on  Borderway Capital Investment’s preparedness. 

When contacted RDA Chief Communications Manager Anthony Mulowa initially promised a response but has since gone silent. Efforts to follow up and get even contact details of the country representative behind Borderway Capital Investments limited have proved futile.

Further to the failed comfirmations from RDA and the MP, ZBT proceeded to engage ‎he Solwezi District Commissioner who claimed to be unaware of any progress, while the Mushindamo Town Council confirmed that no work had commenced, redirecting all inquiries back to RDA.

‎With the “rain excuse” off the table and neither the contractor nor the authorities forthcoming, the lack of transparency has only heightened public concerns if this PPP deal was indeed viable and the parties awarded are serious with securing financing as well as engaging with their concerned stakeholderd. 

Is the Solwezi-Kipushi road PPP project stalling before it even starts? Was this deal meant to simply hoodwink the people of North Western Province and Zambia at large? Only time will tell.

‎The $145 million project, to be implemented under a PPP arrangement, also includes the development of a modern one-stop border post at Kipushi to facilitate cross-border trade more efficiently.

A boarder like Kipushi would open up trading opportunities for the people of North Western Province as well as open up a large market for Agriculture and livestock in the Eastern DRC.

If one looks at the payback potential of this road, it’s one that even the government could afford to fund directly and reap back the investment through toll gates, expansive trade opportunities for Zambians and excessive border  taxes and fees collections by ZRA 

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Last year, the Zambian government, through the

Companies, Mining

The excitement that additional 100MW solar power generation at Chisamba would ease load shedding
may be displaced after the confirmation that all the power will be used up by the mines.
And the mines who have had to rely on much more expensive power imports are expected to cut down on their imported power component, with the net effect on load shedding to both domestic and commercial customers being zero.


The Zambian Business Times – ZBT can exclusively comfirm that State power utility ZESCO has signed
a 13-year Power Purchase Agreement – PPA with Africa GreenCo as the off-taker for the 100 Megawatts
(MW) Chisamba Solar power project whose end users is First Quantum Minerals FQM mines – ZESCO insider sources revealed.


Sources familiar with the project’s operations revealed that while GreenCo will act as the off-taker, the
generated power is earmarked for FQM’s mining operations. This revelation has sparked questions regarding the project’s immediate impact on the ongoing national electricity crisis commonly called load shedding, which continues to affect Zambian based businesses and residential consumers through persistent power outages.
The Chisamba solar project was initially anticipated as a significant step towards alleviating the current power crisis especially on the local businesses and residential customers who are left with no alternatives or much more expensive sources of power. However, the disclosure that the majority if not all of its output from the 100MW Chisamba Solar will be directed to the mining sector has prompted questions about its effectiveness in easing the challenges faced by other key sectors which have endured the brunt of load shedding.
Some sources suggest that this arrangement will enable FQM to reduce its reliance on imported power
indicating that the power from the Chisamba plant is unlikely to have any impact on current load shedding experienced by other domestic and
commercial users.
Speaking exclusively to the Zambian Business Times (ZBT), a source said despite GreenCo being the intermediary off-taker. “The power will however be supplied locally; it won’t be exported” the source stated.
Addressing the question on allocation of power between the mines and local business and household
consumers, the source explained the inherent variability of solar power generation makes its not ideal.
“This is a solar plant, and you can’t definitively say how much will be supplied to the mines and how much
will go to the locals at any given moment. Solar power fluctuates; it’s not constant. We have figures for annual generation, and that total quantum will be fed into the grid but is intended for FQM as the primary customer”.


The Chisamba Solar project represents a total investment of approximately $101 million, with the
Engineering, Procurement, and Construction (EPC) contract valued at nearly $100 million, translating to
roughly $1 million per megawatt. The source told ZBT that ZESCO has entered into a 13-year PPA
with GreenCo Power Services as the off-taker, effective immediately upon signing.


When questioned about why ZESCO did not directly supply power to FQM, the source indicated that the
mining company requires a consistent and reliable power supply, which solar power alone, with its inherent daytime-only generation, cannot guarantee.
“The mine wants firm power, not fluctuating power. Solar plants don’t generate power at night.”

Regarding the project’s financing structure, the source alluded to initial challenges, stating, “Some financiers were not comfortable, so it’s something to do with the financing.” This development underscores the complexities of addressing Zambia’s power crisis, balancing the energy needs of key industrial players with the demands of the broader economy and residential consumers.

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The excitement that additional 100MW solar power

Companies

ZESCO, Zambia’s state owned power utility, has found itself at the center of controversy after plans to contract about $70 million in debt financing for its 100 megawatt (MW) Chisamba Solar Project have led to questions on the utility financial direction regarding additional debt contraction.

ZESCO through its subsidiary Kariba North Bank Extension is reported to have contracted about $70 million in debt from a private Bank to finance the 100-megawatt Chisamba solar power project, the Zambian Business Times (ZBT) has exclusively learned.

This project was part of a larger initiative between ZESCO and Power China to deliver 600MW of solar power across three sites, initially planned with EPC financing.

However, the financing structure for this particular project, which was earmarked to be a 200MW has since evolved, with sources indicating that challenges in securing financing led to the current debt arrangement with Stanbic Bank.

Sources with knowledge about ZESCO operations, who wished to remain anonymous due to the sensitivity of the matter, revealed that the financing structure for the project comprises 70% debt and 30% equity.

“The equity component is being contributed by Kariba North Bank Power Company, a subsidiary of ZESCO.”

“Under the EPC contract, Power China was responsible for the engineering, procurement, transportation, and construction of the solar plant. As the investment, totaling around $101 million, and with EPC costs nearing $100 million, the payment structure between Kariba North Bank Power Company, a subsidiary of ZESCO, and Power China dictates that the construction costs at this stage are the responsibility of the EPC contractor.”

ZBT has also independently confirmed that ZESCO has entered into a 13-year Power Purchase Agreement (PPA) with Africa GreenCo. Notably, insider sources have disclosed that the generated power from the Chisamba plant is primarily earmarked for the mining operations of First Quantum Minerals (FQM).

This revelation has raised concerns regarding the project’s immediate impact on the persistent national electricity crisis and load shedding affecting small local businesses and residential consumers.

While the Chisamba solar project was initially anticipated as a significant step towards alleviating the power deficit for the country, the allocation of its output to the mining firms who already have alternatives to import power on their own suggests it may not directly ease the challenges faced by other sectors grappling with power outages.

Sources familiar with the project suggest that this arrangement will enable FQM to reduce its reliance on imported power. Consequently, the 100MW generated from the Chisamba plant is unlikely to have a substantial impact on the current load shedding experienced by other users.

The Chisamba Solar project represents a total investment of approximately $101 million, with the EPC contract valued at nearly $100 million, equating to roughly $1 million per megawatt.

The Chisamba Solar Project, touted as a paradigm shift towards renewable energy in Zambia, now faces skepticism regarding its true benefits.

Critics are questioning the wisdom of incurring significant additional debt while the most affected local and Zambian based businesses grapple with frequent power outages.

Analysts argue that the focus should have been on addressing the pervasive load shedding rather than catering to the power demands of major corporations, who even have the muscle to import power on their own.

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ZESCO, Zambia's state owned power utility, has

Mining

Concerns have emerged regarding the business opportunities available to local Zambian contractors and suppliers within Chinese-operated mining ventures according to a confidential source who spoke exclusively to the Zambian Business Times (ZBT).


The source, whose identity has been withheld due to the sensitivity of the matter, detailed a
system where Chinese mining firms often establish intricate, self-sufficient supply chains. This reportedly involves Chinese companies subcontracting other Chinese-owned entities for various aspects of the mining operations.


“What they have done is they have now brought local contractors also in the name of Chinese who are running smaller businesses. They have become part of the supply chain,” the source explained. “So you find that Companies like CNMC will come and run the mine in terms of the bigger picture with the government, and then under them, you are going to have small Chinese businesses and all
those contractors, now who are going to be subcontracted. Then you are going to have below
them the suppliers of goods and services who are also going to be
Chinese.”


This structure, the source contends, results in a value chain dominated by Chinese interests, leaving minimal space for genuinely Zambian-owned businesses. The source further alleged that even locally registered entities can be effectively foreign-controlled, with foreign shareholders nominating local
directors.
“There is no law that prevents Zambian contractors or Zambian suppliers being registered, as foreign companies can come and nominate a local director that’s what the law provides for and you can have 100% foreign shareholders and control the business. There are locally registered but foreign owned,” the
source stated. They also indicated that the limited engagement of local suppliers at companies like CNMC primarily involves non-essential items. The source emphasized the critical need for a robust local content law to address this imbalance.

“We need a law because Chinese, what they respect is the law. In the absence of the law, they will tell you, ‘Where is it written that I should give you this kind of business?’ And remember, most of the companies are going to China to buy things, so they already know they have an advantage that these things are coming from themselves, so why should they give to X and Y when they know where they are found with cheaper customs?”

Furthermore, they highlighted what they described as “cultural differences,” where Chinese firms reportedly prefer to work with trusted partners, predominantly from their own country. “They say they have cultural differences, and with those cultural differences, they say they only work with the people they trust, which is themselves. So they are more comfortable dealing with the Chinese,” the source noted.

The limited scope of Corporate Social Responsibility (CSR) programs initiated by these firms was also mentioned. The source suggested that a government-to-government engagement, given state-owned nature, might be a more effective avenue for ensuring a greater trickle-down effect of investments to
local Zambian businesses.
“In the absence of the law and regulations, the Chinese will get 100%, that is just how they are.
You cannot tell them to say reason and give businesses to this one; no, it has to be by regulations,” the source concluded

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Concerns have emerged regarding the business opportunities

Markets

Zambia’s persistently volatile Consumer Price Index (CPI) is triggering a significant transformation in consumer behavior within the hospitality sector, prompting industry players to aggressively adapt their operational models.
The Lusaka Chamber of Commerce and Industry (LCCI) has issued a strong call for the implementation of urgent policy measures aimed at buffering the hospitality sector from the escalating cost of doing business, a direct consequence of the unstable inflationary trend.


In an interview with the Zambian Business Times (ZBT), LCCI President Alexander Lawrence
highlighted the profound impact of inflationary pressures on consumer preferences, compelling hospitality businesses to undergo substantial adjustments.
“Consumers are increasingly price-conscious, actively seeking more affordable service options and curtailing discretionary spending,” Lawrence noted.


He further observed that businesses operating within the hospitality space are responding to
these shifts by streamlining their service offerings, reducing premium options, and strategically transitioning to digital platforms such as online food delivery services and booking systems to
enhance efficiency and reach a wider customer base.
“While some businesses are demonstrating resilience through innovation and by providing value-driven experiences, the financial strain on many others within the sector is considerable,” Lawrence stated.
In response to these challenges, the Chamber has formally proposed a series of targeted interventions to the government, with the objective of mitigating the rising operational costs faced by the hospitality sector. Key proposals include the provision of tax incentives for Small and Medium Enterprises (SMEs) within the hospitality industry, such as Value Added Tax (VAT) relief and waivers on import duties for essential operational inputs. The Chamber is also advocating for the implementation of sector-specific electricity and water tariffs, alongside improved access to affordable financing options.


“Enhanced support for domestic tourism initiatives and the adoption of stronger local procurement policies will also significantly contribute to boosting demand within the sector and fostering more stable supply chains,” Lawrence added.
Furthermore, Lawrence outlined the Chamber’s active support for its members through business-focused interventions, encompassing cost management training programs, financial advisory services, and the promotion of bulk procurement models to enable businesses to access more competitively priced inputs.
“We are also actively facilitating crucial linkages between our members and local suppliers to reduce the sector’s over-dependence on imports, which is a significant contributing factor to the current cost escalations,” he explained.
Lawrence reaffirmed the Chamber’s unwavering commitment to empowering local businesses and its continued engagement with key stakeholders to ensure the sustained viability and growth of the hospitality sector.
“The hospitality sector plays a pivotal role in Lusaka’s overall economic landscape, particularly as we strategically position ourselves as a prominent regional trade and investment hub. We commend media organizations such as yours for consistently highlighting this critical issue,” Lawrence concluded.

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Zambia’s persistently volatile Consumer Price Index (CPI)