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Markets

Christopher Mvunga, a former banker with UK’s Standard Chartered has now officially taken office as Bank of Zambia Governor to replace Dr. Denny Kalyalya who was relieved of his job. Mvunga had to undergo a ratification process in Parliament after his appointment by President Edgar Lungu, which has seen the substantive Deputy Governor Dr. Francis Chipimo hold fort.

President Lungu has since congratulated Mvunga for his appointment “Congratulations once again on your appointment as Governor of the Central Bank of Zambia. The subsequent ratification of your appointment by parliament is a clear indication that you are qualified for the job. It is also an indication that the people of Zambia have placed their confidence in in you to turn around the fortunes of the financial sector of the country. Do not let them down” stated the head of state and government.

Furthermore, the head of state emphasized that the new Central bank Governor has an enormous task ahead of him, as he will oversee the operations of entire financial sector as well as the performance of the country’s economy.

“I am confident that with over 30 years of experience in the private and public financial management sector, you will apply your skills and expertise to among others, review and formulate policy-driven solutions to address the macroeconomic challenges that our economy is currently faced with”

Meanwhile the head of state says he expects the Bank of Zambia to re-double efforts to achieve and maintain stability in the foreign exchange market by closely working with the Ministry of Finance.

At the same time the Bank of Zambia (BOZ), must continue to review and strengthen policies, where appropriate, to improve performances and ensure that the financial sector remains stable while inflation is brought back to the single digit range over the medium term.

Mvunga’s appointment and ratification in parliament has been received with mixed feelings with the main opposition United Party for National Development having opposed his ratification in parliament. However, Mvunga went through as the ruling Patriotic Front had the required numbers.

Mvunga has a big challenge ahead as he inherits a Kwacha that has within 2020 shed about 42% of its value. The stability of the Kwacha is the biggest single line target that he will be judged from as even the inflation target of single digit can easily be attained if the Kwacha holds its ground.

BOZ had also indicated that they would establish gold reserves which would offer an alternative buffer and boost national reserves after the discovery of substantial gold reserves at Kasenseli in Mwinilunga. The gold would be bought in Kwacha and be used to shore up national reserves as gold prices have been more resilient even in global crises times.

Mvunga may have a better chance of succeeding in the job having spent some few years working on the fiscal side at the ministry of finance and cabinet office, which some government insiders have told ZBT is key to understanding how the “system works”.

The first 100 days perhaps will give the market a feel of the key plays that Mvunga will initiate that will determine the success or otherwise of his tenure.

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Christopher Mvunga, a former banker with UK’s

Tech

World’s largest brewer AB Imbev local unit, Zambian Breweries – ZB has launched a deliverly service that its customers can use to get their ordered products delivered to their doorsteps or business premises.

The brewer in adapting to the COVID-19 challenges has adopted the use of digital technology and e-commerce to streamline its delivery service. The addition of this delivery channel is expected to positively contribute to growth in overall sales volumes.

ZB had recently announced that they have partnered with AfriDelivery and Tigmoo to deliver beer and other alcoholic beverages to their customers who can now make orders and get deliverly within the comfort of their homes or offices.

In an emailed statement to Zambian Business Times-ZBT, ZB Country Head of Marketing, Sibajene Munkombwe stated that “if one wants to make an order to have their alcohol/ beer delivered to them, they need to go to the website homepages of the delivery service providers (AfriDelivery and Tigmoo), search for Zambia Breweries on Tigmoo and for Liquor wholesalers and retailers on AfriDelivery”

He add that customers can choose their preferred beer to the cart, Confirm all their product details, add their delivery address, confirm their order and Select payment method and finally, confirm pay for their order”, he said.

Furthermore, Munkombwe says that if one is stuck, they can always call the delivery service providers on their provided numbers as they are always there to assist the customers. The delivery fee is dependent on someone’s location.

“You would need to call the AfriDelivery or Tigmoo contact numbers and operators from the currently the two service delivery providers. You can also call to confirm your order. We are using our corporate and brand owned platforms to raise awareness about our B2B and B2C e-commerce”, he said.

The Covid 19 pandemic has led to severe economic challenges. Zambia has since 1998 recorded the first recession or contraction of the economy which has dampened demand and led to some businesses folding. However, most businesses that have survived are working to leverage the silver lining behind the dark clouds of covid 19.

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World’s largest brewer AB Imbev local unit,

Markets

The US$72 million Long acres mall  in Lusaka is earmarked to be open in July this year 2019, the Public Service Pension Fund – PSPF has revealed.

The shopping mall whose construction works started in 2017 will comprise of a hotel, office space and a shopping mall. Addressing the media in Lusaka on April 25th 2019 when he toured the site, PSPF Chief executive officer Patrick Bobo said the facility will be opened in phases.

As can be seen, the works at the hotel stand at 25%, office space, 99% while shopping mall is at 89%, hence expected to be fully operational by August 2020.

Bobo said once the facility is complete, it will help raise funds for payments of monthly pensions and create employment to the Zambian people as over 50 shops will be opened at the mall.

He disclosed that the institution has been facing challenges in payments of monthly pensions benefits to its members adding that through the project the institution will increase its financial sustainability.

And Zambia National Pension Association – ZANAPA Chairperson Cosmas Chileshe said the construction of the project will help sustain the livelihood of its members and increase the monthly payment for pensioners as the funds being given currently are not enough.

“This is a very important project and it is going to raise our monthly pensions so that we start receiving meaningful monthly pension because what we are getting monthly at the moment can not sustain our lives for 30 days,” he said.

Meanwhile, resident engineer Terrance Mukula said the construction currently has over 330 local employees between the age group of 18 to 50 among them women.

The project is believed to be one of the big Zambian owned malls of its size and was designed by a team of indigenous Zambians and supervised by indigenous Zambian consultants and will add to the beauty of the city as it has quite a number of iconic features like the Kaunda square, a water fall, a fountain and fly over bridge.

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The US$72 million Long acres mall  in

Lifestyle

The Zambia Water Forum and Exhibitions – ZAWAFE will this year 2019 focus its exhibitions on issues to do with water security due to climate change and waste management practices that the country is currently facing.

This year’s ZAWAFE exhibitions is scheduled to take place from 10th to 12th of June 2019 under the theme “The impact of sanitation on water security in sub-saharan Africa – Towards the implementation of sustainable development goals”.

Speaking at a media breakfast in Lusaka on April 25th ,2019 attended by the Zambian Business Times – ZBT, ZAWAFE Chairperson Professor Imasiku Nyambe said the Sub-Saharan Africa  – SSA particularly, Zambia still faces challenges of poor sanitation. Globally, cholera remains endemic to more that 47 countries with an estimated 40-80 Million people in Africa living in cholera hot spots.

He alluded to the challenges of poor sanitation to unsanitary activities like open defecation and poor solid waste disposal hence the need to push forward the agenda of increased access to clean water supply and adequate sanitation for all as envisaged in the Sustainable Development Goal – SDG number 6.

“It is against this background that the 2019 ZAWAFE will focus its attention on exploring the impact of poor sanitation on water resources and the water supply chain,” he said

Professor Nyambe however thanks Government’s for its efforts on the issues of sanitation adding that such gestures will provide solutions to ensure the availability and sustainable management of water and sanitation in Zambia.

And in a separate interview with ZBT, permanent secretary in the Ministry of Water Development Sanitation and Environmental Protection Dr Ed Chomba said unsanitary activities like poor solid waste disposal continue to be the primary source of infection hence the need for all stakeholder to be involved in policy making if development is to be attained.

He however invited companies in the water, sanitation and public health sector and all stakeholders to actively participate in this year’s forum.

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The Zambia Water Forum and Exhibitions –

Lifestyle

Minister of Labour and Social Security Joyce Nonde-Simukoko has highlightede features of the employment code act indicating an increase in maternity leave from 12 weeks to 14 weeks with a difference of 2 weeks (14 days).

The employment code act No 3 of 2019 was on April 11th 2019 assented by the head of state – President Edgar Lungu to repeal and replace the employment act for 1965, the employment act for 1966 and the minimum wages and conditions of employment act of 1982.

Addressing the media at Government Complex in Lusaka on April 24th, 2019, Nonde-Simukoko said the term for maternity leave has been extended to 14 days to be taken immediately after delivery adding that the female employee may apply for an extension from the employer.

The minister has since urged employers not to ignore the provisions under the new employment code act that suits the current economic and labor market.

“The act has increased the period of maternity leave to 14 weeks and there after the employee can decide to apply to the employer for the extension of the said leave, further a female employee shall not forfeit that employees annual leave entitlement because of having taken maternity leave”, she clarified.

She added that under the employment code act, breastfeeding mothers have been provided with two nursing breaks of 30 minutes each day and that the time spent shall not be deducted.

In addition, she said the act has further provided paternity leave for male employees of 5 continuous days off duty after the birth of their child.

Nonde-Simukoko further stated that the family responsibility leave is also been included in the act to provide for family responsibility leave for an employee who has worked for a period of six months or more to enable employees attend to family matters and in attendance of nursing a sick spouse, child or dependent with a support of a medical certificate.

She has however cautioned employers to ensure they comply with provisions in the act failure to which the commission will not take kindly to employers disregarding the act, adding that having children is a national responsibility hence female employees should not be disadvantaged.

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Minister of Labour and Social Security Joyce

Lifestyle

Minister of Home Affairs Steven Kampyongo has launched the Zambia Police 2019 -2021 strategic plan which seeks to achieve a conducive governance environment.

Speaking at the launch of the strategic plan held at Mulungushi Conference Center on April 23, 2019 attended by the Zambian Business Times – ZBT, Kampyongo said the strategic plan is aimed at addressing the current and emerging security problems such as human rights trafficking, cybercrime, money laundering and gender-based violence among others.

Kampyongo says the plan also lays out a comprehensive framework within which the Zambia police service will make strategic decisions to combat crime and promote human rights in collaboration with its clients and stakeholders.

He said that it envisaged that the strategic plan will assist the Zambia police service create a safer, secure and peaceful environment for social and economic development of the country.

“It is therefore, my expectation that all police officers will translate the board plan into specific operations work plans, further I expect all police commanders to realign their work plans to conform to this strategic plan in order to ensure that the Zambia police service is transformed as it is envisioned in this document,” he said.

Speaking at the same event, deputy Inspector General of Police Bonnie Kapeso said the Zambia Police strategic plan also indicates and re-emphasizes on the dire need of enhancing community policing as one of the strategies of crime eradication.

He added that in order to successfully eradicate crime, it is imperative that police officers work in close collaboration and partnership with members of the public. Kapeso has further appealed to police officers across the country to be disciplined and desist from indulging in partisan politics, abuse of social media and instead dedicate their efforts to supporting policies of the government of the day.

In addition, the Police expressed regret on the misconduct exhibited by the late police officer Constable Jackson Mwanza who had gone on a shooting rampage which led to death of two people and injured two others.

Constable Mwanza who allegedly shot himself on April 21st ,2019 after being hunted by the police and was believed to have killed two people and injured two others on April 20th in Chainama area of Lusaka.

The police have however passed their message of condolences to all bereaved families adding that his command through the strategic plan will institute measures to avert the recurrence of such misconduct by police officers.

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Minister of Home Affairs Steven Kampyongo has

Agribusiness

The National Union for Small Scale Farmers – NUFSSFZ in Zambia has called on government through the Ministry of Agriculture to reconsider suspending the export of Maize and Mealie meal as it is likely to invite price volatility.

During the 3-day 2019 Agritech expo themed “growing knowledge of the future” held at Chisamba last week, President Edgar Lungu directed the Ministry of Agriculture to immediately suspend the export of maize and mealie-meal until Zambia takes full stock of the food reserves.

President Lungu reversed the decision to allow for exports following the dry spells experienced in the southern parts of the country and the spike in mealie meal prices following the resumption of maize and mealie meal exports.

And NUSSFZ Chief Executive Office Frank Kayula told Zambian Business Times – ZBT in an exclusive interview that closing borders for small scale farmers in a small market like Zambia will invite the prospect of significant price volatility hence the need for government to keep markets open to sustain the incentives for farmers to engage in maize production.

Kayula said government should instead strengthen the regulatory aspect and issuing of export licenses for Maize and Mealie-meal as suspending the exports completely will make it difficult for the private sector to undertake re-investment decisions.

He says it is considerate that Zambia needs to secure food reserves as a nation, but there is need to consider importing from cheaper sources to ensure that the private sector can keep their supply agreement with outsiders as opposed to re-instating the ban.

“One day will reach a situation where buyers will say Zambia is unstable and will not rely on us to purchase the commodity hence, they’ll forget about us and farmers will not have access to foreign markets in order to increase their income,” he said.

He added that the union notes government’s efforts to improve the private sectors players situation in the country by timely distribution of inputs adding that more of that is needed not only for employment but for farmers to be able to sustain their businesses.

Kayula has however advised farmers to get ready to harvest and not be carried away by the instability of prices adding that there’s need to maintain their food security while conducting their businesses to lessen the burden of having shortage of maize – the country’s staple food.

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The National Union for Small Scale Farmers

Markets

The International Monetary Fund – IMF has projected that Zambia’s economic growth rate will fall to 2.9% next year from the 3.1% targeted for this year 2019.

In the annual World Economic Report released at the just ended Springs Meeting in Washington D.C, the report indicates that the country’s Gross Domestic Product- GDP growth rate has dropped from 3.5% in 2018 to 3.1% in 2019 and that it will further drop to 2.9% next year.

And Zanaco head of Economics and research Dr. Patrick Chileshe told the Zambia Business Times – ZBT in an interview that if government which is the largest spender is not spending as expected, then all other economic sectors are likely to be negatively affected which will result in low economic activity.

“The growing fiscal challenges that government is facing which has seen government struggle to make good use of its financial obligation such as dismantling of arrears,  slow payments for goods and services, the delay in salaries for government workers in the recent past will have a negative effect on the growth of the economy,” he said.

Dr. Chileshe also said that the re-introduction of the sales tax is causing a lot of anxiety among business which has led to business owners postponing some investment project as they wait to observe how the sales tax is going to play out overtime.

“Some Investors current business plans were made during a period when cash projection where based on a VAT system. Now with the introduction of the Sales tax, many companies might suspend their projects until they are clear of how the sales tax will impact them ,” he said.

Dr. Chileshe added that the country’s current account balance is being projected to be in negative due to a lot of negative investors sentiment from abroad. He says some investors are largely diversifying out of the Zambian market and re-investing their capital in other market.

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The International Monetary Fund - IMF has

Tech

The Zambia Metrology Agency – ZMA is set to launch a pilot project aimed at promoting competitiveness and fairness of trade through the use of standardized measures and empowering traders with skills and harmonization of trade practice in the markets.

Speaking during the business meeting with stakeholders held at ZMA offices in Lusaka attended by the Zambian Business Times – ZBT, ZMA director of Legal Metrology Humphrey Nkobeni said that the Agency has acknowledged the common use of a traditional instrument “MEDA” which has for a long time been existence especially in public markets hence the need to actively seek ways to ensure that the measuring instrument promotes efficiency and effectiveness in the operations of traders.

Nkobeni said the project will ensure that there’s increase of knowledge among traders to realize reasonable profits using correct measurements, identify appropriate measurement trade methods for certain products in public markets and identify other appropriate trading methods such as prepackaging and use of weighing instruments.

“It pleases me to say that as an agency, a lot of research has been done and we are making headway to help meet the demands from both consumers and traders in this ever-evolving world, hence we are here to present the information we have gathered about the Meda and most importantly hear your comments and concerns about this project we plan to launch,” he said

And ZMA senior metrologist Mwewa Kapotwe also added that the project to be launched at a latter date is set to run for a period of 5 months in 5 provinces across the country which include Lusaka, Copperbelt, Southern, Northern and Eastern provinces.
She said once the project is implemented, they will be consistency among traders country-wide as opposed to some Meda’s on the market which have no consistency in the material and capacity measures being used.

Speaking at the same event Mtendere market board secretary Pathias Munsaka says the move is welcome as standardizing the meda will create fair competition and trade among traders and boost the economic cycle of the markets and the country at large.
He has further urged ZMA to roll out sanitizations programmes for the standardized meda’s to avoid unscrupulous people from taking advantage of this new project.

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The Zambia Metrology Agency - ZMA is

Mining

Gemfields Zambian unit, Kagem mine has contributed approximately US$107 million to the Zambian government in cumulative corporation taxes, mineral royalties and dividends. This means that almost 20 percent of Kagem’s revenues have flowed to the Zambian government in the last decade.

“We are excited because appreciation of Zambian emeralds is gaining momentum internationally given the uniqueness, clarity and transparency that is characteristic of the gemstones,” said Gemfields’ gemmologist, Elena Basaglia.

Basagalia told the Zambia Business Times – ZBT that Emeralds from Zambia’s Kagem Mine has continued to impress and capture the eye of some of the foremost gemstone buyers and jewelers around the world.

“Growing popularity of the ‘evergreen’ gemstones from Lufwanyama is in part thanks to a growing love for the green gems but also the relentless passion for and promotion of the responsibly sourced gemstones by parent company Gemfields,” the mine has said.

Kagem, located on the Copperbelt is the world’s largest emerald mine and source of ‘Inkalamu’ the ‘Lion Emerald’, a 5,655 carat Zambian emerald crystal with remarkable clarity and a perfectly balanced golden green hu,e one of the most outstanding and unique stones to have come from the mine.

Kagem is 75% owned by Gemfields and 25% by the Industrial Development Corporation – IDC of Zambia. Proceeds from its regularly held auctions are fully repatriated to Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auctions.

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Gemfields Zambian unit, Kagem mine has contributed