CEC denies being allocated 70% share of $250m Vedanta pledge for local creditors
The Copperbelt Energy Corporation – CEC has denied allegation that the company has secretly negotiated and been securely allocated a lions share of the $250 million pledge meant for local creditors by Vendata as it takes back Konkola Copper Mines – KCM.
Responding to the Zambian Business Times – ZBT enquiry, CEC Managing Director Owen Silavwe when asked to confirm if the re-instated and written back KCM debt to CEC of $172 million would be paid from the $250 million allocated to local creditors, Silavwe stated that “CEC is not privy to the [list of] beneficiaries of the $250 million intended for local suppliers”.
Allegations have arisen that CEC through its connected top government officials have secured the repayment of the company debt to be first written back and then prioritized to be paid off from the $250 million which Vedanta has pledged for local creditors upon tacking back management control.
The full details of the Government negotiating team and Vedanta deal remain scanty as calls continue to grow for full public disclosure and declassification of the contract. The deal to give KCM back to Vedanta remains a controversial decision as the transgressions of Vedanta are well documented and still fresh in the minds of Zambians.
Government has however assured the public that they have this time around done their homework and included a “deemed offer” clause were the Zambian authorities will have the option to take back the mine in an event of failure to meet set performance milestones.
It has however not been publicly disclosed which exact milestones have been included, the timelines for each milestone and who will be the arbiter in deciding on the performance of the deal milestones. Suffice to say, the deal which concerns public wealth remains secret.
On the expectation that CEC will take back and resume power supply to KCM, and if ZESCO who had taken over to directly supply power to KCM after an earlier dispute between them, the CEC Managing Director told ZBT that “currently, KCM has contractual arrangements with ZESCO, however, we [CEC] remain a committed partner in the energy sector to support the growth of our country at large.
A Financial Analyst has attributed the continued increase in inflation to the Kwacha instability which he says has potential to cause damage to the economy.
The Analyst has charged that the instability of the kwacha has also the potential to hinder the 6 – 8 inflation rate percentage target by the end of 2024 if no serious intervention measures are put in place.
Speaking in an exclusive interview with the Zambian Business Times – ZBT- Financial Analyst Bright Chizonde said the current about 11 percent (10.8 percent) as of August 2023 is a result of the instability in Kwacha.
According to official statistics obtained by the Zambian Business Times, the inflation rate has hit 11 percent as of August 2023.
The 10.8 percentage is however 2.8 percentage points above the top limit of the central Bank’s 6%-8% target range.
Chizonde noted that this is because of the volatility of the exchange rate being faced currently. “So if the kwacha continues to behave the way it has been behaving, the pass on effect or pass-through effect from the depreciation of the kwacha or the movement of the kwacha to the inflation will continue to a problem.”
He said there will be continuous pressure on the kwacha and that it is about how the kwacha will be managed that will determine whether inflation can be kept at the projected 6 to 8 percent. He noted that the country had a debt restructuring issue which is still in the process and once fully resolved there will be an expectation of the kwacha to be a bit more stable.
Meanwhile Chizonde said it is also important to note that the objective to reduce inflation is in the opposite direction with that of growth as there is a trade between inflation and economic growth prospect, so if the economy is squeezed so much and money supply is reduced, there will not be sufficient liquidity for the economy to grow.
According to the June 2023 report by the Zambia Statistics Agency ZAMSTATS, Western province placed second only to Eastern as the province with the highest inflation rate across the country.
The Western Province Chamber of Commerce and Industry attributed this to a number of factors such as transport costs and bad road network, lack of industries, lack of drugs, and low agricultural produce among others.
Speaking in an exclusive interview with the Zambian Business Times –ZBT, Chamber Vice President Samuel Litebele said many of the business transactions done in the province are by the small business enterprises that deal in vegetables, rice, timber, fish, and trading, and that the only other people who bring in money apart from them are the public workers.
Litebele disclosed that most of the commodities and foods are obtained from either North Western Kasempa, Mumbwa, and also from Lusaka. He said that commodities that come from Lusaka are what the traders buy which include hardware, detergents, and clothes.
Litebele said that most of the food comes from Mumbwa which includes maize, vegetables like cabbage and tomatoes, beans, and Kapenta. He said that because such commodities are coming from elsewhere, transport costs are high.
He said one of the other contributing factors is the road network. He said the road network is very bad that by the time the goods reach here they will be very expensive” He also mentioned that the province does not have a good number of industries like other provinces such as North Western Which has mines, and Central as well Southern provinces which have industries that can get a lot of people money.
Litebele further attributed this to the lack of drugs in hospitals which subjects people to buy them from other sources. He said there is an increase in drug prices due to their unavailability in hospitals.
Litebele said in addition to the depreciation of the kwacha, other contributing factors are low agricultural produce, increased maize prices which upscale the price of mealie meal, and an increase in electricity.
He disclosed that a 25-kilogram bag of mealie meal in the province is going at k150 to k290 breakfast, and k150 to k260 roller. He said the province only has two milling plants which are Country Millers and APG. He did however mention that they do receive mealie meals from outside the province mostly from Lusaka which is slightly cheaper depending on where the maize is bought ranging from k270 to k280. He said that not enough maize is produced in the Western province and the maize used by the local millers comes from either Kasempa, Kalumwange, or Mumbwa and Lusaka.
Litebele noted that if inflation is high, one of the effects is a loss in purchasing power and high-interest rates among others. “To our consumers, our appeal to them is that they should get involved in growing of these foods that we get from outside for example vegetables, grains, maize, and also rice because that will enable us to have these foods here,” said Litebele.
Litebele has also appealed to the government to reduce the cost of capital as it is one of the major problems hindering people from getting more into business. “Everything, water, Land, people are around, all the parts of production are available, but capital is very expensive, especially from the banks,” said Litebele.
He said the rates are more than 25% which is too high and cannot help the people to grow. Litebele also proposed that allocations to the Constituency Development Fund CDF and to the Citizens Economic Empowerment Commission CEEC be increased. He said currently the CDF stands at 5 percent and CEEC IS stands at 8 percent which is not enough to cater to the many projects that need financing in the province. He said this is the money that can assist the small-scale business personnel in the province to grow so that even when there is inflation, they will be able to trod and catch up.
The Lusaka South Multi-Facility Economic Zone LSMFEZ is one of the most important economic entities designated to spur economic diversification for both local and foreign firms to invest in and in turn promote manufacturing, job and wealth creation, and stimulation of export activities among others.
According to the 2023 National Budget, construction of production facilities had commenced for 6 companies while 21 companies were awaiting approval from the Zambia Environmental Management Agency.
When contacted by the Zambian Business Times – ZBT, to get an update, LS MFEZ Corporate Affairs Manager Alice Schultz disclosed that one company is operating while environmental approvals have been obtained for most.
She said the zone has from January to date approved a total of 16 companies thereby bringing the total approved companies from inception to 101.
She said out of the 101, 22 companies are operational. Schultz further said that out of the 101 approved companies of which 22 are operating, 28 are constructing and 51 are at different levels of obtaining sector approvals and financing. Schultz revealed that of the construction of production facilities which had commenced for 6 companies, 1 completed construction and commenced operations.
The company’s name is Queens Oil Refinery which is currently producing cooking oil and exporting to the Democratic Republic of Congo DRC. Schultz said that 28 companies are constructing and it is expected that 5 will be completed by the end of the year.
Schultz said 101 approved companies account for USD 1.5 billion in investment value. Schultz did note that local companies have continued to show interest in investing within the LS MFEZ, but financing remains the biggest problem faced by most companies
Excitement is building ahead of SuperSport’s telling of one of the most dramatic and emotional stories in South African football: the creation, growth, and enduring dramatics of the Premier Soccer League.
South African football is awash with stories, stories of redemption, hope, sorrow, disappointment, fervour, fans, and heroes.
One of the most enthralling of these is how the modern professional game first took root in the 1930s and wound its way through the decades, often in the face of apartheid and its associated horrors, to offer a glorious counterpoint.
This story has finally got its due with the production of “Pulse of a Nation”, a four-part documentary that puts a lens on a critical pillar of South Africa’s most popular sport. A story rich in drama, controversy, heroes, pathos, and celebration, the first episode will premiere on SuperSport and Mzansi Magic on September 10.
This comes some months after it was first due to air, allowing the filmmakers to land some belated – and vital – additional interviews and footage.
This is a story of South African football, about many of the events and people who shaped the game. There are, of course, many more stories and versions of history, and this account therefore isn’t an attempt to be definitive or all-encompassing. It can’t be the canvas of local football is too vast, overflowing with characters, goals, and glories.
The filmmakers have drawn on historical footage, much of it rare, and used it to weave a sweeping story that is as compelling as it is startling. At its start, it tells the tale of political figure James Mpanza, who pushed the cause of social activism by establishing a boys’ club in Soweto in 1934, which in turn led to the formation of Orlando Pirates three years later.
If these were among the green shoots of professional football as we know it, better still was the sense of pride it instilled in black people especially. As SuperSport’s own Thomas Kwenaite, a veteran chronicler, says, “Players knew they had to entertain us . . . for us to forget about the harshness during the week.”
Indeed, apartheid’s degradations are a constant theme of the documentary, but as the reviled system took hold, so did the football establishment, which offered hope and happiness parallel to politics.
As an African story, the timeless tradition of oral storytelling became an element that had to be included.
The storyteller thus had to have lived experience with the world of football.
Prominent actor Sello Maake KaNcube is no stranger to this world – his father Joseph “Skehla” Ncube was an Orlando Pirates goalkeeper, and his finely-honed dramatic craft meant he was a natural fit. KaNcube narrates the series and gives it the gravitas it deserves.
“My spirit was warmed [by the project],” he said. “The history of South African football has hasn’t really been captured in its essence. This approach . . . I love how it was captured. Truly, South African football is the pulse of the nation. As young people growing up, we knew no other sport.”
His own story of football illustrates a journey of family, community, and pride.
“I grew up in Atteridgeville, a fan of Pretoria Bantu Callies. I then mutated to Sundowns. But my blood was pulling me to Orlando Pirates because my father used to play for them in the late 1950s and early 1960s until a car accident took him out of football. I used to say I’m a yellow bone, but my blood is black and white.”
As a leading actor for whom language is a pillar, he believes that stories must be told authentically.
“It is so important that we tell stories even while using our own languages. It is said that when you speak to a man in his own language, you are speaking to his heart. The only way that we can reach all people is by speaking in the languages that they know and have grown up with. Language almost becomes a key to a culture.”
Inevitably, the best, most poignant imagery is associated with the early years through the 1940s, 1950s and beyond, offering a peek into a world where people like the “Magnificent Seven”, a particularly special group of football-loving women, George Thabe, Kaizer Motaung and Irvin Khoza all unwittingly became architects of the vibrant game we know today.
Made in partnership with production company T&W, key to the filmmakers’ approach was to ensure the stories of South African football are not forgotten. With football’s “golden age” receding, their strongest impulse was to ensure these stories were not allowed to pass into myth. It offered a chance for those who were there to tell their stories.
“Pulse of a Nation” is thus a work of tremendous cultural significance; stories that speak to
several generations at once and an artefact of what football means to South Africans.
“The series takes the form of a tribute to those great men and women who built the game we love to what it is today,” explained Gareth Whittaker, executive producer of the documentary. “The storytellers stand on the shoulders of giants, and what a privilege that is.”
The project is peppered with anecdotes and memories from a range of football personalities, each of whom adds a layer of insight into how the Premier Soccer League was to become such a powerful force.
There are several welcome voices that add to the heady brew, including former Santo’s striker Duncan Crowie, who talks of the injustices of the ruling regime at the time, and of the decision by some Cape clubs not to join the National Soccer League.
Others who talk to camera are stalwarts like Khoza, Motaung, Mme Moipone Moorosi (the Iron Lady of Orlando Pirates), Shakes Mashaba and Imtiaz Patel.
Happily, the uniqueness of local football is constantly writ large across the screen as players with colourful nicknames like “Ace”, “Pro”, “Troublemaker” and “Roadblock” become folk heroes with their flamboyant play, all while demonstrating the virtues of a people who had been denigrated and denied by the government of the day.
The creation of Kaizer Chiefs in the early 1970s, by a Pirates’ stalwart in the form of Motaung no less, gets its due treatment, so too the fairy tale of Manning Rangers’ unlikely title triumph.
Ironically, as the game emerged from the shadows, so the ruling government’s grip retreated. SA football became a metaphor for a bold new age; characters emerged, and the sport became a powerful expression of self.
Little of the local game’s history is dull. It never could be, not with the powerful figures who abound, nor with the passionate fans who give such life to the game.
Unsurprisingly, the filmmakers have placed a big emphasis on how local football seamlessly integrated itself into the lifestyles of South Africans, influencing fashion, music, football and much else to become a central point of public life.
Film director Luthando Tshaya speaks movingly of the project: “I have always heard the story of South African football told in fragments and in isolation. It has been the privilege of my career to be
given the responsibility of being part of the team that finally brings this narrative to life.
“This documentary weaves together the threads of our history, our people, and our love of this game, and provides an integrated view of the sport’s evolution, challenges, and triumphs.
“It was an honour and pleasure to build this story as a reference point for many generations to come, and we all cannot wait to share it with the people who love this game as much as we do.”
Too often, in early development, Tshaya and his colleagues were told the project was unachievable. There apparently existed too little record of the game in written word, archive footage or photography.
It was said that the historical fragmentation of the game meant there would be great difficulty in achieving a finished product. This made it more important to bring the story to life.
With the strength of the SuperSport brand in support, they were able to uncover long-forgotten archives and draw from new sources.
One of the primary aims was to capture living history to ensure authenticity. With the help of the James and Julia Mpanza Foundation the filmmakers were able to gather those who has personal interactions with the “Father of Soweto”.
Moreover, when retelling the stories of the Cape’s football clubs, they assembled veterans of the game, and in KZN they tracked down the personalities who had been at the centre of the Manning Rangers story.
The documentarians visited the seminal places that birthed South African football stories and
reached out to the furthest corners of South Africa to show the game’s pervading influence.
Among the many strands was football’s influence on culture, and even fashion. It was one of the key visual drivers for “Pulse of a Nation” and one of the thematic elements of the show is the inimitable style of local football, showing the team shirts and jerseys that have made up the story of South African football.
Sadly, the darkest day in SA football is also brought into sharp focus as the events of April 2001, when 43 fans were crushed to death at a game at Ellis Park, are re-told. Even now, all these years later, the visuals are chilling. It is a wart and all story, which it had to be.
More latterly, the commercial value of the football machine was finally realised when the game’s power brokers struck a deal with SuperSport that continues to nourish local football. It was about more than money, though, it was about acknowledging how a sport could claim its place at the top table, how it could inspire, and how it could come to define a nation’s spirit.
This, finally, is the long overdue story of how football came to be the pulse of a nation.
Pulse by the numbers
“Pulse of a Nation” took a large team of producers, writers, researchers, archivists, directors, and editors over three years to complete.
It comprised over 60 sit-down interviews with football legends, players, administrators, musicians, historians, supporters, and pundits.
Location shoots include Western Cape, KZN, Free State, Gauteng, and Limpopo.
29 jersey shoots featuring football fashion.
62 football teams are featured.
Editing took 18 months.
There is over 800 hours of archive footage, spanning 100 years of history, plus:
Southern Province Minister Cornelius Mweetwa has refuted claims indicating that there has been illegal Mining of lithium in Mapatizya District despite the Government encouraging people to form cooperatives.
Speaking in an exclusive interview with the Zambian Business Times – ZBT, Mweetwa explained that lithium product had been mined for a very long time in Mapatizya and disposed of as just some substance not until there was a Discovery that the product was a mineral called.
They have to understand also that the geo composition of lithium is not a standalone mineral so you find that some people may have licenses to mine other minerals and in the process they end up with lithium.
“What I know is that the government encouraged local people and all Zambians intending to get involved in the mining of lithium and other minerals to form up cooperatives and apply for artisanal licenses so that they can mine legally and then there should be some arrangement for some off-takers that is the program which is in the progress and I know that the majority of all those who were involved in lithium mining have applied for licenses and as far as my office is concerned there is no mining whether there is no mining of this mineral presently taking place in Mapatizya.” Remarked Mweetwa.
Mweetwa said only after the discovery of the mineral did people begin to dig back into the areas where they were disposing of the product.
Asked if the Government has so far issued any lithium mining license in the District, Mweetwa said, “You have Kariba Minerals which is mining in the Mapatizya district and then for other minerals, I have to check with the minister of mines because they’re the ones who keep the custody of which companies they have given licenses to mine.”
Questioned if the government has also taken time to ascertain the content of lithium in the District, the southern Province Minister said, “That is information you can get from the Ministry of Mines and Minerals Development.”
Efforts to however get a comment from the Mines Ministry on the measures that have so far been put in place to ensure there are legal operations and the extent of the mineral in the province proved futile by press time.
Lithium has become an essential element in economic development due to its critical role in the production of lithium-ion batteries.
These batteries have become increasingly popular in various industries, including electric vehicles, mobile phones, and renewable energy storage systems, driving up demand for lithium.
As the world continues to shift towards clean energy solutions, the importance of lithium in economic growth is only expected to increase.
Some traders on the market have raised concerns about the current pricing of tomatoes which has decreased as a result of the high supply in the market.
Speaking to the Zambian Business Times, Fruit and Vegetable Association president Bernard Sikunyongana disclosed that as of late (16th August 2023) a box of tomatoes was going at K100 in the morning and was by afternoon trading at K40. He said normally a box is supposed to range above K100 with K100 being the lowest considering the increase in transport cost.
Sikunyongana said the challenge in the tomato business is that there is no coordination in the production of the commodity. He recognized a time last year when there was a serious supply of tomatoes and the demand was low with a box going at K20 due to a farmer who decided to do a centre pivot for tomatoes thereby increasing the supply while the demand was almost the same which distorted everything.
He said with normal production, the supply is the same with just a small increase due to the addition of new farmers, but not at a rate caused by the other farmer who was sending about 17 trucks to Lusaka in a day, 17 to Kasumbalesa, and about 10 trucks in Copperbelt.
Sikunyongana said during the rainy season, some farmers do not produce but do it immediately after the rains due to lots of diseases. He said up to now they are still harvesting, and a challenge may perhaps surface in October because some of the small rivers and dams will be dry as well as low water levels from boreholes. He said the players will be few come October and November with changes to come in December.
In regards to this Sikunyongana said farmers must be protected and has hence called on the government to buy their proposal of putting up cold rooms. He said the government must consider the initiative of putting up cold rooms in markets noting that when tomatoes are ready, one cannot wait but harvest. “So we need to find a mechanism on how the Local government can start putting up cold rooms in those big markets for the farmers to be able to store the tomatoes. There is panic in the farmer when the farmer goes today goes in the morning and finds that there is plenty of tomato, they panic and reduce the price. Today the price can be maybe as low as K50, come five days later the same box it at K150 – K200” said Sikunyongana.
He said this has been a challenge for farmers because there are no cold rooms where they can keep their goods when plenty for the price to stabilize. “We want to see how we can engage the local government with cold rooms that can be able to keep these things than throwing them away, because surely you will find the price of tomato, in the morning it can be at K100, 12 hours it is at K50, 16 hours it is at K20, why? The farmer wants to go back and have nowhere to live their tomatoes in a cold room that they can maintain the standards” said Sikunyongana. He said due to this they get forced to give them away.
He said Zambia must start positioning itself as a hub for trade from every angle. He noted that if a farmer wants to export tomatoes, they need to be in a cold room for at least several days at a certain temperature. He said without doing so, they will not qualify for export.
The Zambia Industrial Commercial Bank – ZICB – in collaboration with Workers’ Compensation Fund Control Board – WCFCB – has unveiled the eWorkers digital payment solution to bridge the financial inclusion gap and foster local wealth creation in Zambia.
The launch of the Eworkers digital payment solution is pivotal to customers as they will be able to now access forms and easily make payments in the comfort of their homes as much as a contribution to the fund is concerned.
With the principal mission to support the commercialization and industrialization of the Zambian economy, ZICB is a leading commercial bank in Zambia and is regulated by the Bank of Zambia.
WCFB has over 42, 000 employees on its platform but only about 21, 000 are active, with this launch it will mean that a lot more employees will be captured and will be easily accessed in terms of services and products that the board offers.
Speaking during the launch attended by the Zambian Business Times – ZBT, WCFCB Chairman of the Board of Directors Emmanuel Mbambiko thanked ZICB for partnering with the board and for providing a unique solution to the challenge that the board has been facing.
Meanwhile, WCFCB Commissioner and Chief Executive Officer Patrick Siampwili said the launch of the worker’s digital payment solution will have a great impact on the business environment. “You may wish to know that Covid 19 taught us a lesson, it could not allow us physical engagements with our clients, and therefore business continuity was highly affected, with this solution business continuity is very much assured.”
And ZICB Board chairman Musonda Cheta the eWorkers digital payment solution, in collaboration with WCFCB, represents a commitment to the well-being and financial security of the backbone of the economy-the diligent workers who contribute tirelessly to the growth and prosperity of the nation. “ZICB, we believe that progress and innovation should go hand in hand with compassion and care.”
“The launch of eWorkers is a testament to our dedication to these deals. Through this groundbreaking platform, companies will be empowered to promptly compensate for accidents and illnesses suffered while fulfilling their professional duties.”
The ZICB Smartpay e-commerce platform, which has consistently pushed the boundaries of convenience and efficiency, now takes another giant leap forward by introducing eWorkers.
By extending our technological prowess to social security and compensation, we are playing a vital role in safeguarding the livelihoods of the very individuals who drive our economy forward.
“This launch isn’t just about technology; it’s about human progress. It’s about enhancing the lives of our workers, making sure their families are protected, that futures are secure, and that our society stands united in its commitment to the well-being of every citizen.” Remarked Mwanza.
“I would like to express my heartfelt gratitude to the dedicated teams at ZICB, WCFCB, and all our partners who have tirelessly worked to bring eWorkers to fruition on the ZICB SmartPay platform. Your dedication and unwavering commitment are the pillars. Upon which this momentous achievement stands.” He said.
“As we embark on this new journey, let us remember that progress is a collective endeavor. Let us continue to collaborate, innovate and strive for a future where every worker’s contribution is valued and protected. With eWorkers, we are not just launching a payment solution; we are setting a new standard for corporate responsibility and digital empowerment.”
This is in line with the Government’s agenda for the development of an inclusive digital ecosystem that drives business efficiency for economic development.
He said in this journey towards transformative progress, I would be remiss if I did not take a moment to extend our deepest gratitude to our esteemed partners at the Workers’ Compensation Fund Control Board (WCFCB).
“This endeavor would not have been possible without their unwavering support, collaboration, and shared vision for the welfare of our nation’s workforce. The dedication and enthusiasm that WCFCB has brought to this partnership have been instrumental in shaping the eWorkers solution into what it is today.”
He noted that WCFCB’S commitment to ensuring the well-being of workers through timely compensation for accidents and illness sustained during the course of employment aligns perfectly with our values at ZICB.
“On behalf of ZICB, I extend my heartfelt gratitude to WCFCB for their trust in us and dedication to this shared vision.it is through collaborative efforts like these that we can truly make a difference in the lives of the individuals who power our economy.”
He added that “Our partnership stands as a testament to what can be achieved when organizations unite for a noble cause, and I am excited to witness the positive impact that workers will have on the lives of our workers and their families.”
“As we embark on this new chapter, let us continue to build on the spirit of collaboration and innovation. Together with WCFCB and all our partners, we will pave the way for a future where technology not only empowers us but also safeguards our most precious asset-the hardworking individuals who drive our nation’s progress.”
“Our promise as ZICB is that, together with you, we will continue to create solutions that elevate lives, foster growth, and empower our nation.” He added.
Prudential Life Assurance Zambia has revealed the company’s new brand campaign for 2023 which is meant to reinforce Prudential’s position as the life and health insurer of choice in Zambia, through a brand and marketing campaign called, “Made for Every Family” an extension of last year’s ‘We DO’ campaign.
Prudential plc is an Asia led portfolio of businesses that provides health insurance, asset management and financial security.
Prudential exist to help its customers deal with their biggest financial concerns and to plan for their future with confidence through long-term savings and protection solutions such as health and life insurance, and retirement benefits. Prudential has over 17 million customers worldwide and has operations in Asia and Africa.
Speaking at an event held in Lusaka and attended by the Zambian Business Times – ZBT, Chief Executive Officer, Kachiza Kwenda said, the campaign espouses the organisation’s commitment to a positive, innovative, and action-oriented attitude that is all encompassing.
“At the core of what WE DO is Family. We are committed to making a positive impact on our customers, our employees, and ultimately the Families that make up the communities we live and operate in, by delivering the best financial protection and health solutions to people.” Kwenda said.
“This year we are Celebrating Life, 175 years of service; to the families and communities we’re helping, the progress we’re making and the innovations we’re pursuing.” He noted.
He expressed that through this campaign, Prudential aims to reinforce its embodiment of Family- its diversity, providing protection to everyone in a way that is tailor-made for specific needs, not leaving anyone out, coupled with our forever promise and the ability to deliver.
Deliver better service and innovation to support the long-term goals of our customers.” The surprise twist of the evening was the announcement of the 175 Anniversary Competition by Kwenda, who further expressed the need to give back to our clients “we must give thanks to the people who have made our exponential growth happen. All clients that have their premiums paid up to date will be automatically entered into an online verified system draw and winners chosen at random.”
The competition allows existing clients of Prudential Life Assurance Zambia to take part in one of 6 Trolley dash draws or to win a voucher from Shoprite.
CEO Kachiza Kwenda went on to conduct a ribbon cutting ceremony and live draw for the first trolley dash winner at the glitzy cocktail event.
The “Made for Every family” campaign and 175 Anniversary Trolley Dash Competition will roll out across Zambia and will come to life through several elements, including: Television commercials and Live Draws, campaign Imagery, a refreshed and reinforced visual identity and an inclusive digital experience with social media draws for the vouchers.
The creative campaign is anchored in the fundamentals of the prudential brand – the Family aspect – protecting and providing for the ones we love.
More details on the giveaway draw can be found on the Prudential Facebook, Twitter and Instagram pages.
Prudential is listed on stock exchanges in Hong Kong, Singapore, United Kingdom and New York. In Zambia, Prudential Life Assurance is part of the fast-growing life assurance industry with more than 120,000 clients and has presence in 9 of the 10 provinces, across the country, with plans to continue expanding.
“We add value through our high-quality solutions, focus on economic growth, and care for the communities in which we operate. Prudential Pensions Management Zambia Limited (PPMZ), part of prudential plc, is a pensions and asset manager offering innovative investment solutions to meet the financial needs of clients in Zambia.”
“Our pension’s administration and investment teams’ deep understanding of the Zambian market, paired with our global expertise, is our key differentiator and we manage a total of over K2 Billion across equity, fixed income, and property on behalf of our clients.”
Editorial – State owned power utility ZESCO has recently been given a go ahead to increase their tariffs for both connection fees as well as household and business users for five consecutive times in the next five years under the guise of attaining the mirage of cost reflective tariffs.
This is despite the fact that there has been no meaningful restructuring and job evaluation at the top heavy and relatively overpaid management. The utility is historically prone to political abuse, its financial performance numbers are either contested or difficult to find, leading to calls for listing of even 1% to local Zambians on Lusaka Securities Exchange – LuSE of its shares so that they are forced to be more transparent and adopt best practice corporate governance practices.
It is also common knowledge that ZESCO has heavy dependence on hydro power generation. According to publicly available numbers, Zambia’s installed power generation capacity is composed of up to 83% hydro, 9% coal, 5% heavy fuel and only 3% solar. This makes the country overly reliant on hydro.
So when there is a drought, it does not only affect both local and commercial farmers due to low rainfall and failure to fill up the irrigation dams, crippling power shortages and rationing kicks in, which spirals into a multifaceted crisis for a vulnerable economy like Zambia’s, adversely affecting almost all industries and economic sectors.
With this level of importance as far as energy security is concerned, one would expect that ZESCO would by now be among the most efficiently run corporations. That the government would make sure that it’s run competently with hiring subjected to free competition to get the most talented staff especially at leadership levels.
But the situation on the ground reveals that there has been failure by successive governments to streamline the top heavy and relatively overpaid ZESCO management. There is continued shyness to remove nepotism as well as remove employment preference based on political connections. The best engineers are never given a chance to run the energy giant. This has led to continued inefficiencies, skewed decision making and lack of accountability for gross incompetence.
Despite all the above issues, the country has again been timely warned by the little respected but very important Metrological – Met experts. Met experts have warned of possible drought (El nino) for the next two to three years, starting with the 2023/2024 rain season. Farmers with access to dams should prepare themselves for more efficient use of water.
But the biggest worry today is that we are not seeing any movement, any solar or alternative energy generation project being launched or initiated to beat a possible drought. The focus seems skewed on attaining cost reflective tariff. All we are seeing is the signing ceremonies and media posturing of more power purchase agreements and talking shops for the over $2 billion solar deal with Middle East based financiers or developers. “Movement on the ground theriz no.”
We are putting out these concerns because we and all right thinking citizens don’t want a repeat of what we saw just about a few months ago where the board chairperson and by extension the top management of ZESCO admitted to miss-leading the republican President and Head of state and the nation at large that Zambia would have adequate power and completely avoid load shedding when later, the country was plunged into a power crisis.
In a functional and transparent economy, such grave mistakes would not only have resulted in them being sacked, but criminal and professional negligence prosecution would have followed due to the heavy financial losses, lost lives , lost jobs, closed businesses & livelihoods etc. that ordinary Zambians and businesses were subjected to.
Let no one be cheated that businesses and households have supported the recent ZESCO tariff increases for the next five years, NO. They have in some way been forced onto consumers and businesses because there is no viable or alternative ways to access cheaper and more cost effective energy or electricity.
And ZESCO should not hoodwink the business community and households that they are driving towards cost reflective tariffs. Cost reflective tariffs are a mirage, a fallacy in an economy like Zambia as the power generation costs are mostly dollar denominated while consumers pay in Kwacha.
Most people by now would have realized that there is a trend were the Kwacha is perpetually depreciating against the dollar. It therefore follows that even if ZESCO increases tariffs to cost reflective say in 2021 when the Kwacha to dollar rate was at about K17 to $1, there would be need for another cost reflective tariffs adjustment a year or two later when the Kwacha has further depreciated to currently about K19 to $1.
Simply put, for as long as the Ministry of Finance continues to fail to find ways of getting a handle on macro-economic variables such as the Kwacha to US dollar exchange rate, for as long as they fail to negotiate for remitting back of export proceeds back into the local economy, for as long as the exchange rate is not stabilized in the medium to long term, the repetitive song of increasing of tariffs to become cost reflective will certainly continue to be sung almost on a yearly basis (as the Kwacha is on a net basis depreciating in the medium to long term).
Power cuts are very economically disruptive and for those who run businesses in Zambia, even for households or businesses that could afford generators or solar back up power, the cost of living or cost of production simply becomes unmanageable or unprofitable. It’s an experience no serious economic managers would want to recur.
Now that our mostly ignored Met experts has issued this timely warning, let’s all make ZESCO hear this message in good time, we as Zambian Business Times – ZBT have done our part by highlighting this concern now in good time before our hydro sources start to run down. Let ZESCO know that timely measures need to be implemented now as no excuses will be accepted.
And we are saying do solar projects now not because it’s the only power generation source, no, it’s because it’s one of the energy generation projects that have a shorter turnaround timeline to implement and which ZESCO confirmed that they have signed an over $2 billion deal.
We are certain that the nation would welcome any other alternatives and affordable power sources that independent experts, developers or even ZESCO can deliver in the remaining second half of the year at an affordable tariff to the majority of Zambia’s businesses and citizens. It is not acceptable that we allow another crippling load-shedding cycle even when timely warning has been availed.
The effects and impact of climate change cannot be ignored even by the biggest sceptics of this science. ZESCO is a national utility that Zambia relies on to drive the agenda of affordable and sustainable energy and this is a reminder that time is flying out with little to no major power supply projects being added to the grid.
This time around, we should not accept for ZESCO to mislead not only the head of state, but all Zambian citizens and businesses that rely on them to take care of this economic imperative. Do not say you were not warned.
