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Markets

Economist Esther Banda has emphasized the need for the government to implement policies and statutory instruments that support the manufacturing and agricultural sectors in order to bolster the performance of the Kwacha.

Speaking exclusively to the Zambian Business Times (ZBT), Banda highlighted the temporary stability of the Kwacha at K24 per dollar and stressed the necessity for long-term measures through supportive policies.

Banda emphasized the importance of government support for the private sector, particularly the manufacturing and agricultural industries, to enhance production and reduce dependency on imports.

She suggested that increasing forex through the mining sector and promoting value addition in the copper industry could contribute to strengthening the Kwacha. Banda also proposed local processing of raw copper to generate more revenue and reduce the outflow of raw materials.

She underscored the strategic position of Zambia in the SADC region and advocated for promoting local processing of copper to add value to the country’s export products.

Banda urged the government to take steps to enhance value addition in the agricultural sector, which could ultimately lead to an improvement in the performance of the Kwacha.

“What would be very important is that the private sector including the manufacturing and agricultural sectors are supported by the Government of the day, through policies and Statutory instruments that can bring about enhancement in production, if we cannot produce to import let us produce to consume so that we reduce on importation which makes the currency weaker,” she said.

“We are exporting copper in raw form, why don’t we have a mechanism that will enable our industries to begin to process copper locally in terms of finished copper cables, that way when we add value addition we will get more money, we are strategically positioned in the SADC region such that we export our copper to even three or more neighboring Countries, why should our copper go to China and come back in form of finished products, these things cannot be done in the short term but steps can be taken by the Government, the Kwacha can only increase if we enhance value addition through agriculture product,” she said.

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Economist Esther Banda has emphasized the need

Mining

Kansanshi Mine which is owned and operated by Kansanshi Mining PLC, owned by First Quantum Minerals – FQM, Gold production has increased by over 55 percent in 2024.

According to official statistics made available to the Zambian Business Times – ZBT, Gold production at the Kansanshi mine has increased by 56 percent from January to June 2024 compared to the Gold produced during the same period in 2023.

FQM’s Kansanshi mine produced about 818 Kilograms of gold from January to June 2024 compared to about 521 kilograms produced within the same period in 2023. This represents about a 56 percent increase.  

The report indicates that the Kansanshi mine produced 111, 117, 175, 120, 136, and 157 kilograms of gold from January to June 2024 resulting in a total of 818 kilograms about a 56 percent increase compared to 96, 67, 93, 79, 94, and 89 kilograms which were equivalent to about 521 kilograms of gold produced from January to June 2023.

At a time when gold prices are averaging at around $76,800 United States Dollars, the value of Gold produced by Kansanshi mine produced this year is about $62.8 million from January to June 2024.

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Kansanshi Mine which is owned and operated

Lifestyle

The Non-Governmental Gender Organization Coordinating Council (NGOCC), emphasized the need for increased community policing to address the rising cases of gender-based violence in Zambia.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, NGOCC Chairperson Grace Sinkamba, highlighted the alarming increase in reported gender-based violence cases, shedding light on the prevalence of rape within families, incest, defilement, and spousal abuse.

She noted that while there is a growing number of reported cases, many incidents still go unreported due to a long-standing culture of silence surrounding such matters.

Acknowledging the positive shift in reporting trends, Sinkamba attributed the increase in reported cases to a changing attitude toward breaking the culture of silence. She expressed satisfaction in witnessing more individuals coming forward to report instances of abuse, especially concerning the abuse of children, and encouraged neighbours to report any suspicious activities.

Sinkamba emphasized the importance of sensitizing communities and children to understand that gender-based violence should not be normalized and should be reported.

Sinkamba appealed to the government to take decisive action in supporting the fight against gender-based violence, calling for the construction of shelters in all districts of the country and the operationalization of the Gender-Based Violence Fund.

She also urged the general public to report cases, stressing the importance of holding perpetrators accountable for their actions.

“We are mindful of the fact that Zambia has had a culture of silence when it comes to cases of gender-based violence a lot of rape is occurring even within families, incest, defilement cases are occurring as well as a lot of wife battering and we are also aware that men also suffer gender-based violence but we cannot say how many cases, as a lot of these cases go unreported,” She said.

Meanwhile Sinkamba had appealed to Government that through the gender based violence act of 2011 to support the fight against gender based violence by ensuring that shelters are built in all districts of the country.She added that, Government should make operational the gender based violence fund.Ms. Sinkamba further appealed to the general public to report cases so that perpetrators are brought to book.E

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The Non-Governmental Gender Organization Coordinating Council (NGOCC),

Agribusiness

Agriculture expert Dr. Oliver Bulaya has urged the government to support both small and large-scale farmers to boosting wheat production.

Speaking in an interview with Zambia Business Times, Dr. Bulaya attributed the low production of wheat in the country as a leading cause of the hike in wheat commodities like flour which is affecting the prices of the final product.

Dr Bulaya explained that many large-scale wheat farmers were contracted by the government to assist in maize production, causing a reduction in wheat cultivation adding that this shift was driven by the lucrative maize market, leading to decreased wheat production. 

He also attributed the increase in flour prices to the imbalance in wheat supply and demand in the market. 

Dr. Bulaya stressed the urgency for Zambia to embrace climate-smart agricultural practices such as minimum tillage, crop rotation, and residual retention to mitigate the challenges posed by climate change.

“The 2023-2024 farming season has been marked as a year where we saw large-scale farmers participating in the growing of maize and some of them abandoned wheat production to opt for maize because currently, it is fetching good money both locally as well as in the region,” He alluded.

Dr. Bulaya further attributed the hike in flour prices to the cut in the number of hectares for wheat that were cultivated leading to a deficit in terms of the number of farmers that had participated as well as the number of hectares that were cultivated for wheat.

Furthermore, Dr Bulaya disclosed that the effects of climate change had been a major contributor to the hike of prices of a number of crops on the market as the effect was not only limited to small-scale farmers but also had an impact on commercial Farmers.

“This had affected the output in terms of the yields of these crops due to the variabilities of the climate as you are aware mainly large-scale farmers are dependent on irrigation as these crops cannot grow in winter but there are certain areas where the water table is not being enough because of prolonged dry spells that had affected certain areas in terms of underground water,” He alluded.

Meanwhile, Dr. Bulaya further stated that the hike in these prices could also be attributed to the demand and supply of these commodities where it had been witnessed to have had a low supply of wheat production and high demand of it on the market.

He further urged that there is a need for the country to adopt climate-smart agriculture by incorporating technologies or techniques like minimum tillage, crop rotation, and residual retention.

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Agriculture expert Dr. Oliver Bulaya has urged

Tech

Southern Africa Development Community (SADC) Truck Drivers Association President Eugene Ndhlovu has called on the Road Development Agency (RDA) to resolve the traffic congestion between 10 miles and 6 miles, citing that it is slowing down regional trade.

Speaking in an exclusive interview with the Zambian Business Times (ZBT) Ndhlovu stated that RDA should engage the Contractor tasked with the Ndola dual Carriage way to initiate works in critical areas to avert the choking of the road.

“Something needs to be done urgently, what is obtaining on the ground on that stretch is slowing regional trade, Zambia facilitates regional trade and we cannot have a point that slows traffic to such an extent where you begin to cause long queues as far as 5 kilometers or even more, our appeal is let RDA with other key stakeholders engage the Contractor, let them start from critical points they make sure they do a thorough job to enhance smooth flow of traffic,” he said.

Ndhlovu stated that the timing of the construction is poorly displayed and there is a need for critical analysis of the situation.

“They should definitely up their game they are paid to make sure that the roads are made safe for all of us, where there is no other obstruction in terms of slowing economic progression, we are failing as a nation this situation is tarnishing the image of the Country that is supposed to take advantage of its geographical location, RDA and other stakeholders let them do a good job by putting their heads together to resolve the obstruction,” he said.

Meanwhile, Flash Buses proprietor Ishmael Nkakara also expressed his displeasure with the situation stating that there is a need for a roundabout for Mungule and Zangazanga to resolve the traffic challenges. He stated that the growth of the city has led to an adverse lack of spacing in terms of roads therefore RDA must establish three lanes.

“On the other hand that issue is not just because there are dual Carriageway works, we need a roundabout at the Mungule area, RDA and the Government are doing a wonderful job but they should engage stakeholders like ourselves so that we give our input on some of the Solutions to enhancing our road network, let’s hope they do that,” he said.

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Southern Africa Development Community (SADC) Truck Drivers

Agribusiness

Fruits and Vegetables Association President Benard Sikunyongana has revealed that Zambia is making significant strides in the production of good-quality oranges.

According to Sikunyongana, the country is currently producing about 20% of the oranges it needs, with the remaining 80% being imported.

Speaking in an exclusive interview with the Zambian Business Times, Sikunyongana emphasized the improving quality of local oranges, noting that farmers in Mkushi have been harvesting high-quality oranges for the past two months.

He expressed pride in the fact that Zambia is now able to offer locally grown oranges of exceptional quality, disputing the misconception that Zambia cannot produce top-grade oranges.

Sikunyongana highlighted the need to further boost local production. He called for increased support for farmers and investment in agricultural infrastructure to capitalize on the potential for greater local orange production.

“We now have farmers who have nice very good quality oranges in Mkushi as we have started harvesting this year and they have been on the market for 2 months now.” He said.

Sikunyongana further stated that people used to think that Zambia could not have quality oranges and they didn’t know that the oranges were currently on the Market.

By investing in farming techniques, infrastructure, and market access, Zambia can further enhance its capacity to meet the domestic demand for oranges.

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Fruits and Vegetables Association President Benard Sikunyongana

Agribusiness

Cotton production has drastically dropped from 67,607 metric tones last year to about 10,367 metric tones this year representing a reduction of about 85%.

Speaking during an exclusive interview with the Zambian Business Times, Cotton Board of Zambia Senior Inspector, Derrick Sichilima said, factors like drought had contributed to the reduction in cotton production, As well as a reduction in the number of farmers that came through to cultivate cotton also contributed due to other competing crops like soya beans and maize due to the pronouncement that was made by government as well as other incentives like The farmer input supports program arrangements .

“Although cotton Farmers also get free input which they later pay back at the end of the harvest when they sell their crops, but you see when government makes a pronouncement obviously everyone is attentive, so most of the farmers who grow cotton had opted to go for maize. We also have another competing crop which is soya beans so you find that farmers would go for soya beans because of its short season in terms of growth as it matures early before cotton,” He explained.

Sichilima further alluded that The price of cotton per kilo on the market also contributed as cotton is not an edible crop that could be stored for consumption, as well as lack of facilities like textiles in Zambia that could process cotton, resulting to 98 -99% of cotton mainly being exported as it is a crop that is mainly marketed on the international market.

“You find that the price is mainly regulated by the international market, so the farmers just receive the price as they do not have any say in terms of negotiating, currently it is selling at k9.50 per kg as compared to last year were it was selling at k6 per kg which demotivated a lot of farmers into not cultivating it this year, were we saw about almost a 180,000 farmers backing out.” He stated.

Sichilima further alluded that the only input cotton farmers get is the one from cotton ginners or cotton companies who recruit farmers to grow cotton and enter into a contract with them by supplying them with seed and chemicals that would allow the crop to grow favorably a part from the rains.

“This input by cotton companies is supplied to farmers in form of a loan, for example all these things like seed, chemicals and sprayers can maybe amount to about a k500 for argument sake, so when the farmer harvests the cotton crop they will deliver to the particular ginner who supplied him or her with these inputs and then the ginner will deduct that loan of about a k500 as an example and then the balance of the money that’s the one the ginner will pay the cotton farmer, so this is entirely a private arrangement,” He alluded.

Meanwhile Sichilima said that cotton is mainly cultivated in Central province, Southern province, Eastern province as well as a part of Muchinga province.

“In these other provinces like northern province for example, Luapula, and copperbelt there is too much rainfall and the temperatures are not as high as in these other provinces because the nature of cotton requires high temperatures in the barleys and not as much rain as we find in northern province.” He said.

Furthermore Sichilima said ,that research had proven that cotton can not be grown in these other provinces because of factors like too much rainfall,highly acidic soils, which is not suitable for cotton, as it might germinate but may not fully grow in it’s full potential as it could result in zero profit.

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Cotton production has drastically dropped from 67,607

Tech

Special Education Association of Zambia (SEAZ) Secretary General Dr. Cornelius Chitukwa says there is urgent need to digitalize content for the visually impaired learners to have equitable access to education and advance their ambitions.

Speaking in an exclusive interview with the Zambian Business Times (ZBT) Chitukwa said aside from braille the learners can utilize the technological tools if they are made available.

“The best thing that can be done is to digitalize content, so that they can access content in a digital content, and for us to achieve that we need to fix the Computers with a JAWS Soft ware, which learners can use to access sound, this is a device which will make the Computer can have some sound, without these facilities it is practically impossible for the learners to be fully accommodated in the education space, they need a lot of access to information, through digital content”he said.

Dr. Chitukwa said braille has been of hep in helping the learners to access Information but there is need for other facilities that would enhance teaching and learning.

“For instance when one wants to go to grade 8 for an ordinary learner they just need books and uniforms which will cost less than K500 but for a learner who is visually impaired they need a writing frame and the two of them are K1000 and for him or her to learn mathematics they need a Taylor frame which is also K1500, and these things are not provided for by the Government, and they are not locally available, these are things that cannot be bought from ShopRite, but they can be sourced from abroad, so depending on the people that import them, ” he said.

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Special Education Association of Zambia (SEAZ) Secretary

Companies

Izwe a subsidiary of the Izwe Africa Group, an international financial solutions group that operates in Zambia with its headquarters are located in Mauritius, has posted about K200 million profit after tax for the year ended 2023.

Despite these hefty profits, some customers have questioned the institutions business practices in Zambia and the jury is still out if their operations are above board.

According to the audited financial statement seen by the Zambian Business Times – ZBT, Izwe exceeded its profit after tax estimate for the year 2023 increasing by 44% to ZMW190 million compared to a profit after tax of ZMW132.0 million reported in the prior year.

The Company’s gross revenue in the Zambian market also has balooned by 37% to ZMW600.1 million attributed to an increase in customers.

“The Company continued to diversify its funding sources, with borrowings increasing by 79% to ZMW1.0 billion to fund the increase in demand from clients.”

“As a result, there was a marked increase of 87% in interest expenses from K60.5 million in 2022 to K113.1 million in 2023.”

Menawhile, Izwe’s impairment losses has drastically reduced from K50 million in 2022 to K2.3 million in 2023, with large portions of the arrears book having been successfully cured.

“Izwe exceeded its profit after tax estimate for the year 2023 increasing by 44% to ZMW190 million compared to a profit after tax of ZMW132.0 million reported in the prior year.”

“This represents an increase of 50% in earnings per share to ZMW1.94 and an increase in return on equity from 34% to 40% year-onyear. Year on year, the Company recorded an increase in operating cashflows, in line with the increase in loans disbursed.” According to financials.

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Izwe a subsidiary of the Izwe Africa

Companies

The Zambia power utility Company ZESCO has subcontracted Sinohydro a Chinese state-owned hydropower engineering and construction company to construct a 100 megawatts solar power plant in Chikonkome ward of Chisamba District of Central Province.

Chisamba District Commissioner DC has exclusively confirmed the development to the Zambian Business Times – ZBT, indicating that the completion of the construction of the 100MW will take a maximum of 2 years.

Questions have emerged on the contractual terms and the amounts that are to be paid to Sinohydro on this particular project.

Mboyoma however could not reveal the total budget for the project adding that ZESCO will be in a better position to give out contractual terms and the amounts that are to be paid.

Moyoma however said that the land has been identified for the construction of the 100MW solar power in Chisamba District of Central Province.

“ZESCO has subcontract Sinohydro and they are the project executors and the project construction is likely to take a maximum of two years.” Responded Mboyoma to a ZBT query.

Asked if two years is not too much for such an important project at a time when the country is facing a huge power deficit, Mboyoma said, “It’s not too much because I said within it can be 2 years or less for you, and me that understand the technical aspects that are required in the installation of such a plant we would rush such a project because there are a lot of technical issues that have to be looked at just to make sure that the plant serves that people.”

efforts to however get a comment from ZESCO have proved futile by press time.

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The Zambia power utility Company ZESCO has