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Lifestyle

Former Secretary to the Treasury Fredson Yamba says he will be able to give his side of the story concerning his arrest once all court proceedings are concluded.

Speaking in an exclusive interview with the Zambian Business Times-ZBT, Yamba said “the media should follow proceedings through court. Because I have been arrested and trial is going on, I can not give a comment”.

The Anti-Corruption Commission arrested the former secretary to the treasury for corrupt practices involving over US$33 million on 4 May 2022.

According to a statement issued by ACC Chief Corporate Affairs Officer Timothy Moono, Yamba 62, was arrested and charged with one count of willful failure to comply with applicable law and procedure relating to procurement contrary to section 32 (2) (b) of the Anti-Corruption Act No.3 of 2012.

Moono said in 2018, Yamba did not follow procedure when he authorised an advance payment of US$33, 750, 000 to China Energy Engineering Group-Hunan Electric Power Design Institute Co. Ltd for the construction of FTJ Chiluba University in Mansa and Kasama under the Ministry of Higher Education. The said money was paid to the contractor but to date no university has been constructed.

In the same matter, ACC also arrested Joseph Phiri, an architect at the Ministry of Higher Education for attempting to fraudulently facilitate a payment amounting to US$ 29, 186, 169.09 to China Energy Engineering Group-Hunan Electric Power Design Institute Co.Ltd.

Phiri, 57 of Lusaka , was charged with one count of fraudulent facilitation of payment contrary to section 34 (2) (a) as read together with section 40 (2) of the Anti-Corruption Commission  Act No.3 of 2012.

Being an architect at the ministry and Project Manager for the construction of FTJ Chiluba University in Mansa and Kasama in 2018, Phiri attempted to fraudulently facilitate a payment to the Chinese company by signing and issuing an interim payment certificate No.2 valued at US$ 29, 186, 169.09 with an inflated sum of US$7, 578, 772.41 for goods purportedly supplied when in fact not.

 

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Former Secretary to the Treasury Fredson Yamba

Agribusiness

The National Union for Small Scale Farmers in Zambia-NUSFAZ has appealed to government to increase the price at which the Food Reserve Agency (FRA) will be buying maize in the 2022 crop-marketing season.

Union Executive Director Ebony Loloji said the production costs for farmers have increased due to the increase in fertiliser and fuel prices among other inputs adding that some farmers use fuel to operate different types of machinery.

Speaking in an interview with the Zambian Business Times-ZBT, Loloji said government should consider the work that farmers put into the production of maize as well as the increasing production costs as it sets the maize floor price for the coming crop-marketing season.

“The increment in fuel affects transportation costs of inputs to the farm and also output to the market so all those factors have to be put into consideration. When determining the floor price of maize it is important to take all those factors into consideration so that we are able to protect the small scale farmers who are feeding the nation”, he said.

“Due to continued increase in input prices or factors of production of maize, our expectation as a representative of small scale farmers is that there should be an increment from K150 per 50kg offered in the last season”, he said.

Loloji noted that if the floor price is maintained at K150, private market players would take advantage of small scale farmers knowing that they will not go anywhere else but to them therefore it is important to offer a competitive price and avoid exposing small scale farmers to exploitation.

He however mentioned that factors of supply and demand do affect the pricing therefore the maize being held in the food reserve should not be released to the millers anyhow when there is maize available on the market from the farmers whom millers and other market players can buy from.

“Provided that you know that the maize is going to be held in the strategic food reserves and leave what will be harvested to be bought by private buyers, I don’t think the forces of demand will have a lot of impact on the price for this coming marketing season”, he said.

 

 

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The National Union for Small Scale Farmers

Mining

President Hakainde Hichilema has called upon the private sector to work with government in the development of the mining industry and unlock the various challenges the private sector is facing.

The Head of State said government appreciates the important role that the private sector plays in the development of the mining industry therefore government policy will promote a private sector driven, competitive, thriving and sustainable mining industry.

Speaking when he delivered his keynote speech in Cape Town, South Africa at the African Mining Indaba themed ‘Evolution of African Mining: Investing in the Energy Transition, ESG and Economies’, monitored by the Zambian Business Times-ZBT, President Hichilema said government is committed to supporting domestic economic empowerment and job creation without resource nationalism.

He said government’s agenda is to have every Zambian Citizen playing a critical role in the mining supply and value chain along with investment adding that development of roads, airways and railways are part of the mining agenda.

“It is clear that aggressive investment into the exploration will unlock the undiscovered mineral resources and create social economic impact that will not only lift many Zambians out of poverty but will create new wealth and prosperity. This will result in sustainability of the investment in the country and secure the much needed social contracts”, the President said.

President Hichilema said Africa is blessed with vast mineral resources, which are key drivers of the development agenda adding that Zambia is determined to respond to the high demand of copper, as it is critical in green transition.

 

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President Hakainde Hichilema has called upon the

Mining

The National Union of Miners and Allied Workers-NUMAW says it is currently engaging its members concerning Vedanta Resources Limited’s offer to come back and run Konkola Copper Mines (KCM).

NUMAW President James Chansa said the union has taken note of what Vedanta Resources has promised and is hoping that government and the Indian mining firm can effectively address the KCM matter.

Speaking in an interview with the Zambian Business Times-ZBT, Chansa said government should critically look at the conditions offered by Vedanta Resources and consult from other key stakeholders in order to find a lasting solution to the matter.

When asked whether the union wants Vedanta back, Chansa said the union, which is a key stakeholder of Konkola Copper Mines, would only give a full report once consultations from its members are done, as that is when they will be able to state their position on the matter.

Chansa noted that the union is looking forward to finding amicable ways of resolving the issues at Konkola Copper Mines.

Vedanta Resources has made its intentions clear concerning wanting to run KCM again and has made some promises which it will fulfill if allowed to operate the mine for a second time.

In a letter dated May 5, 2022, seen by ZBT, addressed to Minister of Mines and Minerals Development Paul Kabuswe, Vedanta Resources CEO Sunil Duggal said the company would pay suppliers owed by KCM, especially small-scale suppliers up to US $ 220 million, which was due as on 21 May 2019 when the Provisional Liquidator was appointed.

Duggal said the company has committed that upon its return, it shall implement a 20% salary increase across the board and a one off payment of K2500 within 3 months of the return after the technical forensic audit of KCM has been completed and review the workers’ conditions of service to ascertain whether there could be room for further adjustments.

He noted that upon KCM’s return to the management of its Board, it shall together with all relevant stakeholders; sit down to draw up a framework of cooperation and sustainable engagement for KCM’s future Corporate Social Responsibility Programmes.

 

 

 

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The National Union of Miners and Allied

Companies

Zambia Industrial Commercial Bank (ZICB) has partnered with Zed-Kidpreneur for the sponsorship of the Zed-Kidpreneur programme for 2022.

ZICB CEO Ignatius Mwanza said the bank has purchased two laptops, two routers and has provided funding for the implementation of the programme a total sponsorship value of K130. 000.

Speaking during the launch of the programme at Taj Pamodzi Hotel, attended by the Zambian Business Times-ZBT, Mwanza said the partnership will offer mentorship and financial literacy training to children aged 18 years and below from all works of life.

He explained that the programme would focus on developing positive entrepreneurial mindsets that are innovative and progressive by using enjoyable child-friendly programmes filled with games, projects, boot camps, quizzes and competitions.

The CEO noted that society has focused on teaching and preparing children for a life of being employees with little investment in preparing them for starting and managing their own businesses and finances.

Mwanza said the partnership with Zed-Kidpreneur programme would endeavor to prepare young participants for the future by introducing them to the basics of finance as well as teaching them about personal financial management.

He added that educating children in financial management would give Zambia a good chance at having a financially literate adult population in future.

“This event is special for Zambia Industrial Commercial Bank Limited because it is in line with our brand promise-Making Tomorrow Possible. The programme that we are launching this morning is focusing on children up to the age of 18 years. We always say and hear that young people are the future leaders”, he said.

Mwanza mentioned that the bank will launch a specific account for children that will introduce them to banking products and services while being interest bearing, easy to operate and maintain and the account will have no charges.

He added that the bank has been providing financial literacy to its SME customers, which it sees as a need across the country and plans to set up a team dedicated to financial literacy in future.

Speaking at the same event, Founder and CEO of Zed-Kidpreneur Chimfwembe Mulenga said Zed-Kidpreneur is an award-winning academy that teaches and mentors children between the ages of 4 to 18 on personal growth topics such as financial literacy, public speaking, entrepreneurship and skills development.

Mulenga noted that the partnership would allow children to participate in financial talks and gain knowledge on topics such as savings, budgeting and investing.

She said Zed-Kidpreneur is looking forward to having financial literacy as a mandatory taught subject in all grades at primary and secondary school level in both government and private schools adding that the vision is to see a Zambia that has young innovators, entrepreneurs and financial experts who contribute greatly to the development of the country.

“Children should be prepared not just for academic exams but for life as well, we need to mould and cultivate a generation of better decision makers and future leaders”, she said.

 

 

 

 

 

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Zambia Industrial Commercial Bank (ZICB) has partnered

Companies

ZESCO,  Zambia’s energy giant has made an application to the Energy Regulation Board – ERB to increase connection fees by about 500% for domestic consumers and to increase connection fees for commercial customers by about 970%.

According to information obtained by the Zambian Business Times – ZBT, ZESCO proposes to increase the connection fees for customers in high density, demarcated and reticulated areas by about 500% from the current K769 to K4,600 for 1 phase overhead, K1, 430  to K15, 300 for 3 phase overhead which is almost an increase of 970% for mostly commercial customers and K890 to K6,800 for 1 phase underground.

The proposed fees for customers in low density, demarcated and reticulated areas have been proposed to increase by about 360% from K2, 873 to K13, 300 for 1 phase overhead standard, K769 to K4, 700 for 1 phase overhead (servant’s quarter), K4, 887 to K28, 800 for 3 phase overhead, K3, 358 to K15, 800 for 1 phase underground and K5, 342 to K34, 300 for 3 phase underground.

The proposed connection fees for customers in un-demarcated high density areas are K1,709 to K7, 000 for 1 phase overhead, K3, 159 to K20, 300 for 3 phase overhead, K2, 124 to K9,000 for 1 phase underground and K3,642 to K24, 600 for 3 phase underground.

ZESCO has indicated its intensions of moving to a cost reflective tariff for both its energy supplies as well as other support services which include connection and service charges.  This exercise of revising upwards to cost reflective tariffs in Zambia is a mirage as the companies costs are US dollar linked.

Zambia’s ministry of finance and the central bank – BOZ has opted to adopt a policy of  having a free floating currency instead of a managed exchange rate, a situation that leads to the perpetual depreciation of the local unit – the Kwacha, resulting in cost reflective increments almost on a year on year  basis. The Regulator ERB is therefore calling for public comments on ZESCO’s application to revise connection fees for 2022.

The Energy Regulation Board received an application from ZESCO Limited to revise connection fees for standard connections. The utility company has applied to revise upwards standard connections related to the three customer categories. The bulk consumers such as mines and export market are made via negotiated deals most of which remain confidential raising suspicion that the largest consumers may be getting a better deal.

Some analyst have challenged ZESCO and the Ministry of Energy to find ways in which Zambians can benefit from its local copper endowments to getting preferential pricing instead of these cost plus prices. Zambia is Africa’s second largest copper producer.

Other’s argue that the country’s level of electrification is still too low and is an indictment on the successive governments which should like other resource rich countries, leverage its large copper reserves to massively electrify the country, and subsidize rural and peri-urban areas electricity connections and supply costs.

 

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ZESCO,  Zambia’s energy giant has made an

Mining

The Mine Workers Union of Zambia (MUZ) has welcomed First Quantum Minerals’ approval of $1.25 billion mine expansion in Zambia.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, MUZ General Secretary George Mumba said the action gives MUZ excitement and hope that first quantum minerals FQM is here for long.

Mumba disclosed that pouring of such amount of money for expansion in Zambia is the step in the right direction as it guarantees the jobs of the members of the union.

He said the approval of $1.25 billion will also help the new dawn’s agenda to ramp up production from the current 800 000 metric tons to over three million metric tons in the next 10 years.

Mumba told ZBT that the action gives hope that if the existing operations can be expanded with such kind of injection the country can benefit as the projection is that the copper price will continue being high because of electric motors vehicles.

He added that such expansion gives a good position for the future of mining in Zambia.

According to a statement seen by ZBT, FQM said its board has approved plans for a $1.25 billion expansion of the company’s Kansanshi Copper Mine in Solwezi, a decision the company said was prompted by renewed confidence in Zambia’s investments climate.

FQM said the $1.25 billion package overall represents the largest investment in Zambia since its sentinel project was approved in 2012.

The company said it also approved a further $100 million investment in its enterprise Nickel project in Zambia, which it expects to start producing in 2023, ramping up to an annual production of 30,000 tonnes of nickel in concentrate.

The statement mentioned that FQM and the government have reached an agreement on outstanding Value Added Tax (VAT) repayments owed to it and an approach for repayment based on offsets against future mining taxes and royalties.

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The Mine Workers Union of Zambia (MUZ)

Agribusiness

The Small Scale Farmers Development Agency-SAFADA has disclosed that the country’s maize yield for the 2021/2022 farming season is likely to reduce by 30% compared to last year’s harvest.

SAFADA Executive Director Boyd Moobwe said he anticipates that the country will have a low yield this year due to factors such as farmers not getting inputs on time, droughts and the outbreak of fall armyworms, which affected all the ten provinces of the country.

Speaking in an interview with the Zambian Business Times-ZBT, Moobwe said he is of the view that government is aware of the expected harvest hence the advice that people should not worry as the current maize stock could last until 2023 March.

Moobwe however said that there is no guarantee that the current stock will go up to next year because traders are buying the maize, millers are grinding and exporting which will affect the reserves therefore the need to regulate the imports and not just focus on getting forex.

He added that what is important is national and household food security hence the need for government to ensure it puts up necessary measures so that the country does not run out of stock in the next one year.

“This year they are saying we don’t have enough, the private sector has said we won’t have enough stock this year, we will have less by 30% from the previous yield last year. It is difficult to keep something when you want money. Already I am hearing that FRA is exporting to Congo, ask me in December you will hear that we don’t have enough”, he said.

Moobwe mentioned that because of the expected poor yield this year, mealie meal prices might increase from the current K150-K160 by October this year.

 

 

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The Small Scale Farmers Development Agency-SAFADA has

Lifestyle

Minister of Finance and National Planning Dr. Situmbeko Musokotwane has disclosed that the construction of the dual carriage route from Lusaka to the Copperbelt will commence in the next four to five weeks.

Musokotwane said government will soon conclude a deal with the private sector to construct the Lusaka-Ndola dual carriageway adding that the private sector and not government will fund the construction.

Speaking during a media briefing at Mulungushi International Conference Centre today, attended by the Zambian Business Times-ZBT, Musokotwane said the Lusaka-Ndola road is in very bad shape hence the need to fix it but government will not borrow large sums of money to do so and will instead engage the private sector.

“The process is in a very advanced stage, in the next four to five weeks we should be able to put a contractor and say do this road, pay for it and you collect fees or whatever arrangement we will work together as a government”, he said.

He noted that government is focusing on Public Private Partnerships and the private sector has shown a lot of interest therefore government will continue to pursue such initiatives.

The Minister explained that government is putting in place measures to deal with the debt crisis in order to encourage more investments in the country and work with the private sector on both roads and power.

“We are also trying to come up with a similar arrangement and work on the Lusaka-Livingstone road, Sesheke to Kazungula, there are also other roads that the private sector is pursuing like linking DRC through the Northwestern Province to Solwezi, Kasempa and Kaoma. Soon we should see the benefits to the Zambian economy in terms of more money and also more business opportunities and more jobs”, Musokotwane said.

 

 

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Minister of Finance and National Planning Dr.

Markets

Minister of Finance and National Planning Dr. Situmbeko Musokotwane says government has no alternative plan to resuscitate the economy and get the country out of debt besides obtaining the US$1.4 billion bailout package from the International Monetary Fund (IMF).

Speaking during a media briefing at Mulungushi International Conference Centre today, attended by the Zambian Business Times-ZBT, Musokotwane said getting the IMF bailout package is the practical thing to do in order to resuscitate the economy adding that this is a plan that Zambia has used before to get out of a debt crisis.

When asked by a journalist if the Ministry of Finance has a plan B in the event that Zambia does not secure the IMF deal, Musokotwane said this is a plan that has worked for many other countries therefore there is no reason why it will not work for Zambia.

“There is no plan B because this plan A is going to work. Please do remember that from 2016 to 2021, there was an attempt to go it alone, that plan did not deliver anything that is why we are still talking about the debt crisis today. You can see that with the process that we have already engaged in, the benefits are already visible even before we have concluded the process”, he said.

The Minister explained that the country must remain consistent on the reforms, continuative discipline in implementing the budget and avoid commercial borrowing to ensure that Zambia accesses the IMF loan.

He mentioned that the IMF is providing support to Zambia and its efforts to restructure the debt adding that Zambia expects to finalize the $1.4 billion bailout from the IMF by June this year.

 

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Minister of Finance and National Planning Dr.