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Lifestyle

The Zambia Consumer Association (ZACA) has expressed sadness at the failure of the Network Service Providers Association of Zambia (NSPAZ) and the internet service providers (ISPs) to review the excise duty update on the cost of fixed internet services expected to increase on all internet services by 17.5% next year.

From the 1st of January 2024, the cost of fixed internet services is expected to increase on all internet services by 17.5%. The increase will be necessitated by the amendment of the Customs and Excise Duty Act which came into effect on the 1st of January this year.

Recently the Network Service Providers Association of Zambia (NSPAZ) revealed that all efforts by the association and the internet service providers (ISPs) to get the relevant authorities to review the excise duty update failed which indicates that customers will be required to pay their internet service providers an additional 17.5% excise duty on the full cost of the internet services of which the tax shall be passed to the tax authority.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, ZACA executive secretary Juba Sakala noted that the cost of doing business is currently high and increasing the cost of internet services will make the cost of doing business even higher because a lot of business owners depend on internet services to run their businesses.

Sakala added that increasing the cost of internet services will not only affect business owners but will also trickle down to consumers in that business owners will increase the cost of their products and services.

He noted that internet services are no longer a luxury but a necessity and therefore appealed to ZICTA to intervene by engaging network providers to bring down the cost of internet services expected to increase next year.

“That’s a sad story to hear and it’s something that in business, we even get worried about because we’ve been complaining that the cost of doing business is so high and for them to add that 17.5% means they are making the cost of doing business more expensive because a lot of people use the internet for business advertising, communication and transportation. So we expect that whatever products business owners will be accessing through the internet and bringing it to the consumers, will be more expensive than it is now,” he said.  

“It’s so unfortunate that efforts have failed. It’s high time that ZICTA moved in as a regulator to intervene by possibly engaging network providers to bring down the cost of internet services which everyone needs. The internet now is not a luxury, it’s a necessity. So it will be unfortunate if the network providers seem to be unreasonable for them to look at internet services as a necessity which should be a win to win situation for consumers and network providers. Let them not hold clients at ransom because they are the providers, that’s the reason we are appealing to ZICTA to move in and sort out this issue,” said Sakala.

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The Zambia Consumer Association (ZACA) has expressed

Tech

The Ministry of Local Government and Rural Development has confirmed that Lusaka, Northwestern, and Northern Provinces will be unable to get the first allocation from the K4 million for the first 7 provinces enlisted for the Chief Dom palace construction.

Ministry of Local Government announced that 81 out of 288 recognized Chiefs will have their palaces constructed at an average cost of about K4 million each (K311 million divided by 81 earmarked palaces) in the next six months of which only seven (7) out of Zambia’s ten (10) provinces will get the first allocation.

According to information made available to the Zambian Business Times – ZBT, by the Ministry Public Relations office the seven provinces to be given the first priority for the allocation of the 81 palaces include the Southern provinces with 19 palaces, Eastern province with 16, Luapula province with14, Central Province with 13, and copper belt with three 3 Palaces, Other Provinces include, Muchinga province with 8 palaces, and Western province with 8 palaces.

According to the Ministry, the construction of these palaces is expected to come with a package that comprises a four-bedroom house, two low-cost houses for the chiefs’ retainers, a conference room as well and a water reticulation system.

“The ministry has awarded the Zambia correctional service to construct 81 chiefs’ palaces at a total cost of k311 million. The expected completion period of the construction of each of these palaces is six (6) months. I wish to state that the Zambia correctional service is not the only contractor engaged to construct the palaces as there are other private companies identified to carry out the projects in other parts of the country.’’

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Ministry of Local Government and Rural Development Permanent Secretary Mambo Hamaundu revealed that the government will this week begin the construction of 110 palaces across the country under phase one of the project.

Asked why the government opted to construct palaces in only 7 provinces out of the total 10 provinces across the country, Hamaundu said the government is using a phased approach to manage available resources.

Asked if the Government has enough resources to finish this project within the announced 6 months, Hamaundu emphasized that the government has enough funds for the construction of the palaces.

“When you sign a contract, it means you have resources. We have contract managers so if there are challenges like the place is impassable, we extend time but money is there.”

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The Ministry of Local Government and Rural

Agribusiness

The Tobacco Board of Zambia (TBZ) has revealed that there are currently limited sources of tobacco seeds in Zambia which is one of the limiting factors to farmers intending to engage in tobacco farming.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, TBZ Acting executive director Tyndale Kasongole said that tobacco seeds are made available to farmers by tobacco sponsors which is a limiting factor to self-contracted growers in that they fail to find the seed on the market.

Kasongole however noted that there is a need for the government to make the tobacco seed outlets available to all farmers of which TBZ is engaging into memorandums of understandings (MOU’s) with regional international research stations aimed at making the Tobacco seeds available on the Zambian market.

He said that there is also need for government to push for tobacco to be part of the comprehensive agriculture transformation support program ( CATSP) adding that the costs of tobacco fertilizers on the market is currently very high.

“Government through TBZ need to make the outlets for tobacco seeds available to the farmers because there are limited sources of tobacco seeds in Zambia and this is mostly done by the sponsors of tobacco. They are the ones that provide the seeds to the growers. So, to some extent that limits the self-contracted growers in that they fail to find the seed on the market. So as TBZ, we are actually engaging into MOU’s with regional international research stations try and find means of how we can get seeds into the country. That is one of the limiting factors to farmers engaging into tobacco production. The market aspect is also something we are also working on as TBZ in liaison with the industry stakeholders and government so that we increase the number of buyers on the market. If you have got more buyers, it means that more farmers will be able to produce and more and the crop will be able to be sold easily.  There is a lot we are doing and recently we launched our strategic plan of which one of the objectives in the next 5 years is wooing more buyers on the market. We need to engage government to government kind of arrangement to bring more buyers on the market,” he said.

“Factors needed for Zambia to double its Tobacco output are a lot apart from fertilizer.  Fertilizer is just one of them. To double the production of tobacco in terms of inputs, what Zambia should do basically is to have some form of subsidies especially on the price of fertilizers. The costs of fertilizers right now are very high on the market. If you check on some of the suppliers of tobacco fertilizers, fertilizer is costing as high as k1500 or k500 per bag and let’s say you need 10 of them, like for tobacco that means that you need about k15, 000 for one hector. So there is need for government to intervene to try and maybe push tobacco to be part of the comprehensive agriculture transformation support program so that there is some form of subsidized price of fertilizers. Apart from that, there is need to explore other avenues of sourcing fertilizer financing. Most of tobacco farmers are under contracts and these contractors are the ones that provide fertilizers which come with some form of interest,” said Kasongole.

Kasongole said that companies currently supplying tobacco fertilizers to farmers includes companies such as Omnia fertilizers which is one of the biggest suppliers of fertilizers, FSG fertilizers, and Zambian fertilizers.

He revealed that Tobacco Farmers in Zambia use over 15,000 tons  of fertilizer per annum and that the specific Nitrogen, phosphorus and potassium (NPK) requirements needed for Tobacco fertilizers in Zambia is 10% nitrogen, 24% phosphorus, 10% potassium and 27% nitrogen content for CAN fertilizer.

“Yes Tobacco Farmers in Zambia also use the NPK fertilizer that was exported to Tanzania. The difference is in the NPK, so for tobacco we have 3 types of fertilizers that we use. There is compound S which is for the nursery which has a lot of Sulphur, compound B which is used as basal fertilizer and CAN that is used as the top dressing.

So most of the farmers are accessing fertilizers through Omnia fertilizers which is one of the biggest suppliers of fertilizers not just for tobacco but even other types of crops, FSG fertilizers, and Zambian fertilizers. One hector of tobacco requires 2 dressings’ and 10 basal dressing bags of fertilizer which equates to 12 bags per hector, multiplying that by 50kgs and the number of hectors grown like for last year, the total number of hectors was at 21, 000 hectors of tobacco was planted by 21,000 growers, so multiplying that by 50kgs, we are talking about 12,000,600 (twelve million, six hundred) tones divided by 1000 tones per kg, which is almost 12,600 tons. So we can just say tobacco farmers use 15, 000 tons of fertilizer in a production season,” he said.

“So the specific NPK requirements needed for Tobacco fertilizers in Zambia for nitrogen is 10%, for phosphorus its 24% and 10% for potassium. For top dressing which is CAN, that one just has nitrogen content which is 27%. So that’s what differentiates fertilizers for tobacco from other crops so you find that other crops don’t need that much of nitrogen. What differentiates fertilizers for different types of crops is the amount of Nitrogen, phosphorus and potassium. Those are the key elements for the growth of any crop but they differ depending on the need for the crop. In tobacco, what we want is a crop that has more nicotine and if it has more nicotine and sugar content, it means that there should be a lot of nitrogen unlike other crops like maize were we look for a cob so, the nitrogen, phosphorus and potassium content will differ,” said Kasongole.

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The Tobacco Board of Zambia (TBZ) has

Agribusiness

Zambia’s leading potato producer has attributed the increase in the potato cost on the market to high cost of fuel prices and the fluctuation of the Zambian Kwacha which has continued depreciating.

Meanwhile, Buya Bamba has revealed that it is still exporting frozen chips to countries like Uganda, Kenya, Botswana Malawi, South Africa and Namibia stating that there is no enough demand for frozen chips in Zambia.

Potato prices have increased on the Zambian market by about 20 percent from K110 last Month to now about K130.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Buya Bamba Managing Director Antony Baker said the increase in the cost of potatoes to the high cost of fuel prices and the fluctuation of the Zambian Kwacha which has continued depreciating.

Baker said that when the kwacha weakens, potato prices are also expected to increase adding that if the company does not increase the prices amid the weak currency, the company might incur losses.

He noted that if the kwacha was stronger, potatoes on the local market would have been more affordable than it is now.

“The problem is that most of Zambia’s inputs are all dollar based, starting with fertilizer chemicals and even the fuel prices are being changed every month and when the kwacha devalues everything is going up because everything is linked to the dollar. So we are also exposed to the same thing. The problem is that when the kwacha weakens, then obviously the prices need to be adjusted because if we don’t adjust our prices upwards it becomes non – profitable,” he said.

“I’m hoping that the kwacha strengthens because there is nothing we can do. So I don’t know what we can do because everything we are putting in the ground such as the fertilizer are all dollar based including the fuel price. Every month they are changing the fuel prices. So it’s the same problem. We need diesel to plant and transport potatoes. So when prices are going up we also need to adjust our prices unfortunately. If the kwacha was stronger, maybe the potato prices wouldn’t go up and I think it’s the same thing for most things at the moment. The problem is that we are all exposed to our inputs being dollar based and that’s our biggest problem. Maybe if there was some fertilizer company that can start producing fertilizer locally then we can buy our fertilizer in Kwacha,” said Baker.

Asked if the company has an out grower scheme to support local agribusinesses to expand potato production, Baker retorted that the company has no out grower schemes but only avail their seeds to farmers and link them to the potato market when potatoes are ready.

“My response to that is that we have plenty of potatoes on the market to supply our customers. We need to support local farmers and we need to create our own agriculture supply base so that we are self-sufficient otherwise we will keep importing products. We don’t do out grower schemes because we don’t have financial backing to do the out grower schemes. We only make seed available and link farmers to the market when the potatoes are ready. So for the frozen chips as far as I know, we are exporting to Uganda, Kenya, Botswana Malawi, South Africa Namibia and its ShopRite mainly that are buying from those regions because there is not enough demand in Zambia,” said Baker.

Baker added that there is need for the government to formulate long term policies for investors which will allow them to support agricultural development and growth in Zambia for a longer period of time.

“We want consistent policies, we want long term policies that we can work with and not short term policies so that when we invest, we invest in long term. These are the aspects that will support and help the agriculture industry in Zambia not just for potatoes but other agricultural products, Zambia has a lot of potential, we have water, land and agricultural opportunities but unfortunately we need support from the government to allow the industry to grow and not have Zambia as a dumping ground for imports because if you allow imports all the time to flood your market then, you won’t grow anything because you will be too scared that when you grow your product you will find that there is no market,” said Baker.

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Zambia’s leading potato producer has attributed the

Mining

Musukwa Gold Mining company has urged the government to get assistance from foreign countries that have proper machinery and equipment to assist in the removal of trapped Seseli miners.

Recently miners at Seseli Mine in Chingola were trapped of which so far, only 11 bodies with one survivor have been retrieved bringing the total number of retrieved miners to 12. The rescue mission which includes military personnel and others from large-scale mining companies have continued to search for the miners whose number still remains unclear.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Musukwa Gold Mining Director Ephraim Musukwa lamented that the government has taken time to retrieve the miners due to lack of proper equipment.

Musukwa suggested that the best way to remove the remaining trapped miners is to pump out water from the mine, open it and use escavators to remove the collapsed materials.

He observed that what is currently being done by rescuers is that they are going underground manually to search for the miners which might slow the process.

He added that surviving underground depends on the metres at which miners are trapped, the number of people trapped and the size of the tunnel adding that if someone is alone, it is possible for them to survive as opposed to when there are many due to insufficient oxygen.

“The Government can talk to countries like South Africa who are established in gold mining and have a mine and equipment which can go as far as 500 meters underground to assist in the removal of miners. The government has taken time to retrieve the trapped miners because as a country we don’t have equipment. We are different from other countries in that for us we don’t have proper machinery. To remove the trapped miners they have to pump out water and use an escavator to open it but it’s like the commando’s are going down manually to go and get those guys. When underground mining collapses, the best way is to open the mine by removing the collapsed things which might be expensive but KCM and Mopani mine can do that but it will take time because maybe the miners are 100 meters and for the escavator to reach that far, it will take weeks or months,” he said.

“According to the experience that I have Surviving underground depends on the metres and the number of people who are trapped and the size of the tunnel because if someone is alone on 60 or 80 metres he or she can stay for days but if they are many they can’t survive on 60 metres because they are sharing
the same oxygen for a long time. I think that the miner who survived the Seseli mining accident was situated where the water wasn’t much because when you go underground you can make ways where you sleep so maybe he was sleeping on top where the water was not much that’s how I think he managed to survive,” said Musukwa.

Musukwa therefore emphasized on the importance of small scale miners having mining experiences to prevent mining accidents.

“Most miners do not have experience to do underground mining especially the guys in Chingola as compared to miners in gold mining. As miners in gold mining we have a little bit of experience because of Tanzanians who taught us how to shutter the pits using timber so that nothing can collapse on us,” said Musukwa.

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Musukwa Gold Mining company has urged the

Companies

Zambia’s Chilanga Cement company, which is one of the leading cement manufacturers in Zambia, has attributed the cement production decrease in the country to the high cost of production, lack of liquidity in the market, and the shrinking local and export markets among other factors.

Zambia’s annual cement production has dropped in the third quarter of the Year 2023 a significant setback for the country’s economy, as the construction industry is a major contributor to the growth of any economy.

According to the Industrial Minerals production report obtained by the Zambian Business Times – ZBT, cement production has dropped by about 2 percent to about 1,800,000 metric tons compared to over 3, 300,000 metric tons produced within the same period in 2022.

This decrease has been largely attributed to the high cost of doing Business in the country which has several implications for the country’s economy.

The major contributors to this development are Chilanga Cement (Formerly known as Lafarge cement) with a contribution of over 190, 000 metric tons drop, Mphande Limestone (Simoma) with over 125, 000 metric tons drop, and Dangote Cement with about 178, 000 metric tons drop.

Responding to an inquiry by the Zambian Business Times –ZBT, the Company’s Corporate Affairs Manager Gift Danga, said this decrease in cement production in the country could be due to several factors, among them low liquidity, and the shrinking local and export market.

Danga however said from the company perspective the Company will continue optimizing its operations, to ensure there it is cost-effective, and deliver the products at a competitive price.

Asked What are some of the measures the Company has adopted to have sustainable operations for the benefit of customers, Danga said, the company focuses on operations optimization and efficiency, as well as cost management.  

The decrease in Cement production is a clear indication of the challenges facing the Zambian economy. This has potential to hurt the construction industry, which is a key driver of the Zambian economy which is a worrying sign for the Zambian economy, which has been struggling with a low liquidity situation for some time.

The government has since been implored to implement policies that will stimulate economic growth and increase liquidity in the market to support companies and boost the overall health of the country’s economy.

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Zambia's Chilanga Cement company, which is one

Lifestyle

Coca-Cola Beverages Africa (CCBA) has graduated over 300 women and youth from its waste management program aimed at combating plastic waste in Zambia.

The program, which was launched in 2018, has been instrumental in training and equipping women and youth with skills and knowledge in waste management.

The participants were taken through a three-day course from 11 October, starting with theory that covered various topics, including waste management, recycling, and entrepreneurship, followed by a site visit to a landfill, and finishing with a visit to recyclers.

Speaking during the graduation ceremony attended by the Zambian Business Times ZBT, CCBA Southern Region Managing Director, Basil Gadzios said that the program was part of the company’s commitment to promoting sustainable practices and protecting the environment.

The graduates also received support from CCBA in the form of start-up kits to enable them to start their own waste management businesses. This initiative is aimed at empowering graduates to create employment opportunities for themselves and others in their communities.

CCBA Southern Region Managing Director, Basil Gadzios, “The interconnected global challenges of packaging waste and climate change have made this a focus for our business and communities.”

“The Coca-Cola Company and its bottling partners are taking a hard look at the packaging we use and how we can drive change.” He added

“Our sustainable packaging strategy aims to create systemic change through a circular economy for our packaging – from how bottles and cans are designed and manufactured, to how they’re recycled and reused.

“We have a responsibility to help solve the global plastic waste crisis, and we’re leveraging our scale and reach across markets to achieve our sustainability goals and reduce waste pollution,” Gadzios said.

“CCBZ, a subsidiary of Coca-Cola Beverages Africa, has committed to invest in our planet and our packaging, to help put an end to the plastic waste crisis, working in partnership with The Coca-Cola Company which launched a sustainable packaging initiative called World Without Waste in 2018.”

As a group, Coca-Cola Beverages Africa has committed to collecting a bottle or can for every one it sells by 2030, making all its packaging 100% recyclable by 2025, having 50% recycled content in its packaging by 2030 and making 25% of its packaging reusable by 2030.

“We have the scale and reach to make a real difference, and we’re using our leadership position to drive change and help put our planet on a more sustainable path,” said Gadzios.

“We want our business and the communities we serve to benefit from greater shared opportunity. This is about more than the bottom line because opportunity is not measured by money alone. Opportunity means a better future for people across the African continent.

“We are working in our communities to educate people on why and how to recycle through training like this one, on-package messaging, and more to create a healthier environment for all.

“Tackling the global plastic waste crisis requires cross-sector collaboration and alignment on common principles and targets,” said Gadzios.

“We work with a range of stakeholders at a national and local level. This includes partnering with government and community organizations to strengthen recycling infrastructure and boost collection rates, collaborating with customers, peers, and industry associations to support a circular economy; and teaming up with suppliers, startups, and R&D partners to fuel sustainable packaging innovation.

“By following our values and working for a better-shared future, we create inclusive growth that benefits communities, women and youth, our customers, our employees, and our shareholders.” Remarked Gadzios.

speaking at the same event Local government and Rural Development Permanent Secretary Mambo Hamaundu who was the guest of honor commended the Coca-Cola company for the initiative adding that the initiative will promote a clean and healthy environment.

Hamaundu expressed concern about the illegal dumping of plastic waste and Challenged members of the general public to stop the habit of illegal and indiscriminate dumping of waste which he said can damage the environment. 

He urged graduates to be ambassadors of ensuring that there is no indiscriminate dumping of waste and challenged other corporate bodies to emulate what Coca-Cola is doing by collecting waste plastic bottles and advised members of the general public to separate plastic materials from other waste products to make work easy for waste aggregators and recyclers.

The program has not only had a positive impact on the environment but has also brought economic benefits to the participants and the country at large. The graduates have been able to create jobs, generate income, and contribute to the country’s economy through the recycling of plastic waste.

According to a report, Zambia generates over 1.3 million tons of waste annually, with only 10% of the waste being collected and disposed of properly.

This has led to the pollution of the environment and a negative impact on public health. The waste management program by CCBA is, therefore, a step in the right direction in addressing the waste management challenges in Zambia, and it is expected to have a significant impact in the long term.

The graduation of over 300 women and youth from CCBA’s waste management program is a significant milestone in the fight against plastic waste in Zambia. The program has not only equipped the participants with skills and knowledge but has also contributed to the country’s economy through job creation and income generation. We hope that other companies will follow in CCBA’s footsteps and invest in sustainable practices to protect the environment for future generations.

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Coca-Cola Beverages Africa (CCBA) has graduated over

Uncategorized


The Zambia Forestry and Forest Industries Corporation (ZAFFICO) has made a significant contribution to environmental conservation by donating over 5,000 trees to the National Assembly of Zambia.


The trees are intended to contribute to the country’s reforestation efforts and promote environmental conservation. The donation is part of ZAFFICO’s continued efforts to promote afforestation in the country which has come at a time when Zambia is grappling with the negative effects of deforestation, such as soil erosion and climate change.


The trees donated are Pine trees seedlings which are well-suited to the Zambian climate as they are a renewable resource, meaning that it can be harvested and replanted without depleting the environment. Pine tree is also biodegradable and can be easily recycled or repurposed.


At a time when a full grown pine tree cost about K1, 500, the Corporation has donated over K750, 000 to the national assembly of Zambia.


Speaking during the handover ceremony in Lusaka attended by the Zambian Business Times – ZBT, ZAFFICO Chairperson Alvert Ng’andu said ZAFFICO is concerned with the devastating effects of climate change on various sectors of the country’s economy both at global and national level.
He noted that Zambia has not been spared from the effects and has in the past few years experienced flash floods and droughts in some parts of the country. He added that there are already indications of a possible dry spell in some parts of the country this rainy season.


He said the Corporation is aware of the National Assembly of Zambia’s commitment to tree planting initiatives such as “Promoting a green parliament campaign” and assured the National Assembly of the Corporation’s highest commitment to the partnership.


He also commended the speaker of the National Assembly for participating at the just ended United Nations Framework Convention on Climate Change -UNFCCC- Conference of parties -COP- 28. Ngandu congratulated the speaker of the assembly Ms. Nelly Muti for being the first speaker of the National Assembly of Zambia to participate at a COP since its inception accompanied by parliamentarians from the parliamentary caucus.


He said it is for this reason that addressing climate change calls for concerted efforts across all levels of governance.


Ngandu further disclosed that the corporation plans to increase its hectares of forest plantations to 100, 000 hectares. He said to achieve this in line with its strategic focus and business diversification drive, ZAFFICO is investing in forest expansion and value addition activities.


He said the corporation’s forest expansion strategy demonstrates the corporation’s commitment towards contributing to climate change mitigation.


“As a corporation involved in the establishment and management of forest plantations, we are committed to joining forces with the national assembly in addressing the effects of climate change” said Nga’ndu.


Nga’ndu has therefore encouraged individuals and communities to grow trees as an alternative source of livelihood and a mitigating contribution to climate change.
“Once again the National Assembly of Zambia is the first recipient of seedlings this year through this donation of 5, 000 pine seedlings valued at 50, 000” said Nga’ndu.


Meanwhile, the National Assembly of Zambia has expressed its gratitude to ZAFFICO for the timely donation, which they believe will go a long way in preserving the country’s natural resources.
Speaking when he received the donation on behalf of the speaker of the National Assembly of Zambia Nelly Mutti, second Deputy Speaker Moses Moyo noted that trees are essential to the health of the planet which are critical to human health and wellbeing now and in the future. He said relating to the human anatomy, forests are the lands of the planet drawing bin carbon dioxide and breathing out oxygen.


He however noted that the environment has not effectively been taken care of. “A number of human activities such as Charcoal burning, mining and agriculture have been destructive to the environment as a result we have seen the negative impact of these activities through the effects of climate change” said Moyo. He noted that about a decade ago rains would be already pouring by December which is not the case now. “We are in the middle of December, but the southern part of the country is arguably yet to receive meaningful rainfall adding that this will affect agriculture production.


He said it is therefore imperative that measures are taken to correct the situation and that planting trees is one of the most effective ways of doing so. “To this end as the National Assembly of Zambia, we have committed to planting at least a thousand trees in each of the constituencies across the country” said Moyo.


He mentioned that the program has already been launched in a number of constituencies and that the National Assembly is committed to seeing that the trees being planted are natured. “With the support of ZAFFICO as demonstrated through the donation, we are certain that the correct objective will be achieved” said Moyo.


Moyo assured ZAFFICO that the members of parliament will be encouraged to sensitize their constituencies to participate in the activities of planting trees thereby contributing towards influencing the transformation of constituencies and the country at large to a greener and cleaner society. He also assured the management of ZAFFICO that the National Assembly of Zambia will nature the seedlings, and continue to partner with the organization for the noble cause.

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The Zambia Forestry and Forest Industries Corporation

Markets

The Zambia Institute of Chartered Accountants –ZICA has expressed concern with reports that Zambia’s official creditors including China have rejected a deal the country struck with its international bondholders.

The official creditors are reported to be alleging that the deal did not deliver debt relief comparable to what they offered in a separate deal. The agreement in principle, which the International Monetary Fund (IMF) also rejected, is said to have not complied with “Comparability of Treatment.”

Speaking at the ZICA fourth quarter media briefing in Lusaka attended by the Zambian Business Times – ZBT, ZICA president Yande Mwenye said the implications are that the full conclusion of the debt restructuring process is likely to extend into 2024.

“This may adversely affect budget implementation and execution.” ZICA has since advised the government through the Ministry of Finance to clear the air by providing comprehensive information on the progress of the debt restructuring process in order to dispel speculations being fueled due to lack of information.

“We urge the Ministry of Finance to issue a comprehensive statement on the current state or the status of debt restructuring to dispel any speculation, that is currently being fuelled due to the lack of information.” She said.

Meanwhile, ZICA has advised the Government to address Zambia’s deep-rooted structural disparity that has manifested itself in a mono-economy still heavily reliant on copper mining.

The ZICA President said the Government must expedite the diversification of the country’s export base towards sectors such as Agriculture, Manufacturing, and Tourism as espoused in the current national development plan and other policy documents as this will ensure a multiplicity of sources of foreign currency thereby arresting [Kwacha] depreciation over time.

She said the exchange rate remains a significant variable in Zambia’s economy hence, the persistent depreciation of the Kwacha continues to pose economic challenges.

“Going forward, a combination of short-term and long-term measures must be used to arrest the perpetual depreciation of the Kwacha. This way, the Kwacha can be redeemed and consequently the economy insulated from the shocks arising from the Kwacha’s depreciation.”

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The Zambia Institute of Chartered Accountants –ZICA

Mining

The Mumbwa Gold Mine in Zambia has the potential to significantly boost the country’s economy, with an estimated $5 billion in revenue expected.

The mine, which is located in the central province of Zambia, is expected to be one of the largest gold mines in Zambia and a significant contributor to the gold market once operating at full capacity.

The impact of the delay in reopening the Gold Mine has however been felt by the government in terms of lost revenue. With the potential to generate over $5 billion, the mine could have been a significant source of income for the country especially at a time when the country is still working on its debt restructuring.

According to the former Central Province Minister and Mumbwa Central Member of Parliament Credo Nanjuwa, the Mumbwa Gold Mine has the potential to generate a significant amount of revenue for Zambia however, delays in reopening the mine have had a negative impact on the government and the local community.

Speaking in an exclusive interview with the Zambian Business Times – ZBT – the former Provincial Minister disclosed that according to the recent Mineral Exploration report, the Gold mine has minerals worth over $5 billion which would be great for the country as it would positively contribute to the appreciation of kwacha which is still struggling.

Nanjuwa said the people of Mumbwa were very expectant that the mine would be given a license for investors to start working and bring in the much-needed development in the District and the country at large.

He said, “We are very much aware that the reopening of the Mumbwa gold mine will create employment opportunities for the province and the nation at large and at the same time provide business opportunities hence we are in a hurry to ensure that the whole process is concluded as soon as possible.”

Najuwa noted that what was at stake at the time was the process of acquiring a mining license as the investors who were there doing the explorations concluded and submitted the report to the Ministry of Mines and Minerals Development.

Meanwhile, efforts to get a comment from the Mines Minister on the matter proved futile by press time.

Mumbwa Gold Mine can be a significant development for Zambia with the potential to provide much-needed economic stimulus for the country.

The government has since been urged to take action to resolve the issues surrounding the mine and reopen it among others as soon as possible. This will not only benefit the government in terms of revenue but also provide much-needed employment opportunities for the local community.

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The Mumbwa Gold Mine in Zambia has