Current Kwacha appreciation temporal – Economist

An economist and financial expert has warned that the current appreciation of Kwacha against the United States Dollar – USD is temporal, unsustainable and may not have a long term positive impact on the ground given the country’s current economic state and weak fundamentals.

The Zambian Kwacha has as of today – Tuesday 20th June 2023 posted serious gains in value against the USD trading from about K19.23 the previous day to about K16.83. The dollar is now buying at K16.8342 and selling at K17.1658 as of Tuesday 20th June 2023 from highs of buying at K19.2306 and selling at K19.6094 respectively as of Monday 19th June 2023.

Reacting to the steep movement, a financial and economic expert has argued that, “I don’t see the Zambian economy being able to sustain it for a long time because you must also take into consideration the fact that right now, Zambia is not paying back (servicing) it’s foreign exchange denominated debt because it is on a debt suspension initiative till the restructuring is concluded and approved.”

Speaking in an exclusive interview with the Zambian Business Times -ZBT, Economist, Researcher and Consultant Salwindi Notulu said although the appreciation of the Zambian Kwacha against the US dollar will have an immediate impact on spot transactions like those settling payments for imported goods and services as this will reduce the Kwacha needed to be converted, the appreciation will have little to no impact on the ground in the medium term.

Notulu explained that this is because of the current balance of reserves that the country has is low, hence the level of sustainability of these gains can simply not be guaranteed.

“Basically what am saying is that if there is any fluctuations in the Supply or demand side on the market, whether they are due to internal or external happenings, those will have an impact in terms of the exchange rates, but in terms of stability in the medium to long term, I would not really be positive that we will be able to sustain it given our current economic situation. So this may just be a one off gain caused by other things happening outside or within the country.”

“From what is obtaining on the ground, I would assume it to be a temporal wind fall and not something that we can say it will continue going down or remain stable. You also need to take into consideration that prices are sticky going downwards but when its going upwards, they are very flexible.”

He added that this may be a short term windfall, so in terms of people on the ground, you can’t really say there will be any effect that will be felt unless it’s sustained over a much longer period of time.

“So this may just be a one off thing and we don’t even know for how long it will last, so only the big companies and large traders who can benefit and take advantage of this, but for ordinary people on the ground, the gains should be sustained over a longer period of time.

An economist and financial expert has warned

Zambia is self sufficient in wheat production, no deficit exists – ZNFU

Zambia is self s

The Zambia National Farmers Union – ZNFU has clarified that Zambia is self sufficient as far as wheat production is concerned and that there is no need to resort to imports. 

This revelation is however contrary to assertions in the Ministerial Statement that depicted that the country has a net production deficit of about 110,000 tons for the 2022/2023 Agro season.

Speaking in a separate exclusive interview with the Zambian Business Times – ZBT, ZNFU Wheat chairperson Blair McLeod stated that it’s disturbing to hear that there is a deficit as the country has more water and electricity supply has improved coupled with increased hectarage under cultivation last year.

McLoed stated that last year, Wheat farmers who are members of ZNFU produced about 370,000 tons plus another 50,000 from wheat farmers who are not members of ZNFU. This adds up to a total production for the country of 420,000 tons of wheat.

ZNFU wheat chairman stated that every year, the Millers Association of Zambia – MAZ states their demand as far as the need to import is, but precious year’s show that they have imported less and less as production has been increasing, so the deficit that need to be covered by imports is definitely less and should not be anywhere above 100,000 tons.

When asked about the estimated consumption in Zambia for both domestic and industrial use, McLoed stated that though its difficult to come up an exact number, ZNFU estimates that consumption is somewhere between 300k to 350k tons, making the country a surplus wheat producer.

ZNFU further indicated that if export volumes for flour were to be accurately measured, then the country would be able to have more accurate figures on local wheat consumption.

A check by ZBT on the ZRA website revealed that no flour exports details are available and efforts are underway to get official numbers from the revenue agency. The lack of details results in Zambia being depicted as an importer of wheat, and data for the export of flour, so this distortion needs attention by policy makers.

A further check with market players by ZBT reveals that locally produced wheat is currently being rated as having the best quality, but some inferior wheat commodities are being imported with some mixed with the good quality locally produced wheat, a practice which needs to be investigated and loopholes closed to support market efficiency.

Zambia is self s The Zambia National Farmers

Increasing number of married women looking for second marriages worrying

Having enjoyed for years when men could get away with everything and settle for a second marriage whilst still married to the first wife, women are now turning the tables are they are now leaving their husbands for a second marriage.

Women, are now seeing a second marriage as a second chance for happiness as this could be seen from the recent two reported incidences at Lusaka Civic Centre, where two married women attempted to get married whilst still married on two different occasions.

Families are Nations says there is serious need for this development to be given serious attention from the law enforcement agencies because if left unattended to, families and the country at large will totally be in disarray as the children and the families will be divided. This has also the capacity to increase the number of street kids.

Organization executive director Judith Mwila told the Zambian Business Times – ZBT – that the laws must be applied so that people can understand that they are committing a crime by engaging themselves in such acts and there should be strict punishments for the offenders.

Mwila said the Families are Nations have also observed with a lot of interest on this development and is questioning what is really going on in these homes where the women are coming out and wanting to get married to the second man while their husbands are there in the homes.

“Our concerns are firstly on matters of communication because it is not a normal thing and also retrogressive to the family. You can imagine people that have been married for over five years with children only for children to hear that the mother is getting married to a second man. This development is really strange and as the organisation we are trying to dig deeper and find out from the couples.”

She said from the outlook there could be something that is happening in marriages which is not conducive for the partners that want to leave and go and get married somewhere else.

“The women are possibly looking for a better relationships and they feel if they find another man they would probably get that so again it could be a misjudgement because what constitutes a better relationship, once you commit yourself to a certain man it means the man has qualified to you to give you a better relationship that’s why you chose him to marry you.”

“Families should be blamed for going this far because when there are disputes in the families there are processes to be followed and if they fail there is a church, councillors or court rather than ending up embarrassing themselves and the rest of the family members that way.”

“If a marriage has Brocken down the right thing to do is to end it first before another marriage can be contracted. So on our part we are equally shocked just like the rest of society is wondering what is going on and we would like to get into the gist of this thing to hear what is happening.”

“My advice to Married couples is that they should learn to resolve and reconcile and if they fail they can go as far as the court. We are further encouraging families to resolve things as they start because we don’t want more children on the streets because of marriages that are breaking.” She added.   

Having enjoyed for years when men could

Airtel Zambia pours K250, 000 into 2023 ZICTA ICT Innovation Program

Airtel Networks Zambia Plc has for the 4^th year running become the Platinum partner for the Zambia Information Communication Technology Authority (ZICTA) 2023 Innovation program Cohort.

The official announcement was made today at the Zambia Information Communication Technology Authority (ZICTA) offices when Airtel Zambia Chief Commercial Officer, Mr. Hussam Baday handed over a cheque worth K250, 000 to ZICTA Director General, Mr. Choolwe Nalubamba.

In a statement made available to the Zambian – ZBT – Baday said he was impressed with the various innovations that had emanated from the Program which ZICTA started in 2016 with the primary goal to provide business and technical developmental support services to ICT related innovators, start-ups and entrepreneurs that have innovative, viable and scalable ICT related ideas or business ventures that attempt to solve current challenges relating to any sector of the economy.

“We are extremely proud to be associated once again with the ICT innovation program whose objectives tie with our new tagline – A reason to Imagine. We are all about empowerment and providing a platform for all our customers to connect everywhere and we now see more people getting involved in e Commerce and Gaming for the younger generations showing us that technology has also given customers a way to express themselves,” Baday said.

And on receiving the cheque, ZICTA Director General, Mr. Choolwe Nalubamba said part of the mandate and strategy of the Authority is to grow innovation and digital entrepreneurship in Zambia.

Adding: “We have been doing this program since 2016 starting off with a small number of 20 and now we are at 60. In order for us to take this program to the next level we require strategic partnerships, and this is the reason we are all here today because Airtel have decided to help us achieve our goals with the innovation program by giving us K250, 000 effectively making them the platinum sponsor for the 2023 cohort,” Nalubamba said.

“What Airtel is giving us today is a significant contribution and we hope to see more local innovations so as we can help commercialise them because many of these innovators have brilliant ideas that can solve many of our problems as a country,” the ZICTA DG said.

Aside the cash injection, Airtel Zambia will through members of staff provide mentorship sessions with the 60 innovators and take them through basic business fundamentals.

The innovation program which will run through until November 2023 has several activities lined up including business and technical development workshops as well as group coaching and pitching sessions for the finalists.

Airtel Networks Zambia Plc has for the

Police investigating abduction case in Lusaka

The Zambia Police Spokesperson Rae Hamoonga says Police have issued a medical report form to Abel Changwe  aged 48 of Jamaica area in Balastone of Lusaka who is alleged to have been abducted on 10th June,2023 at around 12:30 hours at Kasupe Crossroads in Balastone.

Earlier Changwe narrated to the Zambian Business Times – ZBT – how he was approached and picked by unknown people who later on abducted him demanding for a sum of k12, 000. Police Spokesperson Rae Hamoonga has told – ZBT – in an interview that Police have since instituted investigations into this matter.

It is alleged that the victim was made to drink unknown substance by three unknown women and one man who gave him a lift from Balastone to Lusaka town but along the way, the suspects offered him a substance to drink which made him to become unconscious.

On the same day around 18:00 hours, the victim woke up and found himself locked up in unknown place demanding for k12, 000 while his smart phone was taken away from him leaving him with a small phone in had hidden on him.

After spending 2 nights, it is further alleged that the victim was blind folded and driven in the bush of 10 miles area where the fired one gun shot in the air and left him there.

Afterwards, the victim managed to free himself and waited until morning when he was picked along the gravel road by a Good Samaritan who dropped him at Chikumbi turnoff along Great North Road

Thereafter, another motorist picked him from Chikumbi turnoff and left him along 70-70 road where he requested a phone and called his wife who went to pick him up and they went to report the matter at Barlastone Police Post around 16:30 hours on June11, 2023.

Police have since warned members of the Public to be extra careful and avoid by all means to eat foodstuffs offered to them especially when given a lift by strangers

The Zambia Police Spokesperson Rae Hamoonga says