Connect with:
Sunday / April 27.
logo
mobile-logo
HomeStandard Blog Whole Post (Page 40)
Markets

The Bureau De Change Association of Zambia has warned that the Zambian Kwacha risks hitting a record high of K30 per dollar within the course of the first quarter of 2024 if the large-scale mines like Konkola Copper Mines – KCM and Mopani Copper Mines – MCM remain ineffective.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Bureau De Change Association, President Paul Kalumba said the delay in the full operations of the two giant mines has caused a deficiency of forex earnings, leading to the depreciation of the local currency against major convertibles.

The Kwacha has already hit K27 per dollar as of 25th of January, 2024, and if the situation persists, it may further depreciate, causing immense hardship for the people of Zambia.

Bureau De Change Association President Paul Kalumba said the government needs to move very quickly to get Konkola Copper Mine –KCM- and Mopani Copper Mine –MCM- running if the situation is to improve.

He said if the two mines begin to operate at full capacity, the country’s tax base will grow and exports will go up.

He did note that Zambia is unfortunately a free market economy meaning that the exchange rate is not a controlled rate, but a free floating rate which is market determined. He emphasized that the delay in operationalizing the mines has been a major contributor to the forex problem the country is currently facing.

Kalumba further added that debt restructuring has been another major issue that has contributed to the prevailing situation.

He noted that this will now be the third year of negotiation, and the sooner it can be concluded positively, the better it will be for the country.

“Unfortunately, the powers are not with Zambia, but the creditors and there is a need to continue pushing the issue of debt relief.” He remarked.

The Association President also noted that the amount of maize produced this year will play a major role in determining additional income for the country.

He mentioned that if the ten million tons production rate being advocated for by the president is achieved, it will mean huge exports for the country to earn more forex.

“So we need those things that will earn us forex. Maize is such one commodity that can earn us good forex” said Kalumba.

He however, noted that none of the mentioned interventions can happen overnight hence the country has to brace itself for some difficult times. He said the kwacha is bound to be under pressure for most of the first quarter and may take the whole of the quarter for the benefits to begin showing.

The Association President added that the implementation of the new Bank of Zambia Regulation which requires all exporters to at least receive the money locally will contribute to the positive interventions of more forex earnings. He noted that the intervention has a 90-day window and that the earliest such deposits can come into the country is in the month of March. Kalumba said this means the country will remain exposed in the first quarter as forex demands will remain far higher than what is being receipted. He said if implemented well, the regulation will make a huge difference. “The biggest problem we have had as a country is that even when we are producing very well, it is meaningless if you are exporting and the money is not coming back here,” said Kalumba. He said having a regulation that makes sure the money comes back to the country also helps the Zambia Revenue Authority –ZRA- in tracking earnings for tax purposes.

He is optimistic that the currency will gain ground in the medium to long term, but said that in the short term, the kwacha will still be under pressure which may lead to worse rates than what is being seen now.

He said the kwacha will lose ground to the dollar even more as most of the interventions are three months away at the minimum of yielding results.

0 Comments
0 likes

The Bureau De Change Association of Zambia

Agribusiness

The government’s efforts to bring down the price of mealie meals across the country to make the staple food more affordable for the average citizen, seem to have had little to no effect as mealie meal prices continue to remain stubbornly high in Nakonde and Lukulu Districts of Muchinga Province and Western Province respectively.

A K25 kilogram of roller mealie meal has hit K300 in the Lukulu district of Western Province while the same is going as low as K190 in Monze District of Southern Province.

Meanwhile, the cost of breakfast mealie meals in Nakonde also remains high at K350.

According to the official statistics made available to the Zambian Business Times – ZBT, a 25-kilogram breakfast mealie meal is going at K350 in Nakonde district while the same is going at K230 in Monze district of Southern Province as the lowest.

It appears, however, that more needs to be done to alleviate the financial burden that this essential food item places on the people of Nakonde and Lukulu.

0 Comments
0 likes

The government's efforts to bring down the

Tech

The Civil Servants and Allied Workers Union (CSAWU) has accused the teaching council of Zambia of using licensure exams to raise funds under the guise of professionalism.

The union has condemned the proposal to introduce teacher licensure exams terming it as a fundraising method rather than a means of promoting professionalism.

The Teaching Council of Zambia (TCZ) had proposed the introduction of licensure exams for teachers as a way of employing qualified teachers.

However, CSAWU president Makayi Makayi has stated that regulatory bodies should focus on monitoring and regulating learning institutions, rather than looking for opportunities to make money.

 Speaking in an exclusive interview with the Zambian Business Times, Makayi noted that such exams would come with a requirement of money.

He said that teachers are already burdened with other commitments such as PAYE tax, health insurance, and NAPSA, and that introducing licensure exams as a revenue-collecting measure would not be good.

Makayi further emphasized that there is no need for someone who has already graduated to sit for another exam.

He suggested that if there are flaws or weaknesses in the training system for teachers, they should be dealt with at the training institutions themselves.

This would help ensure that qualified teachers are being produced and that quality service is being provided to citizens upon graduation.

The CSAWU president also highlighted the need to monitor and regulate learning institutions, especially in light of the increase in the mushrooming of colleges.

He emphasized that the required education and exams must be given at the learning institutions and that it should not be a trend for every profession to introduce licensure exams.

The proposal to introduce teacher licensure exams has been met with criticism from CSAWU, which sees it as a fundraising method rather than a means of promoting professionalism.

The union has called for regulatory bodies to focus on monitoring and regulating learning institutions, and to ensure that they are producing qualified teachers who can provide quality service to citizens.

0 Comments
0 likes

The Civil Servants and Allied Workers Union

Sport

As the Chipolopolo team prepares to face Morocco in the upcoming match tonight, many fans and analysts are feeling a mix of excitement and nervousness.

Sports analyst Musonda Chibulu is however confident that the Zambian team has nothing to fear from their opponents if they can die a little harder and play their game.

Although Morocco is considered to be the Powerhouse of African Football, the Congolese demonstrated when they played against Morocco that the team can be vulnerable when attacked. The analyst went on to explain that while Morocco is a strong team, they have their weaknesses which the Zambian Team can take advantage of.

 Chipolopolo was placed in Group F with Congo DR, Tanzania, and Morocco ahead of the 2024 AFCON. The Chipolopolo have already played their first two games which all resulted in a 1 to 1 draw granting the team two points and currently placed third on the table. The team is set to play Morocco today which is considered to be one of the powerhouses in African football.

The Analyst noted that of course, the match won’t be easy adding that both teams have a lot to play for as anything can happen on the field.

The analyst believes that if Zambia can adopt new tactics and play to its strengths, it can emerge victorious.

He did note that on paper Morocco is expected to beat Zambia, but also mentioned that what matters on the pitch is application and hard work that can lead to the next stage. He said from the two games Zambia has played so far, people may or have lost hope of the team proceeding further. Chibulu however said it is important for the players to die a little and play like it is a cup final. He said winning the next game would be important for the Chipolopolo in securing qualification, but noted that pulling off a win would be sort of a miracle.

He said a draw might be enough as there may be a possibility of the team proceeding to the next stage as one of the best 3rd-place finishers. He said it would be a very tough game, but not impossible to get a result that can take the team through.

Chibulu added that it has been a very unpredictable tournament so far also evidenced by the loss of the hosts Ivory Coast who lost their last two group games thereby epitomizing the unpredictability of the tournament.  He noted that the tournament is filled with the best teams and that Zambia is bound to meet such teams if they are to progress. “If you do not meet Morocco in the group stages, you are bound to meet them in the quarter-finals or the semifinals. You are in this tournament to play the best and if you want to progress, you have to beat the best” said Chibulu.         

0 Comments
0 likes

As the Chipolopolo team prepares to face

Companies

The Director General of Immigration, Japhet Lishomwa says the Memorandum signed between the Agency and the Engineering Institution of Zambia will help to promote merit in the engineers that are coming to the country. Recently the Engineering Institution of Zambia (EIZ) signed a memorandum of understanding MoU with the Department of Immigration which commits the two institutions to work together more closely towards a common goal of ensuring that engineering skills coming into the country are the required skills. Lishomwa explained that as the lead agency in Zambia’s migration management framework, the Department of Immigration is the sole regulator of the entry, stay, and exit of foreign engineering professionals in the country but unfortunately, it is not competent in engineering, and therefore it cannot ascertain whether a person is truly a qualified engineering professional who should be permitted to practice his trade in Zambia or not. Lishomwa added that on the other hand, EIZ is the only institution in Zambia that is mandated to register and license anyone providing engineering services. He said it is from this simplistic delineation of the two institutions’ mandates, that it is contextually clear that the two are indispensable to each other: hence the need to support each other to execute the respective mandates effectively hence the importance of the MoU signed. Lishomwa said for the Department of Immigration, this kind of collaboration is underscored in the national migration policy that calls for a whole-of-government and whole-of-society approach to effective migration management, leaving no one behind. “While in some professions one can get away with allowing an unqualified or unlicensed individual to engage in the practice of such a profession, we cannot afford to get it wrong in the distinguished engineering profession. This is because the performance of engineering services by unqualified individuals can pose serious dangers to public safety.” Lishomwa further said, “Among other sensitive duties, engineers design, plan, and supervise the construction of buildings and ensure their safety and stability against hazards. Therefore, we shall continue to consult the EIZ on licensing foreign professionals, units, and organizations as part of our permit issuance process.” Speaking during the Signing ceremony EIZ registrar and Chief Executive Officer Eng. David Kamungu said the partnership will help the institution with information on the number of foreign engineering professionals, units, and organizations coming to do engineering work in the country. Kamungu said the MoU will further help EIZ to have a record of engineering professionals coming into the country and what kind of skills they are offering. “EIZ is looking forward to having a long-term relationship with the Department of Immigration to maintain the quality of engineering works by scrutinizing the qualifications of engineering professionals migrating to Zambia to work as engineering professionals.” “This partnership will further allow for effective communication and collaboration between the two institutions. I am confident that through our efforts and commitment, we will be able to achieve more and ensure our engineering professionals continue to benefit through this MoU. Engineer Kamungu also assured that the engineering institution of Zambia will do whatever it can to provide a successful implementation of the MoU.
0 Comments
0 likes

The Director General of Immigration, Japhet Lishomwa

Companies

Absa Bank Zambia, one of the leading financial institutions in the country, has made a significant contribution of essential supplies to the Ministry of Health towards the fight against cholera.

The donation is part of Absa Bank’s commitment to supporting the communities in which it operates and helping to improve public health outcomes.

Some of the essential supplies donated include supplies such as gumboots, raincoats, personal protective equipment, hand washing stations, sprayers, and medical equipment.

Speaking during the handover ceremony attended by the Zambian Business Times – ZBT, at the Cholera epicenter in Lusaka, Absa Bank Zambia Finance Director, Venus Hampinda said the donation is a testament to Absa Bank’s commitment to making a positive difference in society.

She said Absa is concerned about the current cholera outbreak and is committed to helping curb the spread of the disease.

Hampinda said that Absa is also dedicated to supporting the community and government initiatives of frontline workers in communities most impacted by the outbreak.

She further added that Absa is also dedicated to supporting people attending to patients at the cholera center.

“We are deeply moved by the agency of the cholera outbreak that is currently affecting our beloved nation. We must join hands with the Ministry of Health to curb the spread of this devastating disease,” she said.

“today we are proud to announce a significant donation to the Ministry of Health, this donation is not just a contribution; it is a testament to our dedication to supporting community and government initiatives, particularly those that directly cater to the needs of the Frontline workers in communities most impacted and those attending to patients at the hero’s cholera center,” said Hampinda.

Hampinda expressed the company’s sympathy for the citizens affected by the crisis and commended the government’s efforts to mitigate the impact of the outbreak.

She emphasized the need for unity amid the outbreak and urged corporate entities and stakeholders to join in supporting the efforts of the Ministry of Health.

She therefore reaffirmed the company’s commitment to fostering a just society for the people of Zambia during the outbreak.

“As we extend our solidarity, we call upon fellow corporate entities and stakeholders to join hands in supporting the efforts of the Ministry of Health. Together we can make a substantial impact, safeguarding the health and wellbeing of our fellow citizens. Absa Bank Zambia, in partnership with the Air Power Ladies Club, significantly contributed to improving the cancer diseases hospital’s infrastructure,” she said.

“Our donations have supported refurbishment works and aided in combating the COVID-19 pandemic through World Vision Zambia. These actions underscore our commitment as a responsible corporate citizen and a partner in government. Absa Bank Zambia remains steadfast in our commitment to Fostering a just society and standing in solidarity with the people of Zambia. We are here for you and together we will overcome this challenge,” said Hampinda.

Speaking when she received the donation Minister of Healthy Sylvia Masebo said the contribution is expected to significantly impact cholera prevention efforts, as it will help in areas most affected by the disease.

“We are very excited because you have given us almost everything that will help us to get on the ground to get on the ground and begin. Yes, they will not be sufficient for the whole Lusaka but they are sufficient to make us start. So you will be seeing us on the ground sharing some of these protective clothing and everything in the communities to improve our surroundings.,” she said.

“We want to say thank you to Absa. Absa has been an all-weather friend of this government and in particular the Ministry of Health. Your donation is a big testament that you are healthy and alive and that you are always there to support us,” said Masebo.

0 Comments
0 likes

Absa Bank Zambia, one of the leading

Markets

Financial Analyst Moses Mwale has expressed concern about the impact of the remarks made by the Swedish Ambassador to Zambia regarding corruption on investor confidence in the country.

In a recent development, the Swedish Ambassador to Zambia, Johan Hallenborg, revealed that Swedish companies were hesitant to invest in Zambia due to the perceived corruption in the country.

This led to a challenge from government officials who requested specific evidence to back up the allegations.

Speaking in an exclusive interview with the Zambian Business Times –ZBT, financial analyst Moses Mwale, however, observed that when the Swedish Ambassador speaks, it carries credibility and does not require verification.

“As a result, the international community and investors will take his words seriously, which could negatively affect investor confidence in the country.”

Mwale highlighted that one consequence of this could be an increase in country risk. “When considering where to invest, investors look at a range of factors, including risks that are there if they were to invest their money.”

Mwale said if a country is perceived to be high risk, investors may decide not to invest, or they may demand a higher interest rate to compensate for the risk. “This, in turn, increases the cost of doing business and ultimately affects the economy of the country.”

In picture is Swedish Ambasador to Zambia, Johan Hallenborg

0 Comments
0 likes

Financial Analyst Moses Mwale has expressed concern

Markets

Economist Yusuf Dodia has warned that if Zambia fails to address the underlying causes contributing to the current economic instability, it will be challenging for the country to achieve increased economic growth.

Speaking in an exclusive interview with the Zambian Business Times –ZBT, Dodia, stated that while the 2024 National Budget focuses on many goals the country would like to set for itself, it is essential to consider the reality on the ground.

Dodia noted that foreign funding and financing account for about 15 percent of the budget, while domestic financing, which involves borrowing from the local economy in the form of treasury bills and bonds, accounts for about 20 to 30 percent of the budget.

He said this means that the Zambia Revenue Authority’s (ZRA) resource mobilization target is insufficient to cover the entire budget. “In 2023, the ZRA was expected to collect about K110 billion, but the 2024 budget is almost 180 billion, leaving a shortfall of about 70 to 80 billion in the national budget.”

Dodia pointed out that the country has less control than it should have over its resources, adding that the cost of doing business in Zambia is being increased by the difficulties currently being faced by the economy, such as the depreciation of the kwacha, high fuel prices, and increasing electricity tariffs.

Dodia further mentioned that commercializing and privatizing the energy sector may not have been the right thing to do, but he believes it ought to be driven by the government or a state-owned entity.

Dodia emphasized that the country’s electricity tariffs are not being determined by the government, which is seeking to build an economy by making access to electricity cheaper, but by investors who demand certain tariffs for selling their products to Zesco, which is known as a power purchase agreement.

“If the power purchase agreement is very high, it means that Zesco is pushed to increase the tariffs on the Zambian population, making it difficult to develop the economy.”

Dodia called for a reflection on the energy policy with a view to fixing it given the experiences of European economies, which have gone into recession, and Asian economies, which are registering GDP growth above 6 percent because they control the energy sector in their countries.

Dodia said that if things are left as they are, it will be difficult to achieve economic growth above 4 percent, and the country is likely to see the economy becoming very sluggish, making it difficult to move forward.

0 Comments
0 likes

Economist Yusuf Dodia has warned that if

Lifestyle

Following confirmation that Kanyama Constituency is among if not the highest risk areas of Cholera transmission in Lusaka Province, fellow United Party for National Development (UPND) Kanyama member and 2026 aspiring candidate Beene Hachoombwa has called upon Kanyama MP Monty Chinkuli to up his game and address the water and sanitation situation in his constituency.

The country has continued recording cases of Cholera and deaths across the Country with high numbers being recorded in Lusaka Province of which according to the Ministry of Health, Kanyama Constituency is among the high risk areas of Cholera transmission in the Province.

Speaking in an exclusive interview with the Zambian Business Times -ZBT, Kanyama 2026 aspiring MP, Beene Hachoombwa bitterly lamented that the water and sanitation situation in Kanyama compound is saddening and leaves much to be desired.

Hachoombwa said that with the current cholera outbreak and heavy rains being experienced in the area, Kanyama has been flooded due to lack of proper drainage systems adding that with some latrines licking, fecal matter mixed with rain water is entering people’s homes.

He said that the access to clean water is another major challenge Kanyama residents are facing adding that, although the government through DMMU is providing water amid the cholera outbreak, the water being provided is a drop in an ocean looking at the large population of people residing in the area.

“We are currently inspecting floods just to have an overview of the many challenges that our people are facing. Otherwise the situation is not okay. We’ve seen water in houses which is unhealthy knowing that we are in the cholera Epidemic,” he said.

“We have a situation where pit latrines are licking and the contaminated water is going in people’s houses. We have a sad situation in Kanyama. There is no clean drinking water and the water government is supplying is not enough because of the high population in Kanyama,” said Hachoombwa.

Hachoombwa said that the residents will not accept this kind of situation year in year out.

He therefore called on the lawmaker in charge, Monty Chinkuli together with his councilor counterparts to find lasting solutions to address the water and sanitation situation in their constituency.

He further emphasized on the need for more funds to be allocated towards the fight against Cholera.

“It actually calls to my colleague who is serving as member of Parliament to do proper planning because we shall not accept this kind of thing every year where we see water entering people’s houses, there are poor drainage systems, no sock aways for ablutions. The MP and his councilors should up their game and consider the well being of the people of Kanyama. We must have a long lasting solution to be put in place to ensure that in the next season we don’t have this situation again,” he said.

“The MP must do proper planning with engineers and relocate some people in Kanyama to reduce the flooding in Kanyama. We want him also to allocate finances under CDF in fighting this pandemic because it’s very urgent. More money should be allocated towards more drainages because what is causing floods is the lack of drainage systems. We need to have a road system where we shall see water flowing,” said Hachoombwa.

May be an image of 3 people

See insights and ads

Boost post

All reactions:

44

0 Comments
0 likes

Following confirmation that Kanyama Constituency is among

Tech

The cover up efforts by the Ministry of Health has been exposed after a source who is member of the Ministry’s integrity committee told the Zambian Business Times – ZBT that people that were involved in the suspected corrupt award of a contract to supply Cholera drugs to Former Pharmaceutical Society President Jerome Kanyika or the company he represents have all been transferred.

Jerome Kanyika has also been caught up in his own web of lies after he denied ever being arrested over the importation of suspected counterfeit Cholera drugs.

A News Diggers report has confirmed that a letter from Kanyika’s lawyers has confirmed that he was indeed arrested.

ZBT had earlier been tipped that the Drug Enforcement Commission – DEC and Police who had effected the arrest of Kanyika and impounded the truck had been pressured to hand over the case and impounded truck to ZAMRA.

ZAMRA later confirmed with ZBT that the truckload of suspected counterfeit Cholera drugs had been handed over and was at it’s premises for further investigations. A source at ZAMRA however said the matter was very sensitive and could not share more details.

So, when ZBT followed up the matter with the ministry of health who have the records of contracts awarded, most officers stated that they were afraid to share more details but refered ZBT to the integrity committee as it’s members as expected to support corruption investigations.

Speaking in an exclusive interview with ZBT, Alice Mwanza a secretariat member under the Ministry of Health Integrity Committee who spoke on behalf of a committee members under the procurement Department confirmed to ZBT that the procurement department has no information on any case involving Kanyika or the issuance of a contract to import Chorela drugs to a company that he represents.

When pressed to explain how the procurement department which keeps the paper and system trails of which contracts are given out had no information when Kanyika himself had referred ZBT to the Ministry of Health, Mwanza attributed the procurement committee having information on the case to most procurement committee members being new as a result of most of the erstwhile members being transferred to other locations.

Asked whether the new committee members where not given hand over notes or handed with the information of contract details before relocating to their new locations, Mwanza avoided the question and referred all queries to the spokesperson for the ministry of Health.

“I managed to talk to [one of ] the committee member under the procurement department but he told me that he doesn’t have any information on that case and it would be better for you to go through the spokesperson for the ministry.

As a committee we have new members, a lot of our members have been transferred, so the person I was talking to is quite new. This is why they are referring the case to the spokesperson for the Ministry,” she said.

“The mandate for the integrity committee is not to start looking for these people who have made mistakes but to prevent crime. If the crime has been committed, it’s not for the committee members to handle”, said Mwanza.

Meanwhile efforts to get information from the spokesperson proved futile by press time.

0 Comments
0 likes

The cover up efforts by the Ministry