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With the government seemingly running out of ideas on how to deal with the current cost of living crisis, the Jesuit Center for Theological Reflections – JCTR has advised the New Dawn government to consider some targeted ‘ethical’ price control measures.

In their commentary following the latest survey that has revealed a further escalation in the cost of living, JCTR has put out about three possible economic solutions.

JCTR stated that consistent with principles that underscore dignity, social justice, and environmental stewardship, the Centre strongly underscores the need for the following actions:

1. Support for Low-Income Households: The Zambian government should prioritize targeted support programs aimed at alleviating hardships faced by low-income households. This can be achieved through meaningful and robust social safety nets that ensure access to necessities, for every individual.

2. Ethical Price Control Measures: To prevent individuals from being exploited through frequent commodity price adjustments, it is imperative for the government to enforce price control measures. By monitoring and regulating the prices of goods, we can protect consumers and safeguard their well-being. In the same vein, it is critical that the Energy Regulation Board works towards establishing long-term policy stability in the energy sector. Frequent reviews of fuel pump prices, for instance, can contribute to uncertainty. It cannot be overemphasized that the creation of a more predictable regulatory environment can promote stability and attract investment.

3. Currency Management: The government’s priority should be to ensure stability by implementing policies and strategies for managing currency. By efficiently managing pressures and stabilizing the value of the Kwacha against convertible currencies, we can create an environment that supports sustainable development while also protecting the dignity of individuals.”

Addressing the challenges arising from living costs, pandemics, epidemics, and unpredictable rainfall patterns calls for a collaborative effort involving state and non-state actors through honest and open dialogues and consultations to collectively formulate strategies that foster economic transformation, social justice, environmental sustainability, and human dignity for all members of the society.

“We, therefore, implore the government to urgently address the rising cost of living, to take decisive actions to alleviate the prevailing suffering, and to endeavor to build a society that places a high value on dignity for everyone.” stated the JCTR report.

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With the government seemingly running out of

Lifestyle

The Jesuit Centre for Theological Reflection (JCTR) has raised concerns about the Zambian government’s commitment to improving the livelihoods of the poor, amidst the continued increasing cost of living.

Based on the JCTR’s Basic Needs and Nutrition Basket (BNNB) survey for a family of five seen by the Zambian Business Times – ZBT, there has been an increase in the cost of living for households in Lusaka which now stands at K9,556 representing a rise of K398 compared to December 2023, which stood at K9,157.

These significant increases were observed in both food prices and non-food categories, worsening the challenges faced by individuals and families, especially in the low-income category.

JCTR says the rising cost of living poses a threat to human dignity which underscores the significance and worth of every individual and questions the country’s commitment to the 8th National Development Plan, which aims to improve the livelihoods of the poor.

The report indicates that this also expresses concern over the escalating burden of living expenses, which directly undermines the human core values adding that it is crucial to recognize that having a life where individuals can afford their basic needs such as food, clothing, and shelter is a cardinal aspect of human dignity as the suffering goes to the core of an individual’s sense of self-worth and questions the country’s commitment to improving the livelihoods of the poor as spelled out in the 8th National Development Plan.

“We have witnessed how moments of crisis like Coronavirus (COVID-19) and the Cholera epidemic exacerbate pre-existing inequalities, pushing already struggling communities to a far worse position. The significance of prices for goods cannot be overstated, as they directly affect families’ access to basic essentials. These families often find themselves grappling with difficult choices, having to decide between putting food on their tables and addressing other urgent necessities.

“This predicament creates hardship and undermines the dignity of individuals, as they are denied their right to lead fulfilling lives that honor their values and that enable them to thrive.” The JCTR indicated.

“Furthermore, the unpredictable rainfall patterns witnessed in recent months pose an additional threat to an already dire situation, which might result in increased food prices.

It is crucial for the Zambian government to recognize the urgency at hand and to begin formulating strategies for providing relief for its citizens, especially the poor, who are already burdened by the high cost of living.

Given the severity of this situation, it is crucial that immediate and decisive steps are taken to address both the escalating living costs, made worse by a complex array of issues, with the most pressing being energy (fuel costs) and foreign exchange risks due to the nation’s dependence on imports.

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The Jesuit Centre for Theological Reflection (JCTR)

Mining

Local mine owners and players have complained of being left out as only elitist foreign mine owners, financiers and their representatives are having a say on Zambia’s mining industry at the mining indaba being held in South Africa.

The Emeralds and Semi-Precious Stones Mining Association of Zambia – ESMAZ has condemned the government’s decision to continue sideling local small-scale miners from attending regional forums like the African Mining Indaba which is annually hosted in South Africa.

ESMAZ has condemned the government’s decision to exclude local mining companies from such events, stating that it does not portray a commitment to supporting the real growth of locally owned sectors.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, ESMAZ President Victor Kalesha has challenged government sincerity in their statements that they went to create linkages for small-scale miners when such indaba are held with mostly foreign-owned and controlled mining entities and financiers at the expense of growing local ones.

He noted that the lack of resources and the high cost of financing make it difficult for mostly local small-scale miners to attend such events, which are crucial for networking and exchanging ideas with potential investors.

As the African Mining Indaba is this year held in South Africa from 5-8 February 2024 under the theme “Embracing the Power of Positive Disruption for a Bold New Future for African Mining”, ESMAZ, however, feels there is a need for the government and even financial institutions participating support the creation of linkages for locally owned miners and help them be part of the event if Zambia is to meaningfully and inclusively develop.

Kalesha described the sidelining of small-scale miners from attending such events as a lack of priority by the government, stating that the government has failed to prioritize the importance of invving locals and small-scale mining in the country.

The ESMAZ President added that successive governments since time immemorial have always attended mining indabas while sidelining local miners.

Kalesha said Small-scale miners are important to the country’s economy, as they can bring back much-needed revenue to the country through exports once they have the right connections and networks.

 However, our local miners face numerous challenges that hinder their growth and productivity.

Kalesha stated that small-scale miners understand these challenges and have solutions, but they cannot be implemented due to various hindrances, some of which need urgent solution to be addressed.

Kalesha called for more engagement between the government and other investors to exchange ideas and come up with mechanisms to see where the country wants to be. Locals Zambians are mostly playing in the small-scale mining sector, so sidelining them means exports proceeds will continue not being remitted back to Zambia.

He suggested that the private sector could be brought on board to support the sector, as it has done with road construction, generating more revenue for the country.

Kalesha added that it is crucial for the government to prioritize the small-scale mining sector and create linkages to allow them to participate in such events adding that by doing so, the country can generate more [real] revenue and create more real jobs in the mining sector. Kalesha said,

“What we feel is that Government should create interest and promote their own small-scale miners to have networking and linkages at the mining Indaba because their going alone with some representatives of mostly foreign interests does not portray commitment to supporting the small scale mining sectors.”

“We need more engagement rather than just having indabas in the country without directions that will not lead us anywhere as we need indabas with directions. Where do we want to see ourselves in the next 5 years, for example, the government has a road map for the copper industry of hitting 3 million tons of copper production by 2031, but where do we want to see the gemstone and emerald sector so there should be engagements so that we come up with mechanisms of seeing where we want to be as a country.”

“Just singing of being the largest producer of emerald when no local Zambians are participating is not enough because the trickle-down is not even being felt, contributing as much to the economy, but if we have many more small-scale miners and locals getting involved in the production and exports, we will have much more revenue remaining in the country unlike it is in the current scenario.”

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Local mine owners and players have complained

Agribusiness

The Zambia Consumers Association (ZACA) has questioned the Government’s move to import Genetically Modified mealie meal (GMO) on behalf of the Democratic Republic of Congo – DRC.

Earlier, the government’s announcement that the Ministry of Defense has entered into arrangements with South African private milling companies to start importing Genetically Modified mealie meal (GMO) destined for the Democratic Republic of Congo (DRC), a situation that has raised concerns as there are some allegations that the mealie meal may be destined for the Zambia Consumers.

Zambians banned GMOs in 2002 under the Movement for Multi-Party Democracy -MMD, with late President Levy Mwanawasa describing them as “poison.”

Mwanawasa later rejected GMO maize donated by the U.S. government at the height of a food shortage caused by drought.

However in the latest development, the United Party For National Development –UPND- Government through the Minister of Information and Media and Chief Government Spokesperson Cornelius Mweetwa MP with his Defence counterpart Ambrose Lufuma during their recent visit to the Chongwe Zambia National Service (ZNS) Milling Plant, revealed that the government through the Ministry of Defense has entered into a special arrangements with South African private milling companies to import Genetically Modified mealie meal (GMO) destined to the Democratic Republic of Congo (DRC) market.

According to the Zambian government, the decision was made to reduce the smuggling of Zambia’s non–GMO mealie meal to neighboring countries.

This has therefore raised eyebrows and caused panic among some concerned members of the general public who are wondering why the government has decided to do the importation of the GMO mealie meal on behalf of Congo and if DRC does not have the capacity to import for themselves.

Some members of the public have also raised questions on whether the cheap Mealie Meal being offloaded on the locals by ZNS is GMO or not.

Speaking in an exclusive interview with the Zambian Business Times -ZBT, ZACA executive secretary Juba Sakala, however, said that the fact that ZNS is involved in the importation of the GMO mealie meal when they are also supplying cheap Mealie Meal to the locals is suspicious and worrying to the consumers and the country at large.

Sakala noted that members of the public were not going to raise concerns if it was a private company that was contracted to do the importation but the fact that the government through ZNS is involved is worrying.

He noted that there is no guarantee that the GMO mealie meal the government Will be ordering for exports to Congo will be strictly for exports.

He therefore appealed to the government to provide answers to the general public on why they are importing GMO mealie meals on behalf of Congo and why their Congolese counterpart cannot do it for themselves.

“I’m appealing to the government to come out in the open and tell the nation why are they ordering GMO mealie meals on behalf of Congo? It brings a lot of suspicion because the same ZNS is making cheaper Mealie Meal for the locals. If it was another company ordering mealie meals on behalf of Congo, we were not going to get worried but this is a government institution that is also making mealie meals at cheaper prices. So what is the Guarantee that the cheaper mealie meal that we are eating is not GMO?” he said.

“The question that people are asking is why are they ordering GMO mealie meals on behalf of Congo? Can the government come out and tell us what is the problem because later on there will be no guarantee that the GMO mealie meal they will be ordering for exports to Congo will be strictly for exports? It’s not making sense at all. It’s important that the government become transparent. This government claimed to be very transparent and if they leave things hanging questions will be coming every day and Zambians will lose trust and confidence in them.”

“You cannot tell ZNS to start ordering GMO mealie meals on behalf of Congo. that is why people are saying that this ZNS mealie meal being supplied to the locals is the same GMO mealie meal being imported from South Africa,” said Sakala.

Sakala charged that the possibility of the imported GMO mealie meal destined for Congo being mixed up with the Zambian Non – -GMO mealie meal and supplying it to the locals is very much there.

He therefore reiterated the need for the government to come out clear on the questions and concerns being raised by the members of the public.

“These are human beings, they can be ordering GMO mealie meal from South Africa and mixing it with the little that we have and supplying to locals. That is possible because what happens for example some suppliers of Nakonde Rice, will tell you that this is Nakonde Rice meanwhile they are getting that rice from China and mixing it with Nakonde Rice so that it gets the flavor of Nakonde Rice. So the mix up in the imported GMO and our non-GMO mealie meal is possible,” he said.

“Whatever the government is saying to me is not making sense and does not hold water no matter the explanation they might give. We are old enough to see what is happening. Let the government come out clear. that is why they always get punches because they are not clear in what they are doing. Leadership requires one to be truthful because if they are lying, that thing will backfire, haunt them, and come out and when the truth comes out it won’t be good,” said Sakala.

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The Zambia Consumers Association (ZACA) has questioned

Uncategorized

Following the upward adjustments in fuel pump prices, the Bus and Taxi Owners Association has revealed that commuters should expect an upward adjustment in the bus and Taxi fares by at least 5 percent.

The Fuel pump prices have gone high, with petrol costing K34.19 per liter (up from K29.98) and diesel now costing K32.15 per liter (up from K29.96).

Although several changes in the fuel pump prices by the Energy Regulatory Board –ERB have been made on a monthly basis, bus fares have been constant since last year September 2023, when the upward adjustments were increased by 8% for long-distance intercity routes, k1.50 for Copperbelt and Lusaka local routes and other towns, k3.00 for inter – mine / Peri-Urban Copperbelt and k2.50 for Lusaka Peri – Urban and other towns.

Speaking in an exclusive interview with the Zambian Business Times -ZBT, Bus, and Taxi Owners Association President Sydney Chewe said that the association has engaged the government and submitted a proposal on a bus fare increase of at least 5 percent following the increase in fuel pump prices.

Chewe therefore projected a 5% increment on long-distance routes and a k1 to k3 increment on local routes after approvals from the relevant authority.

“What is paramount now is that we have to increase the bus and taxi fares and the commuters should expect that immediately. We’ve engaged the government and we’ve made a proposal on how much we need to increase based on the increment of fuel. It’s a definite answer that we are increasing but I cannot give you the figures because the process is currently under consultation,” he said.

“The percentage will be maybe 5% on long-distance routes of which the amount for local routes might be increased by k1 to k3,” said Chewe.

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Following the upward adjustments in fuel pump

Tech

The Basic Education Teacher’s Union of Zambia –BETUZ, has criticized the proposed idea of a licensure exam for teachers, terming it unfair to employed teachers.

According to the union, this proposal would negatively impact the morale of the teachers who are already working hard to educate the children of Zambia as the proposal, which is being pushed, would require all teachers in Zambia to take a licensure exam before they can be allowed to continue teaching.

Speaking in an exclusive interview with the Zambian Business Times –ZBT-, Kunka such exams should be introduced at the tertiary education level so that it is incorporated into the course.

He said it can only work for those who are not yet employed and that the already employed cannot be subjected to such exams. “After failing the exams what happens? Others are old this time, they cannot withstand exams, and others are already in management” said Kunka.

He is of the view that licensure exams can only work if they are at the end of the course so that they become part of the course and serve as examinations to determine qualified teachers. He said if it is subjected to those already in employment, it will be very unfair and will not work.

He has therefore called on –TCZ- to consider taking such exams to colleges and universities for them to become part of the course at the completion stage.

“Even those who are already trained and waiting to be deployed, it will be unfair because we needed these exams when they just finished the course,” said Kunka.

Kunka cited the Ziale exams that are taken by lawyers before they can begin to practice the profession and emphasized that it should be the same for the teaching profession if the exams are to be introduced.  

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The Basic Education Teacher’s Union of Zambia

Companies

Airtel Networks Zambia Plc and the United Nations Children’s Fund – UNICEF have signed an agreement to help accelerate the rollout of digital learning by connecting schools to the internet and ensuring free access across the country to the Learning Passport, which is a UNICEF-led educational learning platform.

The partnership aims to connect schools across the country to the Internet and ensure that particularly differently-abled learners are not left behind in the digital revolution. This inclusive approach is a step towards bridging the digital divide and ensuring equal opportunities for all students.

This partnership comes as part of a larger initiative by Airtel Africa, which has pledged to provide a financial donation of USD $7 million and a contribution in-kind worth USD $50 million to accelerate digital learning in 13 countries, including Zambia. The funds will be used to provide access to digital learning and promote the use of technology in education across the African continent.

Speaking when he officiated at the partnership signing ceremony in Lusaka, Education Minister, Douglas Syakalima, said the agreement signed represents an important contribution toward the achievement of the national vision of ensuring digital infrastructure for every child in Zambia and progressing the fourth sustainable development goal, ‘education for all’.

“We are grateful to UNICEF and Airtel for their continued support to the Government in helping expand technological advancements and making digital content accessible to children even in remote areas, thereby opening their world to 21st-century learning,” said Syakalima who is also a Member of Parliament for Chirundu.

In Zambia, under the leadership of the Ministry of Education, UNICEF, and Airtel will join efforts to facilitate free access to the Learning Passport, a national digital teaching and learning platform that supports learners through audio lessons in 7 local languages and provides teaching guides and materials for teachers and school management, launched in November 2022. 

According to the information made available to the Zambian Business Times – ZBT by Airtel Networks Zambia Plc, Head – Corporate Communication, Yuyo Nachali – Kambikambi, From the Platform’s launch to date, over 3,000 pieces of content have been uploaded on the platform in various languages so far. 

With this partnership, Airtel will zero rate the platform to ensure users can access the learning passport without paying for data. Airtel will also contribute by sending out SMS blasts to targeted communities to encourage the use of this accessible learning platform and, thus, help with behavioural change amongst educators, learners, parents, and guardians. 

Meanwhile, Airtel Zambia, Managing Director, Hussam Baday, expressed commitment to ensuring connectivity for the Education sector, particularly for the underprivileged, which is a key priority for Airtel.

“Through this partnership, we will be ensuring that schools across the country, putting special emphasis on those with children with special needs, connect to unrestricted internet to enable learners, teachers, and young people to access information and other opportunities. We will do this by providing routers and data to facilitate access to the internet in the schools identified by the Government,” explained Baday.

Speaking at the same event, UNICEF Representative in Zambia, Dr. Penny Campbell said the Learning Passport, a portal that offers a wide variety of learning materials was launched in 2022 to expand learning for Zambian learners beyond the walls of the classroom and promote digital literacy among students and teachers.

“The partnership that we have launched with Airtel, brings these efforts to the next level as this collaboration will help to overpass critical barriers such as cost of data to access to digital learning content while showcasing tools and strategies that help to improve digital learning in schools. UNICEF is keen to continue work with the Government and Airtel to model an evidenced-based digital learning strategy and we want to call other cooperating partners and the private sector to join efforts to scale up successful approaches to other schools as the connectivity program scales.” Remarked Dr. Campbell.

The launch of this agreement in Zambia follows the global partnership signed by UNICEF and Airtel Africa to accelerate digital learning in 13 countries across the continent.

In the Picture is Minister of Education Douglas Syakalima giving the key note speech.

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Airtel Networks Zambia Plc and the United Nations

Uncategorized

Print and electronic media institutions in Zambia have expressed concerns over being omitted as beneficiaries covered by the statutory instrument (SI) No. 67 of 2023 which saw the suspension of customs duty on the importation of selected media equipment’s, music and film equipment.

According to Statutory Instrument (SI) No. 67 of 2023, government suspended customs duty on the importation of selected equipment’s used in broadcast media, music and film industries for three years but has only covered institutions under the independent Broadcasting Authority – IBA and National Arts Council leaving out Print and electronic media which are regulated under the National Archives.

The regulations which came into operation on January 1, 2024 is expected to come to an end on December 31, 2026.

And the description of goods whose duty was waived include importation of goods such as loud speakers, headphones and earphones, microphones, audio frequency electric amplifiers, transmission apparatus and television cameras among other goods.

Meanwhile, the fact that print and electronic media equipment’s were not included in the above SI has disadvantage one important sector within the media industry. Media Owners Association – MOAZ has wondered why print media equipment’s where left out when both print and broadcast media play an equal role in informing the masses.

Speaking during the Zambia Revenue Authority (ZRA) and the Media Owners Association workshop in Lusaka attended by the Zambian Business Times -ZBT, News Diggers Managing Editor Joseph Mwenda who is the Chapter Chairperson said that the fact that print media houses were not included in the SI is unfair and unfortunate.

Mwenda said that the qualifications for the SI has also limited print media owners in that the qualifications needed for one to import the duty waved equipment’s requires one to be registered with IBA and the National Arts Council both of which are not regulators of the print and electronic media.

He further wondered why government neglected print media equipment’s for the waiver when both print and broadcast media houses play the similar roles in informing the public.

“The print media has not been considered in this statutory instrument and when you talk about the media obviously it’s not only radio and TV. There are news papers in print and eCopy also which are operating in the same jurisdiction and it’s extremely unfair and unfortunate that when I was looking at the list of equipment’s which are exempted there is no printing press or equipment that print media houses use,” he said.

“You will also see that the qualifications needed for one to import the duty waved equipment’s requires one to be registered with IBA and the National Arts Council both of which have nothing to do with the newspaper because print media houses are registered and licensed by the National archives of Zambia. So, I don’t know why ZRA could not remember that newspapers have been neglected,” said Mwenda.

At the same workshop, Zambian Business Times Managing Editor Donald Mumba requested ZRA who are also tax advisors to the government to consider proposing having the SI to be re-issued with the omission of Print and electronic media houses duly included.

Meanwhile Zambia Revenue Authority (ZRA) Customs collector Chibule Shakapanga urged those qualified to take advantage of the 3 years suspension of customs import duty before it expires.

Shakapanga further stated that there will be need for further engagements with the government for the sidelined print media houses to be considered.

“Take advantage of the statutory instrument before it expires. If they are people who feel they have been left out, it calls for further engagements so that perhaps you can be included,” said Shakapanga.

Meanwhile Media Owners Association of Zambia (MOAZ), President Costa Mwansa emphasized on the need for actions to be taken on the various concerns raises by media owners.

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Print and electronic media institutions in Zambia

Tech

The Zambia Airports Corporation Limited –ZACL- has disclosed that about K300 million (K288 million) was spent on the construction and rehabilitation of the Kasama Airport in the Northern Province of Zambia.

Kasama Airport in Zambia which serves as a major gateway to the northern part of the country has recently undergone a major rehabilitation project to meet international standards.

Responding to an inquiry by the Zambian Business Times –ZBT-, -ZACL- Communications and Brand Manager Mweembe Sikaulu disclosed that the amount involved included construction of the runway, taxiway, apron, perimeter fence, and rehabilitation of the terminal building and other buildings. “Currently, the airport does not have a cargo handling facility. However, there is adequate land for the provision of cargo facilities should the need arise” said Mweembe.

Mweembe told the Zambian Business Times that following the investment, an average of 9,000 passenger movements is expected in 2024 with the expectation of a steady increase of numbers year on year.

She further disclosed that incentives have been offered such as discounts. “We are also in the process of waiving off some fees to develop the route as well as partnering with the Zambia Tourism Agency to attract tourists in the northern circuit in addition to lower passenger fees,” said Sikaulu.

She also emphasized that Northern Province is endowed with numerous tourist attractions ranging from waterfalls, historical and archaeological sites, and cultural ceremonies and is an upcoming business hub which makes a good business case for the airport to attract more traffic.  She said the airport has been receiving some ad hoc aircraft since it opened in August 2023 adding that airlines such as Proflight Zambia and Zambia Airways are preparing to start flights during the first quarter of 2024. She disclosed that Proflight Zambia has confirmed scheduled operations to start in March 2024.

Sikaulu further mentioned that the corporation anticipates realizing revenue approximating ZMW 745,000.00 in 2024 which will be a combination of income from Air Navigation Services, Airport Services, and Commercial Services. “Furthermore, note that Kasama Airport’s annual revenue contribution will grow from 2025 as the operations at the airport will be more established,” said Sikaulu. She also noted that the upgrade of Provincial Airports including Kasama Airport is being funded through a Government grant6 hence no repayments will be made by ZACL.

The ZACL Communication and Brand Manager explained that the upgrade of infrastructure for all Provincial Aerodromes is part of the Government’s programme that seeks to improve air transport in the country. She said it is also in line with the Government vision of creating Kenneth Kaunda International Airport (KKIA) as an air transport hub in the SADC region which requires ease of air connectivity within the country and the region.

“One of the main barriers to attracting airlines at these airports is the poor status of infrastructure which compromises aviation safety and security. Once the airport infrastructure is upgraded, the safety and security profile will be heightened and airlines such as Proflight Zambia and Zambia Airways will be attracted to operate, which will in turn improve air connectivity to spur trade, tourism, and other economic activities across the country’ said Sikaulu.

The rehabilitation of the Kasama Airport is a significant milestone for Zambia’s aviation industry. With its modern facilities and efficient operations, the airport is poised to play a major role in the country’s economic development for years to come.

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The Zambia Airports Corporation Limited –ZACL- has

Markets

As Zambians are coping with the burden of rising inflation which stands at 13.2%, Economist Trevor Hambayi has projected that the country may be hit with yet another blow of increased buying price of fuel in February 2024.

Zambians may soon be facing an unwelcome increase in the pump price of fuel, due to the continued depreciation of the Kwacha which is one of the ERB’s key factors in determining the final pricing of the commodity.

Speaking in an exclusive interview with the Zambian Business Times, Hambayi predicted a marginal rise of about one kwacha due to the continued depreciation of the local currency. This may mean that the prices of fuel may be above K30 per liter which is likely to have a domino effect on other essential commodities, inevitably pushing up the cost of living.

This projection comes after two months of unchanged prices for petrol, diesel, kerosene, and Jet A-1, which the Energy Regulation Board attributed to stable international oil prices and exchange rates.

However, with the continued increase in the exchange rate which currently stands above K27 per Dollar, Hambayi is of the view that fuel pump prices are at high risk of increasing by about K1.  

Meanwhile, Hambayi is calling for a long-term solution to address the high volatility of the exchange rate.

He suggests a forward contract that would require the country to purchase crude oil that would last for about six months, ensuring a guaranteed price irrespective of fluctuations in the exchange rate.

“There will be a marginal increase in the price of crude oil for the upcoming pump price review as there have been little positives in the fact that the international crude oil prices have been reducing, but the kwacha has continued depreciating thereby affecting the exchange rate.”

 “So this was what was offsetting the two in the fact that the price remained unchanged for the last two months because there has been a reduction in the international price of crude oil, but the Kwacha has been depreciating,” said Hambayi

He said right now there is a very high volatility rate on the exchange rate which justifies the need for a long-term solution.

Hambayi has therefore suggested a forward contract that will require the country to purchase crude that will last for about six months to ensure that the price is guaranteed irrespective of what is happening with the exchange rate.

“I think that is a very important strategy that we should consider implementing because of the very high volatility that we have in our exchange rate,” said Hambayi.

With concerns about the country’s economic stability and the impact of rising fuel prices on already strained household budgets, any increase is likely to leave citizens reeling with anger and frustration caused by the high cost of leaving.

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As Zambians are coping with the burden