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United Bank for Africa (UBA) hosts a UNGA reception in New York, celebrating UBA Group 75th anniversary.


Hosted by UBA Group Chairman Tony Elumelu CFR, under the theme “The UBA Africa Reception 2024” brought together global leaders, business and financial experts, policymakers, entrepreneurs, and customers.

The event which happened alongside the 79th United Nations Global Assembly (UNGA) celebrated UBA’s impactful journey and the role the bank has played in facilitating trade across Africa and world.

UBA’s Group Chairman, Tony Elumelu, said the bank is committed to shaping the future of Africa and the world at large, he explained that the outing at UNGA was targeted at convening global leaders to talk about crucial topics on the continent including transformative economic growth for Africa.

“This is very important to us a continent so that we can eradicate poverty and create prosperity for all; making sure we create employment for our young ones. We need to stop wasting our talents on the continent and talk about equitable energy transition that is beneficial for Africa,” Elumelu said.

Earlier at General Assembly, Elumelu had interfaced with global leaders and policy makers on the need to collectively foster progress, drive and invest in impactful change for Africa’s future and put the continent on the global stage, adding, “There is a better way to invest in Africa for a sustainable future that creates value for all.”

The UBA cocktail reception brought together top global leaders, captains of industries and policy makers in one room to network and chart a better course for the future of the globe including the President of São Tomé and Principe, His Excellency Carlos Vila Nova; President of Sierra Leone, His Excellency Julius Maada Bio; President of Gabon, His Excellency, Brice Oligui Nguema; President of Ghana, His Excellency Nana Akufo-Addo; and the Queen Maxima of the Netherlands.

Top African Business mogul, Alhaji Aliko Dangote and President of the African Export-Import Bank (Afreximbank), Okey Benedict Oramah; were also part of this event.

Also, at the UNGA outing, the group chairman joined former US President, Bill Clinton on the Clinton Global Initiative Executive Roundtable lunch on “Speed and Scale: Achieving Climate Targets”, which emphasised on the urgent need for innovative solutions to climate goals while fostering sustainable development.

United Bank for Africa, the leading sub-Saharan African bank and one of the largest employers in the financial sector on the African continent, with over 26,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

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United Bank for Africa (UBA) hosts a

Markets

The Private Sector Development Association – PSDA has observed that it will take time for the Country to recover from the current power deficit stating that two or three rainy seasons are required for the water levels in Kariba and other generating bodies to retainviability.

Speaking in an exclusive interview with the Zambian Business Times (ZBT) PSDA Chairperson, Yusuf Dodia stated that the use of solar energy is an economically viable measure for the largely underprivileged population, because the equipment can be bought and afterwards no extra costs are needed.

Dodia noted that this is because the water levels in the Kariba and other power generation bodies have drastically dwindled therefore it will take several rainy seasons to recover.

“We might not solve the problem with one rainy season it may take another one or two to build up water rethat the Country generates about 3 giga watts as compared to the potential eight to nine giga watts, stating that there is need for the Country to build more power stations.

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The Private Sector Development Association - PSDA

Agribusiness

Cotton Board of Zambia Senior Cotton Inspector says the board is projecting to harvest about 50, 000 tons next year from the currentproduction.

Speaking in an exclusive interview with the Zambian Business Times -ZBT , Cotton Board of Zambia Senior Cotton Inspector Derrick Sichilima said, looking at the current Weather predictions, and if all things go well and there are good rains it will be guaranteed that they will have a better season come next year.

“Currently the farmers that got involved in Cotton production were just about 70,000 against a total of 194,000 from the previous farming season,” He said.

Sichilima added that there has been a very big drop in terms of the numbers of cotton farmers , stating that the weather itself has also played a part in causing people to abandon cotton farming as the weather was not favorable.

“They were some farmers that planted early , and the crop got established and then they were those that planted late and by the time they were planting the rains had gone , so those abandoned the crop, so we did not even count them to say these were the cotton farmers, because they had no harvest.” He said.

Sichilima further stated that most farmers abandoned cotton farming and went full force into growing maize because Maize was highly popularized so most of them had opted to go for maize and soya beans as well as tobacco in the Eastern province as these were the competing crops .

“The price had also contributed , looking at it that the other year the price was at K15 and then in 2023 the price dropped to K6 which heavily contributed to most of the farmers dropping out of cotton farming.” He said.

He further stated that currently the price has improved to K9.50.

Meanwhile Sichilima further called on more farmers to come on board and venture into cotton production so that they can work together and be able to supply the 70,000 metric tons that the Mulungushi Textiles Will be needing in terms of raw materials.

He further disclosed that there is need to guarantee cotton farmers on a good price.Sichilima also urged farmers to venture in cotton farming, stating that government is willing to support about 100,000 cotton farmers .

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Cotton Board of Zambia Senior Cotton Inspector

Mining

North Western Province Chiefs who had demanded a minimum of 15% revenue share from all mining firms harvesting minerals from their chiefdoms to remain for development projects, have confirmed that they are still waiting for the actualization of the request from the government.

Chiefs in North Western province had in 2022 asked government under the Leadership of President Hakainde Hichilema to allow at least 15% of the revenue collected from the mining activities in the province to stay in the province to facilitate development as well as enable the local people to benefit directly from their God-given wealth which they occupy.

Speaking during an engagement meeting with President Hakainde Hichilema in 2022 on the sidelines of the groundbreaking ceremony of the Nickel Enterprise Mine, Chief Mumena of the Kaonde who was speaking on behalf of all the respective Chiefs stated that they were looking forward to the results of the reviewing of the mining policy which was ongoing.

When contacted by the Zambian Business Times – ZBT, to give an update on the progress that has been made so far, Dr Mumena said the request was presented to the government and “what we know is that from the time we presented it, Government has been talking about the need for community support on these assignments where investment is taking place but we are still waiting to see the actualization of the same.”

Dr Mumena said without effective monitoring and enactment of such laws, the poverty within these communities will persist adding that the potential positive impact of resource utilization on the lives of the local people is seen as a crucial factor for the region’s development.

Dr. Mumena further added that this initiative would also boost the participation of the informal sector and create an additional revenue base for the government, ultimately contributing to the overall economic prosperity of the nation.

“This is something that requires the involvement of everyone so it’s not just about northwestern province but this should be the norm everywhere concerning businesses and the participation of local communities.”

“We need the technocrats in government to make this into law, the Constitutional of the Republic of Zambia talks about local participation where the resources exist and we look forward to when appropriate pieces of legislation can be put in place to actualize this and I think that is the gap that we have.”

He said the impact of the delay is that the local communities do not effectively participate in the resource utilization and the beneficiation of what is in the environment.

“I believe that every part of Zambia is endowed with resources that will impact positively on lives of the local people but if this legislation is not put in place to effectively monitor and bring this into actualization the poverty of the people will be perpetuated so we think that the people can benefit from the resources in their areas as every province has a resource they can benefit from and this will go direct to uplifting the living standards of people.”

Dr Mumena added that this is also going to boost the informal sector participate effectively and also help Government to have another revenue base to collect money from these ventures which will go into the national confers.

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North Western Province Chiefs who had demanded

Markets

Economist Emmanuel Zulu has called for deliberate measures that are aimed at increasing high value exports to enhance the prospects of the economy and increase foreign exchange.

Speaking in an exclusive interview with the Zambian Business Times (ZBT), Zulu said the Country must strive to add value to it’s traditional exports such as raw copper to enable the creation of more jobs in the a country.

“We would like to see more in terms of the quality of exports, not just volume but the quality matters. Zambia still has room to value add in terms of traditional exports which is raw copper and other minerals, so that we can create jobs in the Country even as we add value to the exports,” he said.

Zulu stated that there is need for investments in Artificial Intelligence to allow it’s efficacy contribute to the increase of volumes and quality of exports in terms of the mining sector.

“In terms of AI we must also consider investing in smart agriculture and environmental friendly agriculture so that there is that sustainability, even as we are looking at recording positive results in trade surplus, that should be sustainable, fluctuations are not good for an economy that is vastly growing, we need to see that is sustained for a longer period, and we must grow our economy and increase our export volumes and value,” he said.

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Economist Emmanuel Zulu has called for deliberate

Lifestyle

Climate Action and conservation Enthusiast has warned that the extended hours of load shedding has increased the demand of charcoal which is most likely going to encourage deforestation in the country.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Climate Action and Conservation Enthusiast Enock Mwangilwa said, the current 21 hours of load shedding will resort to people looking for alternative sources of energy which in this case will be charcoal as it is the one which is highly available and accessible to the majority of Zambians.

“When we talk about the impact of load shedding in Zambia this is not new , as it is something we have seen before except this time around it is much worse because of the terrible intense droughts that we are experiencing in our country which has affected power generation, so with the extended load shedding hours what we will see certainly is an increase in the demand of an alternative source of energy,” he said.

Mwangilwa added that there is high demand for charcoal currently, mostly in Urban areas as compared to the rural areas , making people see charcoal production as a business opportunity.

“Charcoal is on high demand in urban areas, people from rural areas are seeing it as a business and will now continue exploiting the forests by going in there to cut down a lot of trees which will then be put on the market,” he said.

Mwangilwa further stated that the extended hours will now contribute to the increase in illegal production of charcoal as many people are seeing a business opportunity in that.

“With respect to the environment it is causing huge land degradation because a lot of trees are cut down and it is also not going to help us when we talk of carbon sequestration ,which we really need in our fight against climate change meaning that we will remain with fewer trees that can help in carbon sequestration which is not good for us as well as the rain cycle as trees play an important role ,” he said.

Mwangilwa further called on the general Public to explore other alternative of resources like solar also calling on relevant stakeholders to help in the fight against deforestation by subsidizing alternative sources of energy like solar.

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Climate Action and conservation Enthusiast has warned

Markets

Economist Trevor Hambayi has urged the Government to deal with the electricity shortfalls in order to curb the escalation of inflation which has now hit 15.5 percent against the 6-8 target band.

According to Zamstats, the annual inflation for August 2024 increased to 15.5 percent from 15.4 percent recorded in July 2024.

This means that on average, prices of goods and services increased by 15.5 percent between August 2023 and August 2024.

This development was mainly attributed to price movements of food items.

A disaggregation of the annual inflation by province shows that annual inflation during the month under review increased for Eastern (15.6% from15.2%); Lusaka (13.4% from 12.9%); North-western (15.1% from 15.0%) and Western Province (17.6% from 17.5).

Annual inflation decreased for Copperbelt (15.9% from 16.0%); Luapula (14.9% from 15.2%) and Southern Provinces (17.5% from 18.0%). Central and Northern provinces remained the same at 20.5% and 11.5% respectively.

Of the overall 15.5 percent annual inflation, Lusaka province contributed the highest at 3.9 percentage points followed by Copperbelt which contributed 3.3 percentage points.

Central and Southern Provinces contributed 2.1 and 1.8 percentage points respectively while Northwestern province had the lowest contribution of 0.5 percentage points.

Speaking in an exclusive interview with the Zambian Business Times (ZBT) Hambayi echoed that the major contributor to the escalation is the electricity issue and handling it accordingly will pave the way for other market interventions.

“The issue around power generation must be sorted out otherwise we will continue to have an increased cost that is transferred to the ordinary Zambians, nothing else to discuss once we have sorted this out we will begin to look at other economic metrics which is around stabilizing the macroeconomic indicators, inflation and interest rates,” he echoed.

Hambayi stated that Government must ensure there is access to capital by paying back 2.5 billion in outstanding arrears to contractors and suppliers.

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Economist Trevor Hambayi has urged the Government

Lifestyle

The Health Professions Council of Zambia (HPCZ) has revealed that the entity does not have the capacity to close Government health facilities because they have immunity despite their potential shortcomings.

While the HPCZ recently closed 10 private health facilities in Southern, Central, and Lusaka for non-compliance with annual license renewal, this action does not extend to Government health facilities.

Professor Goma emphasized that even if Government facilities breach standards, they are given the opportunity to make amends, especially considering that the Ministry of Health is committed to rectifying deficiencies.

Responding to a ZBT question as to why Government facilities remain untouched despite the foreseeable anomalies, Professor Goma echoed in an exclusive interview that the facilities have an immunity because they cutter for a wide range of services which cutter for a large populace.

“Even if the Government facility breach one of those many standards, we give them room to make amends, especially that the Ministry of Health will always prove that they are making efforts to rectify whatever is deficient in a particular institution, while as for the private they do not have such a mechanism, so when they breach we can actually close, they have private ownership which has shorter mechanisms of making decisions,” he said.

Meanwhile Professor Goma mentioned that three out of the 10 institutions that where closed, have been reopened after adhering to the stipulated procedures.

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The Health Professions Council of Zambia (HPCZ)

Companies

Chilanga Cement PLC, a leading cement producer in Zambia has posted about 180 percent (177%) increase in profit and a 34 percent growth in revenue for the half year of 2024.

Amid a competitive domestic market, Chilanga Cement has demonstrated its strength and resilience by achieving a strong operational and financial performance during the half year of 2024.

Commenting on this development, Jianping Chai, Chief Executive Officer of Chilanga Cement Plc said this remarkable growth is attributed to the dedicated efforts of employees, including strategic cost saving and various marketing initiatives targeting both domestic and export markets.

“I would like to express my gratitude to our shareholders for their unwavering confidence, our customers for their continued loyalty, and all our employees for their exceptional hard work. I also extend my thanks to the Huaxin Group for its invaluable guidance and to all stakeholders for their support. I look forward to achieving outstanding company performance by the end of 2024.”

Chai said the cement industry in Zambia is anticipated to experience growth in the second half of 2024.

“This growth will be fueled by substantial investments in infrastructure projects, such as the Lusaka-Ndola dual carriageway, the anticipated revitalization of the mining sector, and favorable investment conditions. These factors are expected to drive an increased demand for construction materials.”

“Chilanga Cement continued to effectively serve its local and export markets in the midst of a challenging trading environment marked by unstable currency fluctuations, and insufficient electricity supply in the economy.”

“While competition in the Zambian cement industry remained very high, the Company increased its earnings per share to K1.16 (2023: K0.43) representing a 171% increase compared to 2023. This was achieved through the various significant production and operational cost-efficiency initiatives implemented during the year.”

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Chilanga Cement PLC, a leading cement producer

Agribusiness

The Food Reserve Agency Public Relations Coordinator has disclosed that as of 28th August 2024, the Food Reserve Agency has purchased Four Hundred Twenty-Three Thousand, Eight Hundred Forty-Eight Metric Tons (423,848MTs) of Grade A non-genetically modified (non-GMO) white maize against the country’s annual maize consumption of about about 2.8m tons.

Speaking in an exclusive interview with the Zambian Business Times Food Reserve Agency Public Relations Coordinator John Chipandwe said, the quantity of the maize purchased so far is equivalent to Eight Million, Four Hundred and Seventy-Six Thousand, Nine Hundred and Seventy-Eight Fifty-kilogramme bags of maize.

“The total value of the purchased maize as at the indicated date above was Two Billion, Seven Hundred and Ninety-Seven Million, Four Hundred and Two Thousand, Seven Hundred and Forty Kwacha (K2, 797,402,740.00)” he disclosed.

Chipandwe further explained that their target for this year was to buy 300,000 Metric tonnes of non-GMO white maize, equivalent to Six Million Fifty-kilogramme bags of maize for National Strategic Food Reserves.

“Due to the drought situation, the Agency was directed to buy more maize in order to adequately replenish National Strategic Food Reserves for sustained domestic and National Food Security.” He said

Chipandwe further stated that as of 28th August 2024 the initial budget had been exceeded and the Agency purchased 423,848 MTs of maize representing 132.8% of their target of 300,000 MTs. 

In this regard, knowing how important maize is being our staple crop, the Agency will continue buying more maize from farmers in order to restock the National Food Reserves.

Furthermore, Chipandwe called upon farmers in the Provinces that were not affected by droughts to be more patriotic and sell their excess produce to the Government through FRA.

“The Agency believes that right now, the Northern part of Zambia is the food basket hence the need for excess maize to be sold to the Agency, which will then be transported to the other half of the country to help in feeding residents of the drought-affected provinces.” He explained.

Chipandwe added that once this is done, the Agency is optimistic that the risk of food insecurity will be curbed and no one will die of hunger.

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The Food Reserve Agency Public Relations Coordinator