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Agribusiness

The importation of milk concentrates at the expense of sourcing fresh milk from the local dairy industry in Zambia has raised concerns that the resultant re-constituted milk is being sold to unsuspecting customers as fresh milk and not clearly labeled as reconstituted milk.

And Lusaka City Council (LCC) Director of Public Health Christopher Mtonga has advised milk processors in Zambia to label all re-constituted milk in order to make consumers aware of what type of milk they are consuming. The top milk processor brands in Zambia include Trade King’s Dairy Gold, Varun’s Cream bell, Zambeef’s Zam-milk and Lactalis Parmalat.

Mtonga said all pre-packaged milk including re-constituted milk and fresh milk should be labelled as guided by the food safety regulations. He said milk processors should ensure that the standard of milk which include parameters such as labelling, nutritional status, expiry dates and manufacturing dates are followed.

According to information made available to the Zambian Business Times-ZBT, Mtonga said the council conducts inspection of such products and if the recommended standards and safety regulations are not met, the products are seized and destroyed.

He noted that milk processors submit samples to the lab for clearance as well as to the Zambia Bureau of Standards (ZABS) to ensure compliance with the Zambian standards before a permit to start producing is granted.

He said milk processors are well guided on the parameters such as ingredients, nutritional value and labelling which they need to meet before they can put out a product on the market. There is a risk of reputation damage if these regulations are not followed.

He advised the public not to buy food products which do not meet the required standard and asked food companies to comply with the labelling standards as guided by ZABS and the Food Safety Act or risk having their goods seized and destroyed.

Mtonga said the council also conducts inspections upon receiving complaints on the quality of milk and other food products from the media and the public, which it handles through investigations.

He mentioned that the council believes in an open door policy and has encouraged members of the public to report all complaints related to food safety in order to ensure that the products on the market meet the required standards.

Large scale Milk processing companies in Zambia have been accused of selling re-constituted milk in the place of fresh milk, which is a breach of good corporate citizenship as consumers buy this milk thinking is fresh milk when in fact not.

Moreover, the Dairy Association of Zambia – DAZ has revealed that huge quantities of locally produced fresh milk remains uncollected and wasted due to the large scale processors opting to import milk concentrates at the expense of developing local sourcing of fresh milk.

DAZ has complained that its members are ready to supply enough milk needed by the milk processing companies for both local consumption and export but have been let down due to this preference for imported milk concentrates being sold in the place of fresh milk and not clearly labeled.

The Zambian public are therefore made to believe that they are consuming fresh milk when in fact, it’s re-constituted milk made from concentrates. Some consumers have further complained that some milk products on the market are so adulterated and more of water than milk.

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The importation of milk concentrates at the

Markets

The Zambia Development Agency (ZDA) and Absa Bank Zambia have signed a Memorandum of Understanding – MOU to support Micro, Small and Medium Enterprises (MSMEs) access affordable financial services.

The MoU will also present an opportunity for MSMEs to access tailor-made business development support services to enhance their performance and competiveness.

Speaking during the virtual MoU signing ceremony monitored by the Zambian Business Times-ZBT, Absa Bank Zambia Managing Director, Mizinga Melu said, “We are excited as a Bank to formally sign this MoU with ZDA as we share the same vision of supporting the MSME segment grow their businesses and ultimately contribute to the growth of the economy.

Melu said the bank will leverage on this partnership with ZDA and ensure that it trains MSMEs on various business acumen, provide support in terms of access to export markets through trade expos and facilitate local market linkages.

“The Bank also remains committed to driving the Financial Inclusion agenda through our Citizenship initiatives.

“Case in point is the support to MSMEs through Business Banking portfolio, Youth Mentorship Programme and the support to the vulnerable groups during this Covid-19 period,” she added.

In this MoU, ZDA will after undertaking a baseline assessment, identify and recommend to Absa Bank Zambia, MSMEs in need of financial services while Absa in consultation with ZDA will identify financial products suitable for the recommended MSMEs.

MSMEs will receive financial support in terms of loans on an individual basis provided they demonstrate their capacity.

Absa has a mandate to provide a wide array of tailor-made financial solutions to business enterprises including MSMEs, while ZDA has a mandate to facilitate trade and investment, and promote growth and development of MSMEs to spur economic diversification and job creation.

The development agency will also continue to provide business development support services, coaching and mentorship services to the MSMEs recommended to Absa Bank Zambia, which will in turn provide business financing, financial extension and working capital facilities to the recommended MSMEs.

And speaking at the same event, ZDA Director General Mukula Makasa said: “This collaboration will help solve some of the challenges that MSMEs face such as access to business financing and working capital. I am confident that this partnership will yield more positive results in the foreseeable future.”

Makasa said the main objective of the signed MoU is to facilitate the provision of Business Financing and other business development services to MSMEs to enhance their business performance and improve competitiveness.

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The Zambia Development Agency (ZDA) and Absa

Companies

The Copperbelt – CB and North-Western Province based ZESCO customers may experience intermittent load management due to vandalism that has occurred on the inter-connecter power system which has been vandalized in Kabwe.

The incident, which occurred on Sunday July 25 2021 near Kankundwe area in Kabwe, has resulted in system disturbance and will cost ZESCO Limited about K2.5 million in repair works.

ZESCO Limited public relations manager Hazel Zulu told the Zambian Business Times in a statement that the deliberate removal of bolts and nuts had weakened the tower structure, which led to its collapse following heavy winds experienced in the area.

Zulu said customers may experience intermittent load management in selected areas on the Copperbelt and Northwestern provinces in the event of any system overload during repair works.

“As a corporation, we are deeply saddened by this retrogressive act and hope that the culprits are quickly arrested. We would like to assure the public that our maintenance team have since commenced repair works, which are expected to be completed by Saturday, 31st July 2021.

“We however wish to remind the public that despite the sufficient capacity of the remaining transmission lines between Kabwe and the Copperbelt province to meet the requirements of the two provinces, our customers may experience intermittent load management in selected areas on the Copperbelt and Northwestern provinces in the event of any system overload during repair works,” she said.

Zulu said ZESCO Limited will continue to keep the public informed and updated on the matter while regretting the inconvenience this has caused. An appeal has been made to members of the public to help safeguard public property such as ZESCO installation.

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The Copperbelt - CB and North-Western Province

Agribusiness

Stock feed prices which have been recording steep price increases are being investigated. This has forced government to halt the issuance of export permits to allow for a stakeholder review of the price trends.

Government says the suspension of the issuance of export permits for stock feed and its ingredients is meant to address the continued increase of stock feed prices on the market despite key ingredients being sourced locally.

The issuance of export permits for stock feed was with immediate effect suspended on 25th July 2021 and government directed producers of stock feed not to increase prices of their products until concerns of livestock farmers are resolved.

However, firms with valid and already issued export permits will be allowed to conclude their exports as some may have already committed to contracts of supply. The suspension of new export permits issuance follows concerns that government received from some livestock farmers on the pricing and availability of stock feed.

Ministry of Livestock and Fisheries Permanent Secretary Benson Mwenya said the suspension period would allow stakeholders to analyze why the price of stock feed has continued to increase despite the ingredients that go into production of stock feed being sourced locally.

Mwenya said manufacturing companies may be importing premixes for the production of stock feed but the major ingredients such as soya, maize bran and wheat bran are sourced and grown locally, therefore the need to investigate the price increase.

Speaking in an interview with the Zambian Business Times-ZBT, Mwenya said the country had a bumper harvest for maize and soya beans, which was at its highest production compared to some years back when the production was very low, but stock feed prices continue to increase every month.

He said the suspension would allow stakeholders and all individuals involved in the matter to sit down and find out where the problem is in order to come up with solutions that will benefit both the producers and consumers.

He also said there is a high demand for stockfeed because the raw materials used in the manufacturing of the product are being exported which has affected the availability of the product on the market.

“Can you explain why you should have a bumper harvest yet keep increasing the price of stockfeed every day, that is the question that government is asking, that is the paradox we are trying to solve. Why have a bumper harvest yet keep increasing prices of stockfeed, even the kwacha was stable and has now started going down but prices of stock feed keeps increasing”, he questioned.

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Stock feed prices which have been recording

Agribusiness

The Ministry of Livestock has clarified that the suspension of the issuance of export permits for day old chicks is not a ban but a “temporal suspension” meant to address the escalating demand within the country which has led to shortages on the local market.

Ministry of Livestock and Fisheries Permanent Secretary Benson Mwenya told the Zambian Business Times – ZBT that the demand for day old chicks has continued to increase with close to 2 million chicks needed every week. There is need to appreciate that companies need to satisfy the local market first before resorting to exporting the excess,

Mwenya said the demand (both local and export) for day old chicks has outstripped the supply and that is why people have continued to wait longer periods for their day old chicks once they place orders with the various suppliers on the market. This situation has also lead to increased prices on the local market.

When asked why the suppliers are not expanding to satisfy both the local and export market, the Livestock PS stated that producers of day old chicks are willing to expand their production due to the growing demand but the expansion will be gradual, adding that it will take time for the expansion to take effect because producers need to invest in the grandparent stock.

“In the production of day old chicks it takes a longer time because you have to invest in the grand parent stock, so the cycle takes about 24-27 weeks before the chickens start hatching. So for one to expand, it takes a bit of time. You have to start with the grandparent stock, the parent stock then they produce the chicken”, he said.

He said producers have begun expanding their production but it may take even seven months for production to increase adding that producers are also cautious and want to ensure that the demand will remain high even after increasing production.

He mentioned that the suspension of export permits would allow stakeholders to analyze the situation in terms of how much is available and how much can be exported in order to come up with a better solution for both the suppliers and consumers. We have to come up with a win win situation that allows the satisfaction of the local market as well as the export market.

“It’s not a ban, it’s just a suspension, there is pressure where somebody buys their chicks today but receives them after three months, so we are trying to put a stop to this. We are looking at our statistics, where are we, how much can we allow for export but that will take a bit of time, so that we see the true picture”, he said.

He noted that suppliers of day old chicks are also exporting fertilized eggs, which are hatching in the countries they have been exported to, and this has contributed to the shortage of day old chicks on the market.

Mwenya said this is a temporal suspension, which will not affect the value of kwacha in terms of appreciation or depreciation adding that there should not be any price hikes because the kwacha is appreciating.

He explained that suppliers of day old chicks need to satisfy the local market first before they can export as there will be no need for companies to continue exporting and earn forex meanwhile the products on the local market are expensive.

He emphasized that this is a temporal suspension and not a complete ban, which will assist government to get accurate figures so that it can advise stakeholders accordingly and see how everyone involved can benefit.

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The Ministry of Livestock has clarified that

Mining

Supply of gold to the Bank of Zambia (BoZ) under the local gold purchase programme by the Zambia Gold Company Limited, a ZCCM IH subsidiary, has been declining month on month since December 2020 affecting the rate of accumulation of reserves.

A check on the month on month confirmed supplies revealed that BoZ initially purchased 47.96 Kgs of dore gold for the December 2020, then purchased a reduced amount of 21.83 Kgs in February 2021, and then a further reduced volume of 17.05Kgs in March from the Zambia gold company limited – ZGCL, showing a month on month decline on volumes purchased.

After taking over the Mine at Kasenseli as well as announcing that they would be purchasing gold from artisanal miners, ZGCL was expected to be a major supplier of gold in Zambia. Currently, FQM’s Kansanshi Mine seems to be a more reliable and stable source of gold for national reserve building.

When contacted by the Zambian Business Times-ZBT to clarify why the company supplies have been on a decline, ZGCL public relations manager Matthews Liyani confirmed that the company’s production had reduced but that this was due to the past rainy season.

Ligali told ZBT that Zambia gold company operations are new and done through open pit mining. “Our production had reduced during the rainy season because we are doing open pit mining,” he said.

He said the company has now put in place measures to ensure production does not reduce in the rainy season going forward. Some of the measures put in place includes stock piling the raw materials to be processed during the rainy season.

He said the company has also purchased two new processing units with the capacity to process 50 to 70 tonnes of raw materials or ore per hour. He revealed that the current processing plant has the capacity to process only 3 tonnes per hour.

“We have recently purchased new processing equipment, which is currently being installed. The current capacity is at 3 tonnes per hour. The two new processing unit we procured have the capacity to process 50-70 tonnes of raw materials per hour each.

“The new processing plant has bigger capacity than the current one, meaning that there will be significant improvement in terms of production. The new plant will be commissioned by next month (August 2021),” Liyani said.

He said in order to increase production, ZGCL working with ZCCM-IH has commenced preliminary mineral exploration activities in Rufunsa, with full exploration starting next month.

“ZGCL owns another small-scale exploration license (25796-HQ-SEL) in Rufunsa. In order to increase production, the company, working hand in hand with the ZCCM-IH, has commenced preliminary mineral exploration activities in Rufunsa, with full exploration starting next month,” Liyani added.

The company’s year-to-date production (YTD) for 2021 is currently at 38,320.78 grams of gold while the gold production from the time mining activities commenced to date is at 115,474.02 grams. The company also buys gold from artisanal miners across the country as a way of supporting them and has so far bought 29,523.31 grams.

Analysts say the Bank of Zambia – BOZ needs to upscaled it’s gold reserves ambitions so that the country can accumulate enough gold reserves to use in stabilizing the local currency, the Kwacha.

Perpetual depreciation of the Kwacha remains to be one of the biggest macro economic challenges Zambia faces. Holding of US dollar reserves supplemented by a big chest of gold reserves is expected to provide a buffer to defend the Kwacha which is the store of value for the vast majority of local citizens.

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Supply of gold to the Bank of

Markets

Zambia’s busiest and one of the most active foreign exchange market, Kasumbalesa border between Zambia and the Democratic Republic of Congo has re-affirmed that Kwacha is destined to continue to appreciate against the United States Dollar (US$)

A check at Golden Coin Bureau De Change located at Kasumbalesa Border around 14:45 hours on Monday July 26 2021 by the Zambian Business Times – ZBT has revealed that the Kwacha was buying and selling at K18.10 and K18.40 respectively.

In an interview with the Zambian Business Times-ZBT, Association of Bureaux De Change of Zambia (ABCZ) President Paul Kalumba said the local unit (the Kwacha) opened trading session at the border at K19.50 and K19.90 per dollar.

Meanwhile, indicative rates at Absa Bank in Lusaka showed that the Kwacha was trading between K20.71 and K21.10 while at Bank of Zambia – BOZ indicated that the Kwacha opened at K20.85 and K20. 90 per dollar at around 09:30 hours.

At 15:30 hours, the Lusaka based market showed that the local currency was buying and selling at K19.90 and K19.95 per dollar at BoZ, showing a further appreciation for the first day of the week.

AT ZANACO, one of the leading banks in Zambia with a large customer base had the kwacha trading between K19.81 and K20.18 per dollar, which showed that it was relatively flat. The markets are not yet certain at what rate the current appreciation will settle at.

There is need for the confirmation on the timelines of when the Special Drawing Rights – SDR facility will be availed to Zambia and what conditionality’s are attached to this facility. Future Copper price projections however remain positive.

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Zambia’s busiest and one of the most

Markets

Zambia’s internationally renowned economist and business consultant has attributed the current Kwacha appreciation to improved US dollar liquidity on the local market coupled with continued build up and increase in international reserves.

Professor Oliver Saasa who is also a Rhodes Scholar said there are a number of factors which are driving the current strengthening of the local currency. These factors include the improved dollar liquidity on the market as well as improved international reserves as a result of good copper prices on the international market.

Speaking in an exclusive interview with the Zambian Business Times-ZBT, Prof. Saasa said looking at the current movements in the international reserves which are at US$1.65 billion and the good copper prices on the international market, the country’s international reserves might hit somewhere beyond US$2 billion by the close of the financial year 2021.

“In the past few week, we have noticed stability in the kwacha and some slight gaining of strength. There are a number of factors which include improved dollar liquidity on the market at the moment and the improved ability of the central bank to shoulder off any skew in terms of demand on the dollars.

“Our export receipts at moment have increased significantly because of the good copper price on the international market that leads us to significant improvement of our reserves. We have moved from a range of about US$1.3 to 1.4 billion to now about US$1.65 billion, which is quite significant,” he said.

Prof. Saasa commended the Bank of Zambia (BoZ) for managing and navigating the Kwacha well especially where say, if the local currency depreciates, they move in very timely to inject some dollars within their capacity, which seems to be strengthening the Kwacha.

He further told ZBT that “We were almost reaching a point we’re it became difficult to secure dollars, it was almost zero on the pipeline. But the situation has turned around, If you go to the bank now and you want US dollars, you will get supplies immediately. The situation before, like three months ago, it was difficult for banks to supply dollars and they would ask you to wait.

“At the moment the dollar liquidity is fairly stable, one can easily get the dollars. If you ask the bigger dealers who are the main industry players that look for foreign exchange, they will tell you that almost all the dollars they require will be made available.

“We are talking about a well stabilized system and I must confess that the central bank governor has done a good job at that level, because really a worsened exchange rate for the kwacha has direct effect on inflation. We [Zambia] do import using the kwacha from Countries like South Africa,” Prof. Saasa said.

He explained that strengthening the Kwacha against the major convertible currencies would translate into better prices for imported goods and services. “This is positive in a way and we hope that it will be sustained. Zambians must be happy about this,” he said.

When asked what else BoZ can do to further strengthen the Kwacha and claw back some of its lost value over the last one year, prof. Saasa said the central bank can only respond to the extent that their monetary instruments can be supported by the behavior of the market.

He said the bank cannot inject more foreign exchange in the market if the foreign exchange is not readily available and if the export activity is not yielding sufficient dollars back into the market.

“So, as long as we have a good copper prices, as long as we see that [exporting] industry is allowed to thrive again by being able to access the raw material that are required for production and therefore productivity is increased, for as long as there is stability in the market, You will see a turnaround. We are not there yet, but we can see some improvement.

“And as long as we take right decisions that do not upset macroeconomic fundamentals including the fiscal deficit, as long as we have fiscal prudence, discipline in the management of this US dollar windfall especially from copper exports, then the central bank will have leverage to be able to continue with what they are doing of better management of the foreign exchange market.

He however cautioned that “if we mess up on the fiscal side by generating deficits, that will lead into confusions of some of the projected improvements such as the slowing down of inflation, then the central bank tool kit cannot resolve the fiscal issue, the Central banks instruments are monetary.

Prof. Saasa appealed to the Government to minimize on excessive expenditure especially expenditure that was not budgeted for like the impending debt swap. He warned that the impending debt swap for some civil servants by government has the potential to worsen the country’s fiscal deficit and could be seen as tantamount to fiscal indiscipline on the part of government.

Prof. Saasa has also warned that the timing of the debt swap may suggest a lack of fiscal prudence especially that this activity was neither budgeted for nor approved by Parliament.

He cautioned that it is unsustainable that while the Government owes an estimated $7 billion in local debt to suppliers of goods and services among others, over $13 billion in external debt and has ‘defaulted’ on various financial obligations, government has opted to solve civil servant’s debt.

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Zambia’s internationally renowned economist and business consultant

Agribusiness

Nitrogen Chemicals of Zambia (NCZ) has disclosed that the fertilizer blending plant that the company has secured funding for, is capable of blending sufficient quantities of fertilizer that will meet and satisfy the market demand, thereby cutting the need for unnecessary imports.

NCZ Marketing and Sales Manager Cleopatra Chanda said the company carried out necessary research to determine what is required to start blending enough fertilizer for the Zambian market and which capacity would meet the market demand, adding that the blending plant which will be procured with the secured funding is capable of producing the sufficient amount for the Agro market.

The Industrial Development Corporation (IDC) has injected K684 million (about Us$31 million) in its subsidiary Nitrogen Chemicals of Zambia – NCZ to enable the company boost its production capacity.

IDC Group CEO Mateyo Kaluba said of the total amount, K638 million was for working capital support for the production of fertilizer to enable the company consistently supply the commodity to the market, while K45.6 million would enable the procurement of a fertilizer blending plant.

Chanda further disclosed to the Zambian Business Times – ZBT that the company would continue manufacturing D-compound fertiliser and Ammonium nitrate, which is a direct fertiliser but will also be blending fertiliser for the other market that needs specific blends.

She said how much fertiliser is to be blended would be determined by the current market based on surveys conducted every year, which determine how much is required.

Speaking in an interview with the Zambian Business Times – ZBT, Chanda said the current NCZ plant in Kafue produces compound fertilizers but after doing market research, it has been ascertained that some of the commercial farmers use blended fertilizers, therefore the need to cater for all the farmers brackets.

She dispelled claims that Zambia and NCZ is not capable of manufacturing fertilizer locally but only blending as claimed by some private fertilizer traders. Chanda stated that NCZ has all along been locally manufacturing fertiliser especially for the Farmer Input Support Programme (FISP).

She mentioned that some raw materials used in the manufacturing of D-compound fertilizer includes Ammonium phosphate, coal and gypsum among other materials. All these materials are locally available, so people should not mislead the nation that Zambia has no raw materials.

She explained that the manufacturing of fertilizer by NCZ was only hampered by lack of sufficient working capital to produce enough fertiliser, adding that with the current investment from IDC, NCZ will now be able to produce sufficient fertilizer for both cash sales as well as for fully supplying the Farmer Input Support Program – FISP.

The blending plant or equipment is for meeting specific needs, “It’s more like you are taking a solution to a farmer; you do a soil sample testing to determine the nutrient requirements for a particular crop”.

“For example you want to grow pineapples, when you do the soil test, then you discover that you need a fertiliser blend that will be 6% of nitrogen, 2% of phosphorous, 6% of magnesium, for you to do a blend like that, you need a modern blending plant because the current plant cannot mix those specific requirements”, she said.

She noted that the Indaba Agricultural Policy Research Institute (IAPRI) conducts research every year concerning the required fertiliser for the entire country adding that figures change every year, which NCZ will now be able to meet.

She noted that the development [investment] has come at the right time because when production increases, employment is created, adding that increasing production also means a market will be required which translates into opening sales outlets in provincial centres and districts.

Zambia will also be able to export more crops as the national consumption requirements are met. The plant will also cut the need to spend huge amounts of forex annually in importing fertilizers since the bulk of the raw materials will be sourced locally.

The Bank of Zambia – BOZ had in the first quarter of 2020 attributed the depreciation of the Kwacha to the pressure of imports for Petroleum and fertilizers among other key forex drainers. It remains to be seen how this investment will unfold.

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Nitrogen Chemicals of Zambia (NCZ) has disclosed

Markets

The Bank of Zambia (BOZ) has only managed to purchase 479 Kgs (15,392 ounces) of gold at a cost of K604.3 million (about US$27 million) since December, 2020. But when checked against the three months import cover required, this amount is considered a moderate starting point with BOZ signaling its non-aggressive approach.

Accumulating reserves at this rate means that the central bank is accumulating gold reserves at an average of about US$4 million per month, which would take decades to accumulate enough reserves to cover say the recommended three months import cover for Zambia.

Gold reserves have been seen as a viable alternative to establishing a strong alternative to holding US dollar reserves that can be used to back the Kwacha and bring to an end, the historical years of perpetual Kwacha depreciation, which is one key economic variables that is responsible for loss of value for Kwacha asset holders who are mostly local Zambians.

BOZ stated that of the 478.76 Kgs, 391.92 Kgs was purchased from Kansanshi Copper Mine (a part of FQM) at a cost of K500.5 million while 86.84 Kgs from the Zambia Gold Company at a cost of K103.8 million.

The Zambia Gold Company was expected to shore up its production by now and contribute heavily to establishing a huge chest of gold reserves, but purchases by BOZ seems to be telling a different story. There is need for transparency in the operations of Zambia Gold Company in terms of availing monthly production figures and explanations on why its production seems to be below expectations.

According to information made available to the Zambian Business Times-ZBT, the Bank plans to purchase 746.5Kgs (24,000 ounces) of London Bullion Delivery gold from KCM and about 120Kg (3,858 ounces) of dore gold with a minimum of 88% purity from Zambia Gold Company per year.

“This is broken down in 391.92 Kgs (12,600 ounces) purchased from Kansanshi Copper Mining Plc at a cost of K500.5 million and 86.84 Kgs (2,791.91 ounces) purchased from Zambia Gold Company, a subsidiary of ZCCM – IH at a cost of K103.8 million,” BOZ stated.

The Central bank re-affirmed that the objective of this initiative is to shore up and diversify Zambia’s international reserves. The attractiveness of this venture is that the gold is being purchased in local currency.

The dore gold purchased from Zambia Gold Company will only reflect in international reserves after refining. The Central bank did not confirm how much or how long it would take to refine the dore gold.

The central bank purchased 65.32 Kgs of London good delivery gold from FQM in January, February, March, April, May, June 2021, while BOZ purchased 47.96 Kgs of dore gold in December 2020,21.83 Kgs in February 2021, and 17.05Kgs in March from Zambia Gold Company.

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The Bank of Zambia (BOZ) has only