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Markets

The Bank of Zambia – BOZ has refuted claims circulating on local news outlets stating that the Bank has lost containers full of newly minted currency worth more than K68 million in mid April 2019.

The cash is said to have been shipped from Munich Germany by a printing company Giesecke Devrient currency last week (mid April 2019). Bank of Zambia – BOZ Public Relations Manager Kanguya Mayondi told Zambian Business Times – ZBT in an exclusive interview that the information circulating on media platforms is not true as the bank has not lost any amount of money.

He said the force information coming from the media outlets is erroneous and likely to mislead the audience as individuals circulating the claims are not even aware about the amount of money the central bank holds.

“Those claiming that K68 million has gone missing at the bank probably don’t even know how that amount of money looks like hence it should not be something to warry people because that information is not true and it will never happen at the central bank,” he said.

Meanwhile, commenting on matter, National Democratic Congress – NDC spokesperson Saboi Emboele said the information circulating on social media platforms could be true as this is not the first time the Boz has had rumors of misplacing money.

She said told ZBT in separate interview that previously rumors arrived from the public domain that Boz had spent K49 million for buy-election hence it is possible that the K68 million could also have been spent on the just ended by-elections.

“ It is evident that a lot of money has been missing in our country and government is doing nothing about it so If the K68 million has gone missing at the BOZ, it makes sense because if K49 million was said to have been used for buy-elections then it is also possible that the K68 million went towards the just ended buy-election” she said.

She adds that government officials should be accountable to their positions adding that cases of money disappearance in the country are likely to cause public outrage in a nation that has long been dogged by corruption scandals.

She has however called on law enforcement forces to take serious investigations on the matter and ensure that those involved are brought to book without fail.

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The Bank of Zambia - BOZ has

Mining

Zambia Congress of Trade Union – ZCTU has observed that some mining firms in the country are in a habit of dodging from paying tax as expected, hence causing illicit financial flows to and from the Zambian economy.

ZCTU Deputy Director for Research Muleka Kamanisha told Zambian Business Times – ZBT in April 2019 in an exclusive interview that the Union mother body is saddened with reports from the public indicating that the country is losing huge amount of revenue from some mining companies through tax manipulation.

Mulekwa attributed to a recent report by Zambia Revenue Authority – ZRA stating that a single mine from North western province was owing government US$ 7.8 billion as evidence hence the need for government to quickly attend to this matter.

He said some projects being undertaken by the mining firms are ways of dodging from paying tax as most of them are not centered to help people from sounding areas or improve productivity of the mines.

He added that the money being spent on the social corporate responsibility programmes should not be an excuse to deprive government of tax revenues as it is every company’s responsibility. They are using most of their corporate social responsibility budgets without clear outlines, hence end up acting like they have spent more and pay less to government.

He said it is impossible for a mining company to extract copper without a buy-product such as cobalt and this should be a concern for government to track down records of cobalt as it is a high value product.

“When you look at the price of cobalt on the world market, it is ten times more than copper, copper is currently in the range of US$6,000 per tonne while cobalt is over US$50,000 per tonne, so there is a concern as to whether these mines are really giving us correct records of what is being extracted or we are being mislead,” he said.

Kamanisha has however called on government to create a mechanism of monitoring how much copper is exported from the mines as a way of holding them accountable as this will lessen the linkages in tax revenue. He further asked Zambians working in these mines to act as whistle blowers and practice patriotism by monitoring what surrounds them.

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Zambia Congress of Trade Union - ZCTU

Agribusiness

The Zambia National Farmers Union – ZNFU says government has banned the slaughtering and movement of all cloven hoofed animals and their carcasses out of Monze and Pemba district in April 2019. This is due to the Foot and Mouth disease found in animals in Monze similar to the one found and contained in Chisamba East.

The movement of all cloven hoofed animals from Southern Province have also been suspended until further notice. Only animals slaughtered in district abattoirs other than Monze and Pemba will be allowed to move and transit through Monze in refrigerated trucks.

The Government Agro expert have outlined that movement is only permitted on conditions that such trucks must be sealed at the point of origin and the seal will only be removed at final destination in the presence of a qualified Veterinary Officer.

Further, seal numbers must be indicated on the Livestock Movement Permit, the movement Permit to be submitted to the Veterinary Officers at final destination. A record kept of all movement indicating source, quantity, product, destination and date must be indicated. Ante mortem and post mortem of meat inspections should be carried out by veterinary officials in all abattoirs.

ZNFU says Vaccination of cattle in Monze, Chisekesi, Pemba and surrounding areas against Foot and Mouth Disease – FMD has heightened with the task force unrelenting on meeting all bio-security protocols. ZNFU says government procured the vaccines from neighboring Botswana and has confirmed the FMD strain serotype from samples sent to Botswana and the United Kingdom.

More than 2 million animals were at risk of catching the disease in Southern Province but that the actions undertaken by the Ministry of Fisheries and Livestock, through a taskforce led by the Monze District Commissioner Cyprian Hamanyanga are managing to put the disease under control.

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The Zambia National Farmers Union - ZNFU

Agribusiness

Zambian High Commissioner to India Judith Kapijimpanga says some investors from India are willing to put up a milling plant in the country and have also requested for 10,000 hectares of land for Agriculture investment.

The High Commissioner was speaking when she accompanied delegates from India who paid a courtesy call on Ministry of Commerce, Trade and Industry Permanent Secretary, Kayula Siame in April 2019. She disclosed that investors are willing to invest in the area of health, mining, agriculture, water and sanitation sectors respectively.

I have come with investors who want to put up some milling plants and also would like to have 10,000 hectares of land for Agriculture and are willing to put up equipment’s in various clinics to improve the health sector,” Kapinjimpanga explained.

And Siame said that Zambia and India will continue to cement relations by increasing trade and investment. She adds that Zambia is looking forward to adding value to local products through the Zambia – India partnership and that Government will ensure the investments becomes a reality.

“I note that you have mentioned a number of projects which you intend to do in Zambia and are in line with our priority focusing on industrialization and value addition,” She said.

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Zambian High Commissioner to India Judith Kapijimpanga

Markets

Zambia Chamber of Small and Medium Business Association-ZCSMBA has expressed gratitude over government’s interventions aimed at supporting the growth of the Small and Medium Enterprises-SME’s.

ZCSMA chief executive officer Moto Ng’ambi told Zambian Business Times – ZBT an interview in April 2019 that government’s decision to come up with different programmes and projects as a way of empowering and developing the sector is a progressive move towards reducing poverty levels among households.

Ng’ambia says such interventions by government will go a long way in contributing to national development adding that SME’s are the backbone of any country’s economy. He noted that currently most government’s ministries are running different programmes and projects with focus on providing funding to SME’s.

He cited the Ministry of Agriculture, Ministry of Commerce Trade and Industry as some of the ministries that have played an active role in empowering SME’s in various sector of the economy in the country

He also mentioned that the Citizen Economic Empowerment Commission-CEEC through its construction of the industrial yard project in seven provinces across the country will also help SME’s advance in their entrepreneurship skills and have access to enhanced equipment’s.

He is glad that government’s decision to engage stakeholders through its trade agreements with other countries is a good move as it will boost the growth of SME’s. Ngambi has advised SME’s to take this opportunity and benefit from the projects that have been offered.

“We are further urging SME’s not to give up at the first cite of failure because it a step in business that every person should pass through hence they should remain consistent and keep working hard. Also note that always separate business money with personal money to avoid spending on your profit,” he said.

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Zambia Chamber of Small and Medium Business

Companies

The Zambia Development Agency (ZDA) has appealed to the Zambian exporters to take advantage and access the Chinese market through the China Desk set at the Zambia Development Agency.

ZDA in partnership with the International Trade Centre through the Partnership for Investment and Growth in Africa (PIGA) project created a China Desk at the Agency to facilitate for Zambia and China business corporations.

The China Desk offers strategic and technical guidance to Chines investors and prospective investors on the investment opportunities available and possible, facilitating trade and joint ventures between Zambian and Chinese investors and entrepreneurs.

“The China desk further facilitates for Zambian enterprises to export their products to the Chinese market through helping them to participate in various trade fairs and exhibitions including the China International Import Expo among others,” elaborated ZDA Director General Perry Mapani in April 2019.

Mr. Mapani adds that PIGA has been working on a web portal that will be linked to the ZDA website in both Chinese and English to further make it easier for both parties to have relevant information on investment climate opportunities, rules and regulations.

Working with the Agency, the project also offers tailor made trainings to enterprises on various aspects of business and how to approach the Chinese market in particular.
“China is one of the major economic players in Zambia and across the continent hence the importance of coming up with strategies to deal with market and Chinese investors,” said Mapani.

In the year 2018, projected Chinese investments that came through the Agency was an excess of USD2 billion representing about 49 percent of the total projected investments.
PIGA is a partnership of the Government of the United Kingdom (UK) of Great Britain and Northern Ireland’s Department for International Development (DFID), the China Council for the Promotion of International Trade (CCPIT), the China Africa Development Fund (CAD Fund) and the International Trade Centre (ITC).

Under this partnership, DFID, CCPIT, CAD Fund and ITC jointly aim to increase investment-led exports and local development in two productive sectors, agro processing and light manufacturing, in Zambia, Ethiopia, Kenya and Mozambique.

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The Zambia Development Agency (ZDA) has appealed

Markets

The Citizens Economic Empowerment Commission – CEEC says its loan recovery rate has significantly improved from 21% in 2013 to 62% as of December 31st ,2018.

CEEC public relation officer Michelo Bukata told Zambian Business Times-ZBT in an interview that the commission is pleased with the pace at which the repayment loan is steadily growing and that it’s at the course of attaining 80% repayment rate by 2021.

Michelo said the commission is going through some structural reforms and implementing projects to empower citizens and call on more beneficiaries to take part in the empowerment fund adding that the revolving fund has enough money to pick from and give out to others.

“The commission has also put in place the strategy to conduct pre-finance training to beneficiaries on the displacement of funds and educating them on how to utilize the funds to a point where they can start running their own businesses and be able to generate income,” he said.

He adds that it is a realization on the part of beneficiaries to pay back the money so that it can be displaced to other citizens awaiting to receive empowerment fund failure to which that legal process will take curse.

He has however appealed to recipients of the empowerment fund to utilize the revolving fund which can be put to good use and enable them expand their businesses by contributing towards uplifting their lives.

He also mentioned that the commission has embarked on several projects aimed at helping Small Medium Entrepreneurs-SME’s advance in their entrepreneurship skills and have access to enhance equipment in order to grow their businesses.

In addition, the commission with support from African Development Bank-AfDB has also embarked on that construction of the industry yards in seven provinces across the country at a cost of 20 million United states dollars.

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The Citizens Economic Empowerment Commission - CEEC

Tech

Ministry of health has disclosed that 10 children from Zambia have undergone Cardiac specialized surgery in Israel and that all are doing well and being monitored by staff members at the University Teaching Hospital – UTH.

20 more children from the 40 who have been screened with heart problems at UTH are expected to undergo lifesaving cardiac surgery and cardiac cephalization in Israel this year 2019.
Ministry of Health and Save a Childs Heart Foundation of Israel had in 2017 signed a Memorandum of Understanding (MoU) to strengthen the health sector in Zambia.

Speaking during a meeting on 8 April 2019, Permanent Secretary in the Ministry of Health Kenneth Malama said government is responsible for mobilizing of resources to fly children and their parents companied by health workers to Israel while Israel government through the Child Heart foundation take care of the expenses relating to the care of present and post operations.

“If we do not look after our children, the ambitions that we have as a nation cannot be attained. It is therefore important that children with heart problems are taken care off as children are the future leaders. The future of this country depends of all Zambians contributing to Social and Economic wellbeing including children,” he said.

And Save Childs Heart Foundation representative Simon Fisher said the MoU that government signed with his organization is to ensure that Zambia becomes sustainable in pediatric cardiac surgery and Pediatric cardiac cephalization within a period of 5 to 10 years through the Zambian Medical professionals.

“As we are going through this long journey, we have to take care of the children as part of the MoU and obligation. We will continue developing capacity by way of training and offering training opportunities for physicians beyond South Africa,” Fisher said.

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Ministry of health has disclosed that 10

Mining

The Zambian cement industry has all the hallmarks of a dysfunctional sector as the Zambian Business Times – ZBT can reveal that its initial analysis and random survey of the existing pricing mechanisms by top producers defeats known economic priciples.

Economies of scale in industrial economics entails that large producers gain savings in cost by an increased level of production and hence are expected to price more competitively than low volume producers.

But in Zambia, the top cement producers like Sinoma, Lafarge, Dangote and Zambezi Portland seem to have higher retail prices than the lower production cement plants. The ZBT survey has revealed that Amaka Cement by Scirocco Enterprise and Great Wall Cement by Baudot are currently the lowest priced at about K110 per 50kg bag of 32.5N cement.

The top producer who ideally should be passing on economies of scale benefits to their customers have higher prices ranging from K117 to K125 for 32.5N cement. A further check with most retail outlets show that Great Wall cement and Amaka cement despite their plant sizes are the cement brands with the lowest price points.

Speaking in an exclusive interview with ZBT, Baudot Cement Zambia Business Manager Mira Zheng stated that, at the moment, they have limited production capacity due to their installed plant size and may in future increase their capacity. Zheng stated that Baudot is comfortable with its current marke as they have loyal customers who continue to support them.

“Actually, we are a small plant, unlike Lafarge, Zambezi Portland, Dangote and Sinoma who are big and have a big plant capacity. Our plant can produce between 2,000 to 3,000 tons of cement per month, which translates to about 24,000 to 36,000 tons per annum ”, she said.

Furthermore, Zheng stressed that they produce to the current capacity and that the plant kiln operates 24hrs. The company produce cement that is enough and is mostly bought off by the old and existing wholesale customers.

“We have some old customers and return customers on the market, I think its ok for us because our whole production is not a lot [relatively], so what we produced is almost sold out and finished. So far we don’t have any new customers. If the new customer comes, we can’t sell to them because what we have has already been ordered by the old customers” she said.

And when asked by ZBT on whether they have plans to expand the plant to take advantage of their competitive price point, Mira said that there are many things that the company will need to consider before taking that step of increasing plant capacity.

“The Investment needed in equipment and manufacturing plant is huge, there are many other factors we need to consider. So it’s not like a month decision, but a long term one. You have to plan and budget for the cement production, and do a detailed market research before embarking on expansion.

Calls for a thorough investigation into the Zambian Cement Industry have increased with anti-trust regulator CCPC confirming that it is currently investigating the top four cement producers for possible market abuse related charges. CCPC is yet to to give an update on their investigation.

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The Zambian cement industry has all the

Lifestyle

Entrepreneurship is the best road to being self- sufficient and independent, it also helps one to have a sense of ownership as the business you have ventured into will be run on your terms.

In a statement made available to Zambian Business Times- ZBT, a Lusaka-based enterprise – Manja Pamodzi has commended government for supporting the growth of social entrepreneurship among young people in Zambia.

Founder and Managing Director of Recyclemania Trading, Harrison Musonda received K6.9million from government through the Head of State, President Edgar Lungu to boost his social enterprise.

“It’s something I can’t even explain. I was very excited, you know; very humbled. I’ve been waiting to have a push like this one for a long time. This push will surely go a long way because I’ve got a passion for recycling,” he said.

Musonda  gave assurance to the president that he would put the money to good use and bring many youths onboard. “Our new recycling machine will help us add value to plastic waste. We will be making granules and sell them to end producers who will then make finished goods,” he said.

Furthermore, he aslo expressed gratitude to Zambian Breweries and the Manja Pamodzi team for turning his social entrepreneurship into reality. “May Zambian Breweries continue doing a great job of empowering citizens” he said.

The social entrepreneur urged youths in the country to embrace entrepreneurship and not just wait on government for employment. Start and then the government can come on board and help.

“My fellow youths should keep pushing and thinking positive always. They should stop singing the song of ‘boma ilanganepo (government should intervene). They should be business-minded and pick up the spirit of entrepreneurship to become their own boss,” he said.

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Entrepreneurship is the best road to being