BoZ monthly wage bill is K10.2 billion

1. can anyone explain what these goons actually do?They seem to be just another beauratic ensemble.I’ve not seen any meaningful fiscal policy authority on their part.When the kwacha recently sharply appreciated,they had no clue what was happening!Yet with all the PhDs at BOZ,one wonders how effective they really are.Just look at the US Fed Reserve and the role they play on the dollar & the economy.So spending 10billion kwacha on these goons is a serious joke!

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2. i meant to say bureaucratic ensemble…

3. BOZ is just another unproffessional institution in Zambia. Most of the people working there are relatives of prominent families in Zambia and this has killed the effectiveness of this organisation. Selection of staff should be based on abilities rather than “family name”. However, the bank also has hard working and deserving employees who desrve to work there.

4. Isn’t that just the norm in Zambia? One gets so much money and yet making no meaningful contribution to the economy… In fact, it would make more sense to have all of the (both Senior and Junior) get their loans from commercial banks. Same goes for the politicians, they too are enjoying astronomical perks with very little to show for it. It is time we begun to hold such people to account. We need to agree on a simple checklist to start with (BOZ – inflation; int. rates; etc) Politicians –

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5. contd…
   Politicians – tangible improvements in their portfolios (Finance – expand tax base; reduce deficit; Agric – feeder roads; market & storage; commodity prices; access to loans; Works and Supply – sound contracts; maintenance plans for roads and other infrastructure; Roads fund [eg. toll tax] etc) We can do it as a country….

6. What a bunch *****s sitting on their fat bottoms

7. It is nice to hear from the minister and I quote “the bank needs to offer good conditions of service so as to attractive qualified personnel to run the institution”. The question I ask is which institution does not need the services of qualified personnel? The whole mark of development requires that all sectors are operating at or above optimum level of course with improved technologies. This is no the case in Zambia. Ministers and MPs need to bear this in mind as they debate the 2008 Budget.

8. It is nice to hear from the minister and I quote “the bank needs to offer good conditions of service so as to attractive qualified personnel to run the institution”. The question I ask is which institution does not need the services of qualified personnel? The whole mark of development requires that all sectors are operating at or above optimum level of course with improved technologies. This is no the case in Zambia. Ministers and MPs need to bear this in mind as they debate the 2008 Budget.

9. This is my first contribution to this forum. Firstly, please do not resort to insults. You have just read a small snippet of news and you are already insulting people and all that. Knee-jerk reactions are not good. Moi’s comment above, its true that all institutiosn should be accountable. In the case of BOZ you mention inflation and interest rates. Havent these taken a significant downeward trend in the last few years? Has the kwacha not stabilised to an extent that it is now convertible?

10. imwe naimwe ba Kami #9,the question here is-is BOZ effectively playing the role of an efficient Fed reserve?What interest rates?cost of funds remains extremely high due to commercial banks’ greed and the only reason they’ve reduced is because of reduced GRZ borrowing.Same applies to inflation,it’s becoz of Levy and Magande’s discipline that these are now stable,but what specific fiscal policy advice are we actually getting 4rm Fundanga?I repeat,majority of BOZ is is bureaucratic goon squad!

11. trust me,we can do with just half of the technocrats there and we won’t feel a pinch.For those of you disputing like Kami,pls tell the forum any prominent milestones achieved by BOZ in the recent past?

12. I have know Hon Jonas Shakafuswa for more than 28 years. he was my neighbour in kabwata estates? The Hon minister is not even qualified enough to understand how the economy works…trust me. what economics does he understand? I do not remember him pursuing any college education since graduating from kamwala secondary school in 1983 or 1984. I recall of him is wearing his karate outfit, and always trying to act/seem important.

13. the level of ignorance of how so many things work/do not work in an economy is aptly mirrored in some of the comments made so far.i suggest some of you stick to political issues where emotions are the order of the day.

14. I think BoZ is responsible for monetary policy, not fiscal.If Fundanga’s team were ineffective, we’d have had the Zimbabwe situation. While Fundanga wants lower bank interest rates, the banks are highly taxed on the fiscal side, thus frustrating his efforts. Inflation has been brought under control, we have lower interest rates. Like Original Pundit says, let’s stick to issues we understand.

15. #9 Kami,
    What has BoZ got to do with inflation and interest rates, apart from just making announcements of the ‘historical’ position of the two parameters??? BoZ doesn’t determine prices or your spending appetites and neither does it fix interest rates. I may be wrong but it is various other ecenomic factors at play responsible……

16. Shakafuswa is a univeristy graduate. One of the causes of high interest rates is risk (sub-prime issues in the USA). And you know Zambians dont pay back loans. Creation of a credit reference bureau, which BOZ is working on, will partially address this problem.As citizens, every one has the right to question, but for our country’s sake, ask informed questions, else those being accused will not even bother to answer/comment on such silly innuendos.

17. I cannot take the justification by Jonas´for the superfluous pecks at BOZ. If it were possible, I would ask him to tell me why civil servants at his ministry have windfall allowances. I challenge Office of Auditor General to conduct audits at Ministry of Finance and everything will come to light.

18. While I aggree the Kwacha has stabilised against the dollar, I do not think it is true to suggest that only BoZ needs qualified persons to run it. ZESCO, ZAMTEL, ZSIC The Education and Health sector all need to attract highly qualified people to run them.The personal at BoZ go to the same shops as those in Kanyama , Kalingalinga who earn 1/100 of what these guys at BOZ get, out of the tax paid (by all Zambians).There is no justification for these guys to get that much unless it is meant shut…

19. them up. Meaning that when gvt leaders want to get favours from there , they should not meet any serious obstacle. How ever I find no justification for these high wages just like I find no justification for the High allowances in the NCC. Zambians need to just wake to the reality that some one somewhere is stealing from them and these should be held responsible.

20. comrades….lets think outside of the box for a minute.

    Please be made aware that it is customary(worldwide) and a security recommendation that central bank staff are pegged at significantly higher pay scales than those obtaining in the private sector.bitter pill to swallow i know…but so is the inability of policemen to strike for better conditions of service and pay !!

21. Yesterday there was a match protest of policemen for a pay rise in the UK, what ar you talking about #20. The reality is we all need a better pay in order to survive the harsh economic conditions obtaining in the country and by so doing you reduce on the corrupt practices that have been rampant in all sectors.

22. JBC(21), a protest march by off duty policemen doesn’t rate anywhere near a strike!! Trust me, i know what i’m on about!!

23. BOZ should increase their Jan/Feb monthly bill to K 17 billion with K 6 billion, in the interest of the soccer loving nation, going to the sponsorship of live coverage of the AFCON 2008 matches on ZNBCTV… provided,(repeat that word) ZESCO gaurantees power…

24. CCK [18], flip the coin and think about this: have you considered the fact that the Central Bank’s wages may actually be the ideal wage to meet the high cost of living in Zambia? Instead of reducing that wage bill, we should strive to increase the wages in the other sectors. ZRA at the moment is able to get 17.9% of GDP. With a broadened tax base, they should be able to even double that amount, and take it to pay the poorly paid civil servants. Even Zambians in the diaspora will come back!

25. Well,
    For Starters, that sounds like a huge amount of money. I find it quite funny that while the other could be getting 30 Million plus allowances per month, the other is getting a Ka K350, 000.00! there is absolutley no grain of logic no injustice in this notprious fact… and this is the issue at hand not peoples acadermic capabilities!

    For a certainity, the gap between the ‘haves’ and the ‘have nots’ continues to widen… and the BOZ factor is just a classic examples!

26. Cont’d…
    There exists an urgent need to address the abnormal differences in take home salaries in Zambia!

    How do you do that? A bit of socialism mixed with free market norms… I don’t know?

27. There are three signs of an impoverished economy: (1) Very well paid legal professionals (2) Very well paid commercial managers and Financial professionals (3) Very well paid politicians. The logic being that when managers or politicians reward themselves financially, they need legal backing to cover-up their deeds. Like it or not, the rest do not need to be well paid until there is a crisis. For instance, due to black-outs, Electrical engineers will be important;

28. …because of floods wipping out bridges and culverts, civil engineers will important; when politicians, accountants and lawyers get sick, doctors become important. If and when south africa closes it’s boarder, manufacturing will become important. So only BoZ employees need to be well paid, the rest can migrate, and become makwerekwere; they are not important. Such is life in Zambia: only driven by crises, as they say (Management by Crisis) – pitty 2010 All Africa Games Participants!!

29. They will stay on colleges with stinking ablutions. They will be driven to sports facilities that belong to the 1960s; they will be stuck in traffic at Manda-hill for 2 hours, covering 2KM from the city centre; the list is endless.

30. I think its better to comment and analyse politics and sports. These economical issues are just frustrating and poison for the soul. BOZ & ZRA and related institutions deserve high wages, we can only complain if they steal. But so far smart Fundanga and ugly Magande are handling Zambian economy well. The only thing is they could have advanced ZNBC ka K5b for CAF-Ghana show!!

31. I understand that BoZ does not dictate interest rates but the market does. The kwacha has stabilised not because BoZ has influence over it that we all know. However every working citizen contributes to the economy.

32. #30 keep the idiocy to yourself

33. People have little understanding of economics – vis-a-vis inflation,credit. Inform yourselves on why the world economy is on the slide. Can someone tell me how low (single digit) inflation rates have helped the economy? Has there been any growth in any sector? How many jobs created? For your information – Zambia has 14% unemployment rate – based on available statistics(IMF). We believe what politicians and their coteries tell us. It is easy to rule ‘educated’ people due to self-enslavement.

34. [33], the unemployment rate is 14% because of the use of international definitions as set by ILO for international comparisons. However, a country can have local definitions, and that will show a higher figure. So our politicians are content with championing the ILO definition which shows a lower figure. I am sure CSO can give the ‘real’ unemployment rate, but they don’t.

35. [33], regarding growth, if a mine produces x tonnes of copper today and then they produce x+10 tonnes tomorrow, it is cosidered growth in GDP, regardless of whether the money realised stays in the country or not. If we used Gross National Income, which is a slightly different concept from GDP, you can at least take care of the outflows and record what actually accrues to this country, the real income. But I don’t think this is done in Zambia.

36. [33], inflation is always a contentious issue. The fact that we have price tags on commodities is a plus [go to Zimbabwe and see the difference]. The price of my newspaper is the same, my talk time costs the same, I can plan for a trip I will undertake in December and I will not have to make major price adjustments – that’s what single-digit inflation means to me

37. This whole thing is joke.Firstly this so called BOZ is a family tree an ordinary zambian like me cant get a job matter how qualified iam .So this is total rubbish and this people do anything.

38. hlupe(37),don’t be fooled BOZ is not for ordinary people,it never has been and will never be.You can have all what YOU think it takes to do the job but it is more complicated than that.Getting a job in a central bank anywhere in the world is like getting a job in the intelligence service !!! Sorry to burst your bubble…my advice is look elsewhere you stand a better chance!!

39. #38 I have always admired your posts, however this last one lacks merit. Don’t mislead others delibrately. How do you assume you know everything on the employment policy of BOZ and other central banks in the world? Get real!

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