Connect with:
Wednesday / May 21.
logo
mobile-logo
HomeStandard Blog Whole Post (Page 72)
Markets

Finance Minister Situmbeko Musokotwane has indirectly admitted during his second budget speech that Zambia’s economic growth as measured by the Growth Domestic Product – GDP has slowed down in the UPND administrations first full year budget cycle. Zambia’s GDP growth rate has dropped from almost 5% in 2021 to  the projected 3% by end of 2022.

Musokotwane perhaps admitting to what some of the UPND aligned economic commentators have shied away from in facing the reality that the first full budget cycle implementation has resulted in slowing down the GDP recovery growth stated that the delay in onset of rains was to blame for this slow down.

A check on some local businesses and trading districts in the largest cities indicates continued concerns on lack of liquidity (no money in circulation), a situation that has persisted through out most of 2022. Demand recovery has been lethargic and continues to lag behind.

The Finance Minister admitted that “the economy has continued to grow albeit at a slower rate. By the end of this year [2022], GDP is projected to grow by 3% compared to a recovery of 4.6% in 2021”. 2022 is the first full year of the UPND administration management of the Zambian economy. What is even more disturbing is setting a target of 4% GDP growth rate for 2023, which is less than the growth rate of 2021.

Situmbeko blamed the slowing down of the recovery to the late onset of the rains. This is despite the fact the Zambia’s main export commodity copper enjoyed a relatively better price on the international market. “The slowdown in growth is mainly attributed to lower output in agriculture due to late onset of rain, drought and flash floods in some parts of the country”.

The finance minister further blamed the slow down of GDP growth from about 5% in 2021 to the expected 3% in 2022 to the “weak performance recorded in the construction sector”. But analyst argue that it was his own budget that channeled resources away from infrastructure and the construction sector specifically to social spending.

What is however blatantly clear is that the 2022 budget had pledged to continue the  infrastructure drive through the Public Private Partnership – PPP model which is yet to materialize. The biggest anticipated project for 2022 was to be the Lusaka – Ndola dual carriage way which is yet to be awarded and let alone commissioned.

When all is said and done, the GDP growth rate is the ultimate measure of how an administration is performing as far as economic management is concerned. It is from the GDP number that both taxation and non tax revenue targets and their resultant efficiency are measured from.

COVID which was the biggest hurdle to economic recovery has subsided with 2022 even witnessing the suspension of the mask wearing mandate. The UPND administration should timely find a way to continue with the massive infrastructure drive, test this PPP model if it can work and move on before more time is lost.

In as much as the UPND administration seems to have succeeded in turning around the international negative narrative about Zambia [which frankly speaking they also contributed to creating while in opposition], there is need to aim to back this positive narrative with more enduring policies around future prevention of political activities that dent the country’s image abroad. It’s simply bad for business.

Moreover, the macro economic variables such as the Kwacha exchange rate, inflation and debt sustainability seem to have been stabilized, however – the levers used to stabilize and control them such as forex inflows are still more leaning to better economic sentiment and international goodwill rather than increased exports or production in the Zambian economy. 

There is need to drive actual industrial and Agro production growth to aggressively grow exports and attract import substituting industries among other economic needs, the country needs to be posting minimum acceptable GDP annual growth rates of above 7% and anything less than this should make those currently in charge of economic management to sit up and not expect us to give them a break.

What is however clear to the initiated and those that understand the path to tangible wealth creation is that Zambia needs some extra-ordinary solutions and unconventional moves to deliver desired growth that can transform the lives of the majority of its people.

0 Comments
0 likes

Finance Minister Situmbeko Musokotwane has indirectly admitted

Companies

CFAO Motors has partnered with Stanbic Bank to facilitate the financing of motor vehicles for its customers at attractive interest rates.

CFAO Motors Zambia Ltd National Sales and Marketing Manager, responsible for Toyota and Automark brands, Andreja Ursic said the partnership has been made possible through Stanbic’s generous offer of interest rates starting at 18%, which is at its lowest in recent years in combination with Toyota vehicles that cater for the urban lifestyle.

Speaking during the signing ceremony in Lusaka yesterday, attended by the Zambian Business Times-ZBT, Ursic said the new partnership between Toyota distributor CFAO Motors and Stanbic Bank has been accelerated by the lower interest rates that will enable more people to turn the dream of car ownership into a reality.

He explained that the agreement between the nation’s largest car distributorship and one of the leading financial institutions opens the doors to a new car for the emerging middle class of aspiring young professionals and families who will now be able to get on the road and broaden their horizons.

Ursic mentioned that the promotion would cover some of the company’s medium-range vehicles such as the latest Starlet, the all new Belta, Rumion, Corolla Cross and Automark quality pre-owned vehicles.

“The new financing option bridges the gap between the dream and reality. It brings the aspiration of car ownership closer by enabling people to get a foot on the car ownership ladder. This is particularly important from the point of view of families where safety, provided by new or quality used cars, plays a vital role”, Ursic said.

He added that, “100% of both new and used vehicle value could be financed by Stanbic. This finance option benefits our customers by being able to afford a new car, or quality used one, whilst keeping the capital for other money-making ventures; it offers them mobility, safety and reliability they dream of and will also open a new world of possibilities for them, their families and businesses”.

Speaking at the same event, Stanbic Bank Country Head of Vehicle and Asset Finance Horis Mainza said the CFAO and Stanbic vehicle finance program is the most flexible financing option on the market.

Mainza explained that the personal loan would cover Kwacha-rated used vehicles in a lapse of four years with special interest from as low as 18% up to K500, 000 adding that under different terms, the loan period could be extended to seven years.

He mentioned that for the new cars, the most recommended solution is financial lease that does not require any down payments and could be extended up to 7 years.

“It is exciting and an honour to be here with our longstanding and trusted partners, CFAO. Today is about demonstrating our valued partnership with CFAO where we jointly are committed to providing market access to brand new and used vehicles under flexible and affordable payment terms”, he said.

Mainza added that, “At Stanbic Bank, we say Zambia is our home and we drive our growth. As the leading vehicle and asset financing bank in Zambia, our partnership with CFAO has been that of offering competitive pricing and flexible financing terms to the market.”

He noted that Stanbic Bank Zambia has assigned bank representatives who will work closely with CFAO personnel to ensure that customers get the best possible service, find and acquire their dream vehicle under the innovative facility.

 

0 Comments
0 likes

CFAO Motors has partnered with Stanbic Bank

Agribusiness

The Zambia National Association for Saw Millers says the decision by the Timber Producers Association of Zambia (TPAZ) to establish timber auction floors is a welcome move as it will help address issues to do with price control in the timber industry.

Association Secretary General Derick Chilatu said if the establishment of timber auction floors comes into effect, the timber industry may get value for its money which is not happening at the moment.
Speaking in an interview with the Zambian Business Times-ZBT, Chilatu however said this development can only succeed if it gets support from the general populace adding that it will not make an impact on the industry or achieve its intended goal if it is done in isolation.
“It hasn’t been officially communicated to us so this is not something that most of our members are preview to, it’s a good idea but if it doesn’t have the general support from the general membership, the stakeholders in the industry,I don’t think it’s going to succeed”, he said.
Chilatu said the Saw Miller’s Association is the largest Association in the timber industry in the country with a membership of around 1,200 while TPAZ has a fragile following therefore the need for the Timber Producers Association to involve all stakeholders if the development is to be a success.
The Timber Producers Association of Zambia has told the ZBT that it will soon establish timber auction floors in all the 10 provinces of the country as a way to enhance the marketing and price discovery of timber in Zambia.
Association President Charles Masange had earlier told Zambian Business Times that the association has made progress towards the establishment of timber auction floors and the auction floors will open once producers whose licenses expired are renewed, adding that those with licenses will then only sell timber through the auction floors.
Masange noted that the auction floor would address challenges to do with the middlemen, adding that the members of the association are unable to penetrate China and other countries because of the middlemen who are making more money, which the timber producers should be making.
He explained that once the auction floors are established, every buyer will have to bid for the right price before taking timber out of the country which will not only benefit the timber producers but the country as well.
“The export market has been full of challenges all along, that’s why we have come up with the establishment of the timber auction floor in every province and that’s what will be implemented immediately the licenses open. It will address the challenges of middlemen who are making five times the price that we are supposed to get from our timber”, he said.
Masange mentioned that the current situation does not benefit the members of the Association or the country as the buyer of the timber dictates the price, which should not be the case.
0 Comments
0 likes

The Zambia National Association for Saw Millers

Agribusiness

The Zambia National Association for Saw Millers says cheap timber from Malawi and Tanzania has continued to flood the Zambian market due to lack of regulatory policies.

Association Secretary General Derick Chilatu said government feels the country does not have sufficient timber to meet the country’s demand therefore it cannot regulate imports which is very disappointing as the country has sufficient timber to meet the demand.
Speaking in an interview with the Zambian Business Times-ZBT, Chilatu said the Association was hoping government would take a stand on the matter and protect the local market but government is not interested for one reason or the other.
“I was advised that government feels there is no enough timber to satisfy the market, which is not true, which is not the case. I don’t think they have been on the ground to find out because the Copperbelt where most of that soft wood comes from is flooded, it’s so flooded our members have nowhere to sell their timber to and yet Forestry department maintains that they have no capacity to satisfy the market which is very wrong”, he said.
Chilatu explained that the timber from Tanzania and Malawi is substandard because some of it is genetically modified and is not grown according to ethical forest procedures adding that there are certain procedures that need to be followed when one is growing trees for commercial purposes but the farmers that are growing timber in those two countries are not following the procedure.
“The timber that is grown by the statutory government institution of Tanzania is very expensive and it doesn’t come to Zambia. The timber that comes to Zambia is substandard because it can’t be exported because it’s not grown according to forestry ethics so that’s how come it’s cheaper”, he said.
He mentioned that the landing cost of that timber in Zambia is around K100-K110 for a 50 by 150 therefore even if it is sold at K150, one is able to make a profit but the locals are buying very expensive timber from the Zambia Forestry and Forest Industries Corporation (ZAFFICO) and cannot compete with that price.
“So when we move timber from the Copperbelt to Lusaka, our landed cost is K150 so that’s what makes it very difficult for us to compete with that timber and most of our customers were coming from the Congo to the Copperbelt to buy timber but now what has happened is that the Tanzanian timber is proving to be cheaper so they would rather go to Tanzania, we are losing out on business and forex”, he said.
0 Comments
0 likes

The Zambia National Association for Saw Millers

Markets

The Association of Microfinance Institutions in Zambia (AMIZ) says it expects the 2023 national budget which Minister of Finance and National Planning Situmbeko Musokotwane is scheduled to present tomorrow, 30 September 2022, to address the dismantling of local debt.

Association Executive Director Webby Mate said most microfinance customers are people who participate in the local government debt so it would be beneficial for government to continue dismantling the debt as this will start putting money into the economy.

Speaking in an interview with the Zambian Business Times-ZBT, Mate said once government starts putting back money into the economy; it will contribute to growing the economy and ultimately attain some of government’s objectives such as achieving the 3% growth.

He noted that the cost of doing business has always remained high therefore; government should work on pronouncements that will help address the matter and bring down the cost of doing business.

“The major issue was debt, which government has taken positive steps in addressing and as a result we have seen inflation trending downwards, kwacha strengthening though not very much because of developments elsewhere. The dollar is becoming bullish so other currencies are beginning to suffer and the kwacha will not be spared also, within the confines of our economy, all this has happened because of the positive steps government has taken”, he said.

Mate mentioned that the association wants to see government continuing with infrastructure development because microfinance customers are business people who travel on roads to get supplies and deliver supplies.

“The state of the roads is very worrying right now and the rains are yet to come so after the rains these roads will even be in a very bad shape so we hope government can begin to move in that direction, fixing some of these roads”, he added.

He said so far, “The 2022 national budget has generally performed well, given the fact that in June this year, government requested for the approval of a K22 billion supplementary budget to spend money they claimed they had saved”.

“This means the budget has performed well than people expected, we have free education, the issue of CDF, the Ministry of Local Government is always announcing when a quarter comes and when it has been disbursed. They are managing their flows well and we can only encourage them to continue doing the same as they plan for 2023”, Mate added.

 

 

 

 

 

 

 

0 Comments
0 likes

The Association of Microfinance Institutions in Zambia

Tech

Editorial

Today, Zambia is dogged with a steep youth unemployment crisis. The recent 2022 census recruitment circus we witnessed in Zambia was just but an eye opener to those who care to discern, on how deep and crashing this problem is.

The fact of the matter is that the Zambian economy today is not creating enough jobs to satisfy the increasing number of youths completing secondary, college and university education. The population is on an aggressive rise for the next two to three generations to come.

Some thought that with a change of government, this problem would be sorted out in the shortest period of time. As a the first year of the new Dawn UPND Government has passed on, its now more clear that the problem of youth unemployment is BIG, is humongous and needs unconventional solutions.

Some youths and to a larger extent, some experienced hands alike thought that this youth unemployment crisis was a creation of of the then PF government, and that a UPND government would sort it out at a breakneck speed. Alas, it’s still very visible even to the most passive of our citizens.

Well, as they say, the jury is still out and too early for us to judge as we still have four more years to see how the new dawn administration will deal with this unemployment crisis which is far much more complex than what entrenched politicians would ever publicly admit.

Actually, had it not been for the high poverty levels and limited opportunities, some of the new appointees in the current government who are honest enough would by now have started resigning on their own after getting to terms with the depth of the problems and their ability to solve the them in the constitutionally mandated five year term of office.

But we should also be honest that genuine attempts have been made to create jobs by the new dawn government. Even as we recognized and commend the current government for employing about 40k education and health workers into the civil service, the state of youth unemployment remains at crisis level.

No wonder our statistic agency stays away from publishing this number in their monthly bulletin headlines despite the statistic being more important to gauge the economic health of our economy at this time of having the majority of our citizens being youths.

That’s why we are seeing more and more well meaning citizens coming to terms with the fact that the economy is simply not creating enough jobs and that this deep problem of unemployment were our young people are resorting to betting as a means to make a living needs unconventional solutions which may not even be attainable in the short to term.

We say this because we now have an estimated 200k (200,000) plus new graduates or job seekers that include school drop outs, secondary schools, trade schools, colleges  and universities on a yearly basis joining the hunt for the few available jobs, making the queue longer and longer every three, to six to twelve months.

One tested way to create massive employment opportunities is to industrialize the economy. To industrialize an economy, analysts say Zambia only lacks one major component as the country is already well endowed with huge land mass, expanding population of labour and enterprising citizens. What the country lacks is adequate and excess affordable power or electricity to attract global industrialists capital to set up.

One unconventional solution that has been suggested for Zambia is to set up nuclear power plants and generate massive energy that could be used to attract large scale industrial producers and export of excess power. There is need to critically look at this option that offers to transfer this technology to Zambia through Rasatom or any other well established global player. Considerable progress was made on this bilateral deal but it seems to have been put on ice.

For your own information, the UK is reported to have over over 8 commercial nuclear power plants, France has over 56, US has over 55, Russia has over 35, China has with Ukraine being also a major Nuclear power producer. Suffice to say, most notable industrialized economies including our very own South Africa in Africa has power generated from commercial nuclear power plants.

Zambia has notable reported local Uranium deposits that can be exploited for commercial and energy purposes, a situation that can turn around Zambia’s current power production of over 3,300 MW to some thousands of Giga Watts, a scenario that would be used to attract large scale global manufactures, industries with the excess being offloaded onto the export market.

You may argue that we don’t need nuclear power plants to develop, to industrialize and create mass employment, to solve the huge youth unemployment crisis which is now threatening to make the country’s politics and social life toxic, but a check around the countries that are ahead economically shows a different picture, they actually have commercial nuclear power plants and their total annual power production figures are 100 times more than what Zambia currently produces.

The above is just one of the unconventional ways that have been put out. Dear reader, feel free to contribute by commenting on this article or sending an anonymous email on what other unconventional of extra-ordinary solutions that Zambia should pursue. These business as usual incremental actions have limited impact to radically move the country to the next level.

What is perhaps clear to the initiated is that something extra-ordinary, something unconventional needs to be done by those that hold the collective power of the state, by those that hold sway of the highest office of the land.

Even as time moves on, as greed and familiarity sets in, as the new dawn government presents its second national budget, it will soon dawn even to the most loyal and optimistic nationalists that even the much hyped IMF facility is but just a drop in the ocean of the complex challenges that beseech our beloved country Zambia and its geopolitical position.

The need for extra-ordinary and unconventional solutions is now more urgent than ever before. The levels of youth unemployment is alarming and needs immediate attention. Do we have any policies that have been put out by the HH led government that we should expect will create massive employment opportunities for our youths to close the widening gap? 

For anonymous comments and contribution, email: editor@zambianbusinesstimes.com

0 Comments
0 likes

Editorial Today, Zambia is dogged with a steep

Tech

As Zambia’s President Hakainde Hichilema – HH announced that he had struck a deal that will see high speed satellite Internet services extended to Zambia by US firm Starlink, however – questions have arisen as to whether the deal also took care of the service access cost and monthly subscription charges which are reported to be a premium service above the average earnings of the majority of Zambians.

A check by the Zambian Business Times – ZBT reveals that Starlink is on an Africa penetration drive with its services set for start in Nigeria and Mozambique in 2022. Starlink has also confirmed that it is setting up shop in Burkina Faso, Cameroon, Chad, Ghana, Mali and Niger in 2023, time that has now also been indicated for Zambia.

What is troubling most analysts is the affordability of Starlink Services. Americans pay $110 (about K1,600) per month for subscribing to its fast internet services, a price point which in Zambia may only complete in the local and multinational Corporates business market.

In Nigeria, during its pilot launch phase, the US firm started with connection fee of $99 with monthly subscription expected to be at $100 per month, a price point which even some well to do Nigerians have indicated is too high for the African market. It remains to be seen if the Zambia deal has some sweeteners that will make the service.

However, the Information and Communication Technology Association of Zambia (ICTAZ) says it will support government’s vision of providing high speed internet to all citizens. Zambia currently has Airtel and Paratus among the top ISPs who provide internet service providers and these companies will need to go head to head with Starlink for the local and international Corporates market share.

Speaking in an interview with the Zambian Business Times – ZBT, ICTAZ President Clement Sinyangwe said there must be intentional strategies put in place to ensure the right professionals are equipped with the training, skills and infrastructure to adopt new technologies.

Sinyangwe mentioned that Zambia is on track to achieving the goals of becoming a digital economy and that the local ICT sector is up to the task. “Zambia currently has trained ICT professionals that contribute in various sectors of the economy on a daily basis”, he said.

“We welcome the pronouncement made on introducing high-speed internet to the entire country by means of the Starlink services because this will see the expansion of internet service provision and contribute to the general growth of the economy.”

This follows HH meeting with Starlink Business Operations vice-president Chad Gibbs. During the meeting, partnership possibilities for high speed internet in Zambia was discussed with the President highlighting Zambias Government’s intention to adopt technologies that will enhance revenue collection by eliminating manual processes.

The President indicated that full digitalisation of services would require universal internet to ensure that all concerns around revenue leakages and inefficiencies in service delivery to be a thing of the past. In a tweet, SpaceX founder and Chief Executive Officer Elon Musk said he looks forward to providing the Starlink service to the people of Zambia. Starlink has so far gotten regulatory approvals for its operations in Nigeria and Mozambique.

0 Comments
0 likes

As Zambia’s President Hakainde Hichilema - HH

Mining

Following wrangles at Mopani Copper Mines (MCM) and Konkola Copper Mines (KCM), the Copperbelt Province is in shambles and Copperbelt Province Minister Elisha Matambo has called on investors from all sectors to consider investing in the province as a way to face-lift the region.

Speaking in an interview with the Zambian Business Times-ZBT, Matambo said Copperbelt Province is blessed with good soils for agriculture and almost all the minerals as well as tourism sites.

The Minister said investing in the Copperbelt Province would mean that the cost of doing business would be low as the land has nearly everything.

“I can guarantee that the environment is conducive in terms of security for any investor as there is law and order,” he said.

He explained that the wrangles at both Mopani Copper Mines and Konkola Copper Mines should not discourage investors adding that the disputes at both mines will be sorted out soon.

Matambo said very soon, government would be making positive pronouncements concerning the two mines, which will be an added advantage to whoever would want to invest in the Copperbelt Province.

The Copperbelt Province Minister has since encouraged businesses on the Copperbelt not to lose hope as government is working on resolving the major challenges affecting the province, which include KCM and Mopani squabbles.

 

 

 

 

0 Comments
0 likes

Following wrangles at Mopani Copper Mines (MCM)

Mining

North Western Province Chiefs who had earlier demanded for a minimum of 15% share from First Quantum Minerals – FQM Kalumbila mine revenues and other mining firms harvesting minerals from their chiefdoms have expressed confidence that their requests will be granted by Zambia’s head of state – President Hakainde Hichilema – HH.

Chiefs in North Western province who are the original and rightful custodians of the wider community interests of the people of the province had asked the Zambian government to award at least 15% of the revenue collected from the mining activities in the province to be re-invested in the province to facilitate development as well as enable the local people benefit directly from their God given wealth which they occupy.

Speaking in an exclusive interview with the Zambian Business Times-ZBT, Chief Mumena, a prominent Chief from North-Western Province said the head of state assured the traditional leaders that he will respond in due course as to give direction on the matter.

Chief Mumena said, “Am confident that the head of state will grant our request for one reason, the head of state has been present advacote for local community empowerment and beneficiation of the local communities that are hosting these entities.”

“And I know that this is not only the position of the North western Province, but it should be the position of every province in the country as all the ten provinces stand to benefit from the implementation of such a policy,” he said.

Chief Mumena said the assignment is critical to the Communities and the country at large as it addresses the issue of mining revenue and the local benefits to the host communities in north western province and the country at large.

“It is just a matter of time, this thing will be done and we are anxiously waiting because we know it is going to help local communities and it is also going to help mitigate the other sufferings that are brought about by industrialization.” He added.

Earlier during an engagement meeting with President HH ahead of the ground breaking ceremony of the the $800 million Nickel Enterprise Mine, the Kalumbila Chiefs on top of the 15% revenue share further asked for a minimum of 5% equity share for the local host communities.

The Chiefs argued that the basis of getting such an equity stake would go into helping the locals in the sense that these are communities that are losing out on the land, water resources, hunting grounds, livelihoods etc that the mining companies have since taken over.

0 Comments
0 likes

North Western Province Chiefs who had earlier

Companies

Editorial
We have received information that some senior staff at power utility ZESCO in cohort with some corrupt politicians in government are still pursuing the route to importing wooden poles from companies based in South Africa and Zimbabwe despite clear indications that these poles can be sourced locally at cost effective prices.

One of the problems these corrupt and rent seeking people disguised as public leaders have drugged their feet to source from ZAFFICO is that the company is now publicly listed and it is very difficult to get kickbacks from transacting locally.

ZAFFICO by its listing on the Lusaka Securities Exchange – LuSE makes the company subject to report significant transactions publicly. Which basically threatens to make the transaction be done at an arms length with transparency. Even if interests at ZESCO and their sponsors try to overprice the poles deal with say ZAFFICO, all the money will flow into ZAFFICO’s audited accounts.

When we as Zambian Business Times – ZBT asked the ZESCO management team why they opted to import when they could easily and cost efficiently source from local suppliers cutting off import duties and transportation costs, we were told that ZAFFICO has no capacity to supply the quantities needed.

However, when we put this question of capacity to ZAFFICO, they simply restated as even publicly indicated on their website that they have an annual capacity of producing over the total number of poles that ZESCO intends to import.

ZAFFICO at their Pole treatment plant which adds value to Eucalyptus logs located in Kalulushi on the Copperbelt Province, has capacity of producing 140,000 treated poles per year to meet the Country’s demand for treated poles such as power transmission, fencing and construction poles.

When we further checked with ZAFFICO on ZESCO allegations they they are failing to deliver and have an outstanding order with ZESCO, ZAFFICO indicated that the pole treatment process and seasonality of harvesting means that deliverly of poles can not be done in one day, but with planned ordering and procurement, the forest and timber company delivers the indicated 140,000 per annum.

Any sensible and sober person can see that it’s ZESCO’s procurement interests and graft tendencies that have created an artificial requirement for one time bulk deliverly to justify the requirement for imports. To create a scenario that ZAFFICO and other local suppliers can not meet the requirement.

In fact, you can even see that if this order was given early in the year to ZAFFICO and other local suppliers, the poles required would have been delivered in batches and finished by the third quarter or now as we proceed into the last quarter of 2022.

If ZESCO wanted to increase the delivering due to limited monthly capacity of the treatment plant at ZAFFICO, they would have even backed the forest company to expand its treatment plant, a process that can be undertaken within the year.

Moreover, turning this into a local purchase order by ZESCO will stop the unnecessary forex outflow from the country. Zambia’s currency is always under pressure because of continued preference to import even on items that can be sourced or manufactured locally.

Our informed advise to ZESCO is that go and sit down with LuSE listed ZAFFICO and come up with a deal that is in the interest of Zambia. This deal will just burn your fingers and ruin your personal financial futures. The examples are many of some of your predecessors who have now become even more familiar with court processes and procedures than even some our lawyers working in Corporates as company secretaries or legal advisors.

Our reminder to some few selfish ZESCO senior management team members who are pushing for this deal, is that today, you may feel entitled to abuse public resources, to be powerful and allow yourselves to be used to push corrupt political agents agenda’s to get cuts or rents from questionable deals, but when tomorrow comes, you will be made to account. Some will end up even spending more than they will get from such deals defending themselves in court, while others will end up in Jail.

0 Comments
0 likes

Editorial We have received information that some senior