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Markets

Economist Notulu Salwindi has expressed skepticism about achieving the 6.6 percent Gross Domestic Product – GDP growth rate for the 2025 budget citing the severe impact of drought on the economy.

The Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, announced a 6.6% GDP growth rate projection in the 2025 National budget.

Speaking in an exclusive interview with the Zambian Business Times (ZBT) Economist Notulu Salwindi said the damage caused by drought and the extended loadshedding requires significant recovery efforts, which will likely spill over into 2025.

“The economy is currently in recession, and next year should focus on recovery, not assuming a boom,” emphasized Salwindi.

Salwindi however predicted a minimal level of growth, contingent upon adequate rainfall.

To achieve this, he recommends measures to support recovery, rather than assuming a boom.

“The damage that has been done requires a lot of recovery, whether you are looking at household level or Company level everyone now is incurring costs if we are being honest, meaning there will be some borrowing that will be done, if you are not borrowing it means you are depleting on your savings, meaning next year either you replenish your savings or paying back debt that you acquired this year because you are trying to survive,” he observed.

However, Salwindi projected that the GDP is likely to attain a minimal level of growth but within the conditions of adequate rainfall.

“In other words, right now, we are under a recession, so next year we are trying to recover we don’t want to go into depression, everything in 2025 should be a recovery process and not where we are assuming. we are coming from a boom where all things where rosy, if people are recovering from a shock now what measures are you putting in place to ensure that they are being assisted in their recovery?” he questioned.

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Economist Notulu Salwindi has expressed skepticism about

Mining

The Zambian copper industry experienced about 5% decrease in export earnings from refined copper, dropping from K17.2 billion in July 2024 to K16.4 billion in August 2024.

According to the Zambia Statistics Agency – Zamstats this decline was mirrored by a 6.4% decrease in refined copper export volumes, falling from about 70 thousand mt in July to about 65 thousand mt in August 2024.

“Export earnings from refined copper decreased by 4.6 percent from K17.2 billion in July 2024 to K16.4 billion in August 2024. Refined Copper export volumes decreased by 6.4 percent from 68.7 thousand mt in July 2024 to 64.3 thousand mt in August 2024.” Confirmed Goodson Sinyenga, Zamstats Statistician General.

Furthermore, copper prices on the LME market also saw a 5% decrease, from US$9,393.6 per mt in July 2024 to US$8,963.7 per mt in August 2024.

Meanwhile, the cumulative volume of refined copper exported from January to August 2024 saw a decrease to 511.5 thousand mt from 531.6 thousand mt in 2024 representing a 3.6% decline.

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The Zambian copper industry experienced about 5%

Companies

Coca-Cola Beverages Zambia continues to reward its loyal customers through the ongoing ‘Wina naKapendelo kaCoke’ promotion, offering exciting weekly prizes to consumers nationwide.

Among the winners is 23-year-old Ruth Chalwe from Kalomo district, Western Province, who has turned her K25,000 win into a life-changing opportunity by enrolling in a tailoring and design school.

Ruth, who completed her secondary education in 2019 and holds a nursing qualification, expressed her gratitude to Coca-Cola Zambia for the promotion.

“I am extremely grateful to Coca-Cola Zambia for this opportunity. Winning the K25,000 has allowed me to pursue my dream of becoming a professional tailor,” Ruth said.

Ruth has already made plans to begin her tailoring and design course in January 2025. After completing her studies, she hopes to open her tailoring shop and contribute to her community by employing local youths.

“My goal is not just to become a tailor but to create opportunities for others by offering employment in my shop. This promotion has been a blessing, and I encourage others to participate and win,” she added.

The ‘Wina naKapendelo kaCoke’ promotion, running until November 30, 2024, invites participants to buy a 300ml Glass Bottle of Coca-Cola, Fanta, or Sprite with a yellow bottle cap, dial 38424#, and follow the prompts to stand a chance to win amazing prizes. Entry in the promotion is free.

Coca-Cola Beverages Zambia remains committed to bringing joy and life-changing opportunities to its consumers through such promotions.

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Coca-Cola Beverages Zambia continues to reward its

Companies

Coca – Cola Beverages Zambia – CCBZ recently welcomed its Group Chief Executive Officer – CEO, Sunil Gupta, along with other key executives to the Zambian market for a two-day familiarization tour.

The visit, which took place from 2nd to 3rd October 2024, provided an opportunity for the CEO and other executives to engage with various stakeholders and gain valuable insights into the Zambian market dynamics.

Accompanied by the Chief Operating Officer, Gavin Hudson, and the Chief Supply Chain Officer, Alok Sharma, Gupta led the Executive Leadership Team (ELT) in visiting key accounts, general trade partners, “Matebeto” outlets, distributors, and wholesale customers.

The ELT was joined by CMT members, led by the General Manager, Josphat Mwangi, as they sought to interact with customers and gain a deeper understanding of the market landscape.

The second day of the visit kicked off with a “meet and greet” session with GMT members, during which valuable feedback was shared on market opportunities. The tour concluded with a plant visit to the Lusaka West plant, providing the executives with insights into the company’s local operations and production processes.

The familiarization tour not only allowed the Company to strengthen its connections with local partners but also provided them with a firsthand understanding of the Zambian market.

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Coca – Cola Beverages Zambia – CCBZ

Agribusiness

Crushers and Edible Oil Refiners Association (CEDORA) has attributed the 12% increase in export earnings to the ban lift on the export of oil cake and other solid residues of sunflower seeds, which accounted for 19% of the increase.

The Zambia Statistics Agency reported a 12% increase in export earnings from agricultural products, reaching K2.4 billion in August 2024, up from K2.1 billion in July of the same year.

Speaking in an exclusive interview with the Zambian Business Times, Dr. Aubrey Chibumba, Director of the Crushers and Edible Oil Refiners Association (CEDORA), revealed that the Ministry of Agriculture had allowed the resumption of the export of sunflower cake, soya cake, and cotton cake, following the decline in demand.

“As a result, there is now a limited quota for the export of these protein cakes every month, leading to a noticeable surge in their export. He highlighted the impact of factors such as load shedding on the local demand for stock feed.”

He explained that the decline in demand was a result of the inability to rear birds due to the challenges posed by load shedding, leading to a decrease in the demand for soya cake and stock feed.

“In April we were stopped from exporting any cake due to the droughts because the country was not sure about whether we had enough cake for stock feed production.” He said.

“You can imagine if you are keeping day old chicks and then there is no electricity and then those day old chicks are going to die, same applies to restaurant owners and you order hundred chickens per week because of no electricity you cannot keep those hundred chickens so you start ordering on a day by day basis , but again on a day by day basis your supplier also their costs are going to go up if they have to be distributing on a day by day basis, so the whole cost structure in the value chain has gone up so high that it has made it difficult for people to actually rear birds making the demand for soya cake and stock feed to go down.” He explained.

Chibumba further stated that due to the demand going down the Ministry of Agriculture allowed them to export, making them to resume export of sunflower cake, soya cake and Cotton cake.

“So all the protein cakes currently, we have a limited quarter that we can export every month so that’s why you will start seeing jumps in experts of those commodities.” He said.

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Crushers and Edible Oil Refiners Association (CEDORA)

Tech

Amid the power crisis the country is currently grappling with, the Solar Industry Association of Zambia – SIAZ, has Expressed concern over the renewable energy sector, specifically solar energy in Zambia as it is facing shortage of expertise, with only the University of Zambia currently offering a master’s degree program in renewable energy.

Association President Matanda Mwewa has emphasized the need for additional training and courses to address this gap. Mwewa stated that there is a need for courses to be introduced, as there are currently no technicians specializing in solar energy.

He explained that Solar energy requires hands-on training, and engineers and electrical technicians willing to contribute to this sector must come on board.”

Mwewa however revealed that the Association has collaborated with TEVETA to develop a curriculum, which is now being implemented in five TEVET schools to ensure that the sector is wellequipped with the necessary skills.

Emphasizing the importance of research and professional installation, Mwewa urged end users to conduct thorough research on equipment setup, common market brands, and warranties.

He stressed that investing a significant sum of money in renewable energy systems necessitates the engagement of professionals with a proven track record in installation and urged individuals to seek referrals from experts to avoid potential hazards.

The industry’s call for enhanced training and expertise underscores the critical need for sustainable and safe renewable energy practices in Zambia.

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Amid the power crisis the country is

Agribusiness

The prolonged hours of load shedding in Zambia have taken a devastating toll on the poultry industry, with the Poultry Association of Zambia (PAZ) Executive Manager Dominic Chanda revealing that costs have tripled for some businesses.

Chanda said this increase is primarily due to the expensive alternative energy sources that companies have been forced to adopt.

He noted that small businesses, particularly those providing incubation services for village chickens, have been severely impacted, with many closing down adding that these businesses are unable to invest in alternative energy sources, making it impossible for them to continue operations.

He also said the reduced purchasing power of consumers has also affected the industry, with families opting to buy chicken daily instead of in bulk.

He explained that this shift has put pressure on farmers to keep chickens longer than necessary, increasing production costs. Unfortunately, farmers have not been able to increase prices due to consumers’ limited disposable income, resulting in significant losses.

“Other people who have invested in other alternative sources of energy which is more expensive , are enduring three times the cost of grid meaning that every output that is been produced is at a higher cost than the previous one hence there is higher chance of seeing some adjustments in prices .”

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The prolonged hours of load shedding in

Lifestyle

The construction of the Kabwe intercity Bus Station in central province has stalled due to insufficient funds to complete the construction.

Central Province permanent Secretary has disclosed that the construction of the Kabwe intercity Bus Station which is about 85% done and it is scheduled to be completed once the additional funds that they had requested comes in.

Speaking in an exclusive exclusive interview with the Zambian Business Times -ZBT , Central Province permanent Secretary Milner Mwanakampwe said, an additional funding requisition has been made to the line Ministry which is the Ministry of Local Government and Development.

“Our prayer is that the funds will be made available within this quarter and completing one factor review of services that will be managed within the quickest possible time,” He said.

He further projected that the Bus station is projected to be completed as soon as the last funds are released before the last quarter ends it is earmarked that the project can be completed before close of the year.

“The completion is dependent on the release of last funding that we have applied for, and also just bear in mind that Government now has shift their attention including the masses, that’s why most of the resources there on the budget has be realigned towards saving the lives of people from starvation.” He said.

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The construction of the Kabwe intercity Bus

Markets

The Zambia Institute of Chartered Accountants (ZICA) in line with its mandate under Section 18 of the Accountants Act No. 13 of 2008 has intensified its efforts to prosecute individuals falsely presenting themselves as accountants or practitioners without proper registration with the Institute.

According to a statement made available to the Zambian Business Times-ZBT, Ronald Nkandu Kaoma, a student registered with the Institute has been charged with the offence of forgery of statement of results, contrary to Section 344 (a) of the Penal Code Cap 87 of the Laws of Zambia.

He pleaded guilty to the offence and was convicted and sentenced to 18 months’ imprisonment on 24th September 2024.

In a related matter, ZICA is prosecuting Benjamin Sakala, the alleged proprietor of B.S & Associates, who has been found to be operating without proper registration with the Institute. Sakala has been charged with the offence of Holding Out, to which he pleaded not guilty. The case is currently before the Subordinate Court of Zambia.

Additionally, ZICA launched an investigation into Kenny Mwale, who is suspected of falsely representing himself as a practitioner and preparing financial statements for a known firm without being registered with the Institute.

Mwale has also been charged with the offence of Holding Out and has pleaded not guilty.

His case is currently being heard before the Subordinate Court of Zambia.

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The Zambia Institute of Chartered Accountants (ZICA)

Companies

DACAPO, one of Lusaka’s most popular restaurant and night spot, is aiming to have its new outlet ready within two months after the closure of operations at its previous location in East Park Mall.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, DACAPO owner Dimi Lerodiakonou said the decision to relocate to showgrounds comes following the indefinite closure of operations at East Park, which has left over 130 DACAPO employees without a job.

DACAPO has also expressed its determination to provide a new home for its employees and continue its business operations.

According to the court documents seen by the Zambian Business Times – ZBT, the newly opened Cargo Hotel Limited Commonly known as Cargo 88 Hotel dragged Dacapo Coffee Bar & lounge to court on claims that its operations at East Park Mall in Lusaka were disturbing it’s business operations.

DACAPO has however expressed disbelief over the allegations that DACAPO’s operations at East Park had resulted in a loss of business for others questioning how they had lost business when they only opened in 2023 and DACAPO was operational from as far back as 2019.

Asked about what extent has the business been affected after the order of closure, Dimi said “my priority is our employees because as you know, in Zambia one person feeds five, so if you take 130 employees out of their jobs overnight, it affects more than just those employees but we are going to re-build the business and find a new home for the employees.”

He said in two months a new Dacapo outlet should be ready, “so we are pushing, trying to get things done but like I said we just want to carry on with our operations and continue as we are not at any sort of war.”

“DACAPO right now, we are moving into show grounds were we are trying to set up our new place with our customers. We have been affected because we have about 130 employees that were employed and so we have to build them a new home, not only for my staff but also for my clientele.”

DACAPO remains optimistic about the future, stating, “We are pushing forward and we are hoping that very soon everything will fall back into play.”

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DACAPO, one of Lusaka’s most popular restaurant