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Markets

Economist Notulu Salwindi has raised concerns about the National Pension Scheme Authority – NAPSA’s investment decisions, particularly the purchase of the condemned Society Business Park. Salwindi has emphasized the need for NAPSA to prioritize prudent utilization of the funds entrusted to them, stressing that it is essential to remember that they are managing the people’s money.

Reacting to the recent reports of the imminent demolition of the Society Business Park which was recently acquired by NAPSA from the Zambia National Building Society (ZNBS), Salwindi stated that NAPSA must not forget that they are dealing with the people’s funds and prudent utilization is a necessity. Salwindi said expert advice should guide NAPSA’s investment endeavors, as the responsibility of managing public funds should not be taken lightly.

He suggested that the Society Business Park debacle could have been prevented if NAPSA had heeded expert advice on the matter.

Salwindi underscored the importance of accountability in such situations, stating that taking action against those responsible for investment mishaps could lead to positive change. He stressed the need for individuals in positions of authority to uphold proper procedures and ensure accountability for their actions.

“The problem we have in our Country is that there will be no one to take responsibility or get fired, but ideally if we started taking action against people that are responsible for some of these mishaps we would see a lot of change, that means each one of us when we are operating in our respective offices we would see to it that proper procedures and ensure that if anything was to happen whilst we are holding these positions we are held accountable,” he said.

“It’s not NAPSA management or Government money it is the people’s money, we that contribute that money therefore when they are doing investments at the back of the mind it should sit at the back of the mind that this is someone’s money, the same way as an individual you would go to someone to invest your money on a project, the same scrutiny put into such an endeavor, is the same the way that we should take interest in decisions made by Companies that keep people’s money,” he said.

Salwindi charged that the Society Business Park debacle could have been avoided if they had listened to expert advice on the matter.

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Economist Notulu Salwindi has raised concerns about

Agribusiness

The Cotton Association of Zambia – CAZ, Executive Director has disclosed that the association is capable of meeting the required supply of cotton to Mulungushi Textiles once it reopens and begins operations.

Speaking in an exclusive interview with the Zambian Business Times, Cotton Association of Zambia Executive Director John Ngwenyama said, the reopening of China-Mulungushi Textiles comes with a lot of benefits for the farmers as it will motivate cotton farmers to increase their capacity on production so that they meet the demand for the textiles.

“One factor that will motivate the farmers is the stable market for the farmers as the local textiles will provide a local market for the Farmers there by reducing the reliance on fluctuating global markets because what has been happening is that for the ginners is that they have always been saying that they are offering this price because of the fluctuating global market prices, so that has brought mistrust among the local farmers.” He said.

He added that it has been difficult for them to bargain for a better price for their farmers as it has resulted in them being exploited thereby seeing most of them resort to taking cotton production as a by-the-way thing and not as a business.

“The local textiles that have been reopened will increase the bargaining power for our farmers as negotiating for prices and terms with the local manufacturers will be easy as they will not be depending on the international f luctuating markets as it will be locally decided which will be very easy for us to negotiate the price.” He alluded.

Ngwenyama further stated that the other challenge that they are facing is accessing quality planting seeds as there is no seed investor or company that is producing or multiplying the planting seed here in Zambia.

He further noted that the cotton farmers are more than capable of supplying Mulungushi textiles as what is just required is to guide the farmers, give them input such as quality seed as well as increasing monitoring and evaluation from planting up to the period of harvesting.

Ngwenyama further disclosed that currently there are about 100,000 cotton Farmers and the number is projected to increase to about 300,000 farmers which when projected on how much yield the 300,000 Farmers can be able to cover it is guaranteed to say they are most likely able to supply the Textiles.

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The Cotton Association of Zambia - CAZ,

Lifestyle

Following the death of a participant at the ABSA Marathon, an ABSA Bank employee James Chisanga, many questions have been raised as to the veracity and thoroughness of how the 2024 #AbsaMarathon was organised.

Accusations that the bank and their organising committee had put more efforts to get more participants neglecting the need to put adequate health measures have been raised.

A Medical Doctor who was among the health care facilitators has revealed to the Zambian Business Times – ZBT that the organizers should have taken more precautions to put in place a robust safety and health system to prevent unfortunate incidences such as the passing away of a participant.

The doctor whose identity has been withheld due to confidentiality considerations and the fact that they were part of the health care system told ZBT that some of the medical arrangements were only approved and given a go ahead with barely a week to the date of the marathon, giving little time to put in place adequate provisions.

The doc further revealed that most of the runners appeared not to be fit for the sporting event as the medical set up they put up was overwhelmed with participants seeking medical interventions.

“In upcoming events…, people should consider getting a proper health screen, honestly I met one woman who ran the 21 kilometer and she was quite a large woman and I asked her how much training were you doing a week? She said about 10-15 kilometers and that is not enough for a 21 Kilometer race, she must have put a huge amount of stress on her body’, the doctor told ZBT.

“Some people were being moved by peer pressure, they shouldn’t be doing the distances that they did,” he said. When asked about the ambulance services, the medical source said other teams took care of that and that he was not part of that team.

ZBT has received some concerns on the ambulance services that were available and the timelines it took for them to attend to participants. So far, no medical facility has owned up as those contacted by ZBT who were service providers for have all denied attending to the late James Chisanga and others who needed urgent ambulance emergency services.

In sharing more details on the ABSA incident, the medical source added that screening must be thorough because some of the participants may have underlining ailments.

“Lusaka and Zambia needs more events like the ABSA Marathon and several others but if the people are not doing proper training and [if organisers are not doing] proper screening we will have more unfortunate events happening,” he added.

“If someone came to me [as a trained medical doctor] and said that they are running five kilometers a week but then they will ran 21 Kilometers on Saturday, I will tell them they are an idiot, because there are high chances of getting tendonitis or high blood pressure,” he remarked.

The death of a participant in the ABSA marathon needs a sober reflection if such unfortunate future incidents are to be avoided. Even sports events in schools always have trained first aiders who are usually red cross to ensure that any health and safety emergencies are timely attended.

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Following the death of a participant at

Mining

A Chinese-owned Copper Mines in Luanshya, CNMC Luanshya Mine also known as 28 shaft has been accused of releasing contaminated water into the Kafue River.

The dewatering process at the flooded 28 Shaft has raised concerns about water contamination and the risk to both aquatic life and human health being discharged from the mine flowing into Nkurumashiba & Milyashi streams and consequently ends into the Kafue river.

Concerned stakeholders and NGOs have howevet called for comprehensive biological and chemical tests to assess the presence of harmful substances, particularly heavy metals, which could pose risks to aquatic life and human health.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, CNMC Luanshya Copper Mines Corporate Affairs Manager, Sydney Chileya however denied the allegations adding that the company conducts internal water tests and holds discharge certificates issued by the Zambia Environmental Management Agency (ZEMA) and the Water Resources Management Authority (WARMA).

The Company however admitted that although the discharged water may contain some levels of Manganese and iron, but only within permissible limits.

Chileya explained that the water pumped from the mine, having been underground for 20 years, may naturally contain trace amounts of manganese and iron. He however said that these minerals are within permissible limits and indicated that ZEMA conducts regular testing to ensure compliance.

“So the water that we pump first of all we test it ourselves before anything else we have the devise then secondly, ZEMA also tests so we have two discharge certificates we are sitting on, one is issued by ZEMA and the other one is issued by WARMA. The thing with water is that when you pump up from the mine the water passes through other places just like the rain water.”

“The water that we are pumping from the mine is water that has been underground for 20 years and because of other things maybe there may be iron there but these minerals found in water they have limits so you find the water we are pumping from the underground may have manganese, iron but the question is when ZEMA test are those alarming levels, the answer is no.”

“But we can’t be the Jury and the judge ourselves so when you get concerns about the water we are pumping I would encourage that you also get in touch with ZEMA because ZEMA has been coming here almost every week.” He remarked.

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A Chinese-owned Copper Mines in Luanshya, CNMC

Lifestyle

In the vibrant environment of African entertainment, DStv and GOtv sit on the cusp of bringing you quality viewing content.

Everything from a variety sports channels to a compelling mix of local dramas, reality shows and blockbuster international movies that speak directly to the diverse tastes and vibrant cultures of our audience.

The MultiChoice Zambia Content Showcase for 2024 was held under the theme “Made for You”; three words that encompass a deep commitment to delivering tailored, high-quality content that resonates with our community. Attended by popular local talent, high-level stakeholders, and the media, this annual event aims to communicate updates from MultiChoice, and some of the industry’s leading creatives and producers of content.

“Our mission at Multichoice is to enrich lives and continue providing a platform for the content that Zambians love while making it easier than ever to access through our pioneering DStv and GOtv platforms. Whether it’s through new local dramas on Zambezi Magic or international blockbusters, MultiChoice is dedicated to providing an entertainment experience that’s truly ‘made for you’. With exciting developments on the horizon, DStv and GOtv will continue to be your go-to source for superior entertainment,” says Multichoice Zambia Managing Director, Leah Kooma.

Local channels like Zambezi Magic and OneZed are at the heart of these efforts, providing a platform for Zambian stories that attract and engage.

With fan-favourite shows like Zuba and Mpali, to proudly Zambian takes on dramatic reality series with Mutale Mwanza Unscripted, hot new seasons of Ten Tamanga Street and Chokolo, as well as fresh offerings such as Queens of Kopala and the That Zed Podcast Mashup – there is something for everyone.

DStv

For over three decades, DStv has been the cornerstone of entertainment in Africa.

“As Zambia’s most cherished storyteller, DStv is dedicated to delivering content that resonates with your life, your traditions, and your aspirations. We believe in the power of stories to inspire and connect. From the rich dramas on Zambezi Magic to the action-packed sports on SuperSport, our channels bring you closer to the stories that matter. We invest in local talent and productions, making certain that our content entertains and mirrors the diversity and richness of Zambian life.”

GOtv

GOtv shines as your trusted friend, delivering a world of content that’s as diverse and dynamic as you are.”

For over a decade, GOtv has brought the magic of storytelling right into your home, making sure you and your family have access to the best in local and international shows.

“At GOtv, we’re all about bringing you closer to the stories that resonate with your life. Whether it’s the latest drama on Zambezi Magic, a big sports event on SuperSport, beloved telenovelas or an educational kids’ show, our channels are packed with shows that not only entertain but also connect with the hearts of our audience.”

Entertainment That Fits Into Your Life We understand that life can get busy, and that’s why DStv and GOtv have been revolutionized to be as flexible as you need it to be.

With the MyDStv and MyGOtv apps, managing your subscription, upgrading your package, or resolving any issues is as simple as a tap on your screen. Additionally, with DStv and GOtv Stream, your favorite shows are always just a click away, whether you’re at home, on the go, or even offline.

It’s all about giving you the freedom to enjoy entertainment on your own terms. Standing Strong Against Piracy Because we’re part of the community, we’re committed to supporting local talent and telling stories that reflect the lives of Zambians.

However, to continue doing this, we need your help in fighting piracy. Piracy doesn’t just harm our industry; it affects everyone, from the creators to the viewers. By choosing legal content, you’re helping protect the future of African storytelling, creating jobs, and supporting local economies.

As we continue to grow and expand our offerings, you can look forward to even more local content that reflects the rich diversity of Zambian culture.

We want to ensure that you’re not just getting entertainment – you’re getting a service that’s designed with your needs in mind. So, stay connected, and enjoy stories that are Made for You.

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In the vibrant environment of African entertainment,

Lifestyle

The Zambia Council for Social Development has called on the government to revisit the National Housing Authority Act under Article 19 and realign its vision and implement rapid interventions to combat housing poverty in the country.

The call for action comes amid growing concerns about access to adequate housing for many Zambians.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, The Zambia Council for Social Development Executive Director, Leah Mitaba emphasized the need for swift and effective measures to address this pressing issue, urging the government to prioritize housing development and improve living conditions for all citizens.

According to the National Housing Policy of 20202024 as well as in accordance with the Public Health Act Considering all necessary demographic factors, current housing stock, housing production rate, and quality characteristics, Zambia has a housing deficit in the region of 1,500,000 units of which is expected to rise to about 3,300,000 housing units by 2030.

This housing challenge is most pronounced among low income groups which constitute nearly 80% of the population. Zambia Council for Social Development Executive Director Leah Mitaba said, there is need for Government to swiftly intervene and resolve the housing deficiency being faced by the county.

“When we take a look at our statistics as a country in terms of housing and access to housing by the majority of our people we find that we have a serious housing deficit and we see that the vulnerable people according to statistics in the 2020-2023 National Housing Policy in the country indicate that vulnerable talk of the elderly, children, asylum seekers, people living with disabilities, people that are homeless, Women and some internally displaced persons are currently facing housing poverty and are in need of decent and affordable housing which sadly as a country are not able to offer them,” She said.

She added that according to the 2010 National Population and Housing Census, it showed that Zambia produces about 73,000 housing units per year of which only 40% meets minimum requirements for health and sanitation.

“When we look at these statistics as an organization we are concerned because when you look at these statistics there are from the 2010 census statistics meaning that currently, we can even find that these numbers concerning housing units have gone up,” She said.

She added that currently there is an estimated number of about over 65% of the housing supply who are living in unsuitable human habitation.

“We are not seeing any effort by the Government to ensure that the slums or the Peri-urban areas are actually done aware with and people are offered alternative sources of housing,” She alluded.

She further added that Zambia is vast of and there is still a lot more land to develop. She further called on the Government to relook at the national housing authority and be able to reconnect with its objective regardless of having competing priorities as a country there is still a need to look at the glaring housing deficit.

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The Zambia Council for Social Development has

Tech

Economist Manasseh Siwila has urged Small and midsize enterprises – SMEs to brace themselves for the effects of the 21 hours’ load-shedding, by partnering with other likeminded entities in a bid to survive the harsh economic times.

Recently Energy Minister Makozo Chikote announced that the Kariba Dam only has a generation capacity of below 10 percent, and henceforth the hours of load-shedding will be increased from 12 to 17 hours effective September 2024 but ZESCO has now effected a 21 hours loadshedding resulting in the power supply of only 3 hours per day.

Speaking in an exclusive interview with the Zambian Business Times (ZBT) Siwila said the SMEs sector are mostly likely to suffer major shocks due to the lack of power and therefore the only way to sustain themselves to combine skills and resources.

“This is high time we started working together, for instance if one business is highly affected with the same load-shedding, or even many other aspects, let us be Zambians that embrace each other, we must bring about business partnerships, where we can partner and agree on one or two terms, and what is important is that our businesses continuing going amidst the challenges, as it stands we can collaborate and go back to the normal setting when nomacy returns,” he said.

Siwila challenged ZESCO to be proactive in the handling of the power rationing schedule by ensuring that they adhere to the time table, as the Country and SMEs included will only be having 7 hours of electricity per day.

He echoed that the Government must be prudent to fulfill the measures and pronouncements made in the interest of the energy crisis.

“There has been a problem in terms of adherence by ZESCO, because even if they say power will come back at this hour, it will exceed one or more hours, and this affects the businesses, there must be a change in this area, let there be prudence and aspect of honesty by the Government and people have been following every statement given in that regard and it’s them who are failing to make thing better,” he said.

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Economist Manasseh Siwila has urged Small and

Mining

Maamba Collieries Coal production has dropped by about 25 percent from January to June 2024 compared to the 2023 production within the same period.

This is amid Maamba’s plan to double its power generation capacity from 300 megawatts (MW) to 600 MW coal-fired power plant costing an estimated $400 million.

Maamba Collieries Limited (MCL) is the largest coal mining company and is a subsidiary of Nava Bharat (Singapore) Pte. Limited which holds a majority equity stake with the balance equity being held by ZCCM Investments Holdings Plc.

According to the Minerals Production report made seen by the Zambian Business Times – ZBT, Coal production at Mamba has dropped by over 31, 700 metric tons in 2024 from January to June.

Maamba’s Coal production in 2023 was about 119, 100 metric tons from January to June which has decreased by over 25 percent to 87, 400 metric tons from January to June 2024 representing about 31, 700 metric tons’ drop.

In 2016, Maamba Collieries Limited commercially commissioned the 300 MW Unit of the power station which comprises two steam generators with capacity of 150 MW each.

The decrease in coal production is however projected to affect the power generation as coal is used to turn turbines which in turn generate electricity.

Zambia’s electricity deficit has deepened following the 135MW deficit due to the maintenance works at Maamba.

Efforts to however get a comment on the cause of drop and the impact of this decrease from Maamba, were still underway by press time.

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Maamba Collieries Coal production has dropped by

Agribusiness

The Zambia Institute of Chartered Accountants – ZICA has called for a swift action from Government and relevant stakeholders to stabilize the Power supply as it could help preserve jobs and support the informal sector which Is vital for the economy.

Speaking at a press briefing attended by the Zambian Business Times, Zambia institute of Chartered Accountants, President, Yande Siame Mwenye said Prioritizing the resolution of the energy Crisis should be first on Zambia’s to-do list in a bid to safeguard its economic Future and enhance the well-being of its citizens.

“As ZICA, we are concerned with the extent to which the energy crisis has Continued to affect investments in the economy. It is common knowledge that, both domestic and foreign investors seek stable and reliable power Supply as a fundamental prerequisite for establishing and expanding businesses.” She said.

Mwenye added that the frequent power outages have led to significant production losses.

“The Zambia Chamber of Mines reported that mining companies, which account For over 70% of Zambia’s export earnings, experienced production cuts of up To 15% due to power shortages in 2023. This translates into a potential Revenue loss of nearly $500 million for the sector. Agriculture, another critical Sector, has also been adversely affected. The reduced power supply impacts Irrigation systems, leading to lower crop yields. In 2023, maize production, a Staple food crop, decreased by 20% compared to the previous year, Exacerbating food security issues and increasing the cost of food imports.” She said.

Mwenye added that Small and medium enterprises (SMEs), which employ around 60% of the Workforce, is facing increased operational costs due to the need for alternative Power sources such as diesel generators further straining the livelihoods of many Zambians.

“The overall economic impact of inadequate power generation and load Shedding is profound. The Zambia’s GDP growth slowed from 4.1% in 2022 To 2.5% in 2023, primarily due to the energy crisis.” She alluded.

Mwenye further stated that unemployment rates have also increased, with the Zambia Statistics Agency reporting a rise in the Unemployment rate from 11% in 2022 to 13% in 2023 as it is attributed to job cuts in energy-intensive industries and the closure of SMEs Struggling with high operational costs.

Mwenye further stated that Immediate Interventions to diversify Zambia’s energy mix is critical not Only to mitigate the current economic impact but also to foster long-term Resilience and sustainable growth.

“Prioritizing the resolution of the energy Crisis should be first on Zambia’s to-do list in a bid to safeguard its economic Future and enhance the well-being of its citizens.” She said.

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The Zambia Institute of Chartered Accountants -

Markets

The Economics Association of Zambia (EAZ) has raised concerns about the exorbitant lending rates offered by financial institutions in the country which are averaging around 30 percent stating that they are severely impeding the growth of startups and adversely impacting the national GDP.

Speaking in an exclusive interview with the Zambian Business Times (ZBT) EAZ National Secretary Dr. Obby Mainza said these high lending rates are detrimental to businesses, both established and burgeoning, as they struggle to contend with the already challenging economic climate.

He stressed the importance of mitigating the exploitation of borrowers, advocating for a more supportive f inancial environment for businesses in Zambia.

Dr. Mainza also urged for the involvement of donors to counteract the domiations, but they face high interest rates of about 28 nance of commercial financial players and to provide much-needed capital and resources for business startups and existing enterprises. He said.

“The lending rates are not favorable even to an individual who goes to any lending institution whether smaller and commercial banks the interests are very high which is not conducive for any business or even the startups and even those already existing because they have a lot of bills also and they need to make positive markups, now where are they going to find a business which is going to stand and make profits and pay back such amounts amidst these challenges?”.

“It’s important to assess the business environment in Africa to determine which businesses can thrive and generate a 100 percent profit. Many businesses in Africa borrow money to invest or sustain oper– 30 percent. This makes it challenging to manage repayment. An analysis shows that only less than 50 percent or fewer businesses that borrow money are thriving as most of them end up selling their properties to repay the loans, leaving them in a negative financial position,” he said.

Dr. Mainza suggested that it is important for donors to get involved and provide capital and resources to reduce the monopoly being created by commercial financial players. He emphasized the need to decrease the exploitation of borrowers and to invite donors to provide financing for both new and existing businesses.

Dr. Mainza believes that inviting outside business funding is crucial for addressing these issues.





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The Economics Association of Zambia (EAZ) has