Zambian Economist Chibamba Kanyama has disclosed that about US$40 million has been withdrawn from treasury bills by investors.
Mr Kanyama said investor confidence has been eroded due to the political situation prevailing in the country.
Speaking in an interview with ZANIS in Lusaka today,Mr Kanyama observed that this has led to the continued depreciation of the Kwacha saying most investors were holding on to the dollar.
He said the depreciation of the kwacha was also triggered by the death of Zambia’s late President Dr. Levy Mwanawasa hence investor uncertainty in the country’s future.
According to Citi Bank, the Kwacha was selling at K4, 350 and buying at K4,400 per US dollar as of Tuesday while rates at the Bank of Zambia as of today stood at K4, 440.11 buying and K4,460.11 selling.
Mr. Kanyama pointed out that investors were not sure if the new government would have respect for property rights and conditions for foreign investment.
He further said investors were also uncertain of the new government’s capacity to honour obligations like debt payments adding that the capacity to attract foreign aid was also a matter of concern.
Mr. Kanyama said copper prices on the world market have also registered slow growth than the annual average saying the price has reduced and it will continue to nose dive.
He further said imported goods will be expensive and manufactured goods will command high prices and interest rates making inflation levels to skyrocket.
Mr. Kanyama said the global oil prices has also affected many countries negatively adding that only when the global political level normalises will the situation stabilise.
He predicted that if a new government comes into power, it would incur deficit and will spend more in order to cushion levels of poverty adding that this will not be good because it will further destroy investor confidence.
Mr. Kanyama said a good balance between expenditure and revenue is what will save the next government only if they tighten spending saying investors were waiting to see what the incoming government will stand for before considering new investment.
On the credit crunch that has affected the United States of America, the Economist noted that China which was a major driver of Copper prices was equally going through recession.
The Economist said the impact of this financial crisis on Zambia was mainly due to investors having no money as they were the major drivers of demand adding that there was no supply from the stock market.
ZANIS/ENDS/ VP/CLM
bloody investors
thats why it’s important that the electrol commission does a good job to ensure that there is no rigging and that we have a smooth transition
In short lets face the facts here we can not have an unpredictable president such as Sata at State House
Chibamba Kanyama for president in 2011!!!! start prepairing.
If Sata won, worse can be expected.
#4 Chibamba Kanyama for president in 2011!!!! start prepairing.but which party?
#2 and #5, I agree with you but let it be so that the kaponyas can learn a lesson, Zambians need to sobber up coz they take politics as a joke. When they stop affording chinsense, then they will know that it matters who you vote for and that its not for the fun of it!
BUSHE NA MUNFWAKO? Sata disappointed in Monze. Sata addressed a huge rally in Monze District this afternoon. Every effort he made to woo the croud to chant the pabwato slogan was greeted with pakuboko. The same scenario is expected for him in Choma. The question I now ask Membe is where is his perceived SATAMANIA IN SOUTHERN PROVINCE? Southerners is like they will always say what is in their heart. SATAMANIAS should expect the worst next thursday. They should prepare themselves to accept the out come. 15 people were arrested in Monze during Satas rally. More are expected to be behind bars in Choma 2molo if Sata goes there.
#6, thats the million dollar question…whats your suggestion?
our kwacha behaves like a prostitute its always changing and this shows that our economy is not ok…more action needs too be done than just talking.The exchange rate is quite elusive
Chibamba i have always liked the way you analysis issues. all the best man.
North-westerners, Westerners, Southerners, those in Central, Lusaka Rural and Copperbelt Rural come 30th will vote for positive change. The change that will win Investor confidence. You Town people if you decide to vote for Sata and if he fails to run this country, I tell Zambia will rise against you for pushing our beloved country down. Those that are supporting Sata unfortunately are well known.
I agree with Engine Block. Zambians take Politics as a Joke. We always want to experiment with Jokers.
#12, thanx man! investors unlike most unserious zambians, they look at the person’s past and project his future actions. Which investor will keep his money when Sata is leading in opinion polls (fake or real). Remember in 2006, Sata had invited Mugabe to be the guest of honour at his swearing in ceremony had he won. Mugabe!!!!all investors just flee….
I have now given up on trying to convince mafontini not to vote for sata and now wish they can have it there way… Three years is enough, you’ll see.
#9 he has a wider range to choose from but if picks one that is heading for the downfall then even him will be headed for doom….May be he should come up with his own….I like the way he analyzes our disgruntled economy
As for myself, I’ve now decided to only return to Zambia when both RB and Sata are totaly out of the Zambian political picture
Ba LT sorry
i posted unprintables it seems you get sort of a time out
#16….I pity my brothers and sisters who cant run away from Zed if the worse happened. Dont worry though, by 2011, Zambians will have sobered up then we can move forward again.
Zulu 83 dont give up my friend but soldier on. We have only one Zambia and we need to protect it from these Prophets of doom. Concetrate on the Folks in the Rural area as they dont have right information to base their choices. They will need knowledgable people like you to make them make that vital decision on 39th.
imwe banthu please don’t vote for Sata or RB please I beg you please.
just another excuse due to the world economical problems being experienced. This is an eye open to the GRZ. The investor has no interest in developing Zambia but to make a profit quickly and pretty quickly. WAKE UP GRZ.
SATA will kick out all investor and ruin the country with his thuggish attitute People shouldnt vote for him
RB for PRESIDENT
Inuendos and insinuations (Mr. Kanyama said copper prices on the world market have also registered slow growth than the annual average saying the price has reduced and it will continue to nose dive. Can someone please explain what Chibamba is saying? Sentence does not make sense.
And I thought Toadface had everything under control.
#22, there is no investor who wants to develop a foreign country worse still even theirs. They are all out to make profit and like you said quickly. What you need is a president and govt that is sharp enough to ensure the locals benefit…anything less, you are done! Thats why the intelectual capacity of a president is critical. Woundering how LPM begun to succeed? gauge his intelect!
Cheers #26
#27, thats why Zambians should change their thinking. Its pointless to say education is important then on the other hand say anyone can be president regardless of their education! imagine with your exposure and if you run for presidency then folks begun saying your capacity is the same as that your brother you left in the hood who maybe droped out at grade 7….surely?
Its amazing how quickly zambia’s forget.Today people think sata can deliver and move this forward.Its said that the country’s leadership is a reflection of its citizenry.we’ll get the leadership we deserve and pay the price if we dont think about who we elect into office .
Just to provoke a thought: Who do you think will move this country forward – is it RB or Sata??
they will both move it, except it will be backwards….
#30.I think our best bet wud be HH or Miyanda.The other two will take this country backwards.
Before anyone starts blaming ‘the political situation’ in the country for the depreciation of the Kwatcha, I would like to add that all currencies seem to be depreciating against the US dollar.
The euro has gone from 1,60 dollar per euro, to 1,25 dollars per euro. The same for the pound sterling and the yen. I have to admit I don’t know what suddenly makes the US so attractive, but it is not something that is limited to Zambia at all.
I wish MrK you could have gone further to highlight what is causing the world currencies to depreciate. That is what is called knowledge.
” The Economist said the impact of this financial crisis on Zambia was mainly due to investors having no money as they were the major drivers of demand adding that there was no supply from the stock market. ”
See here, the downside of having a globalized, neoliberal economy. Foreign investors can flee in droves, local investors and entrepreneurs do not. This is the kind of economic instability neoliberalism and ‘free market theory’ causes. If the government had been more patriotic and collected billions in taxes from the mines, it could help to bail out industry, stabilize the currency, like the US government is doing right now. But then, if you don’t believe in government…
Stop whining, just make sure you vote wisely on 30 October. Vote for positive change, vote PF.
I was trying to find out what is wrong with most Zambians but thanks to #12 he has summarized it “taking politics for a joke” Unfortunately if you are not careful with this joke you may end up regretting for the rest of your life or worse still seeing blood flowing!!!! PLIZ those who will be voting re-look at the 4 candidates from all the different angles and judge wisely and even vote wisely!!!!
God bless Zambia!!!!!!
There is no need to bail out the mines simply because they have enjoyed 5 years tax credit(tax free). In the first 5 years, they have already recouped profits. They have in any case made more money than the mines they bought were worth.
Sorry, meant the little money they paid for mines which were worth more (under paid).
Not surprising. We all gotta realise that we can’t bank on copper prices – we fell into the ditch IN REPUBLIC 1 and we wanna fall into it AGAIN. Shan’t ZED LEARN? That money should not be touched, it should be used to realign the economy quickly. USE THE FASTEST ROUTE TO REALIGN THAT ECONOMY AWAY FROM THE PRIMACY OF COPPER TO TOURISM AND AGRICULTURE WITHIN 5 YEARS. DO ALL YOU CAN NOW.
This is crap cause major currencies are currently depreciating in relation to the dollar. Last year this time 1 Pound was almost $1.90 but now it’s $1.58. It is a convenient explanation, though.
The way SATA has been conducting himself is enough to scare away any potential investor and elode investor confidence.He cant address a rally without threatening investors.Certain issues like mistreatment of Zambian workers and better conditions of service can best be tackled by strenghening the labuor laws.The problem is that we are not seeing the damage this is doing to our economy cos we are taking all this as a joke.
Please investors dont go SATANA cant win.Hey Zambians dont make a mistake of voting for satana or i pull out with my large investment and relocate to Tanzania where the president is learned.
#38 what mr k is trying to say is, had the govt collected taxes from the mines in the past 5 yrs that would have been used to stabilize the economy and kwacha.but we have no backup or should i say plan B.in the USA economist saw this current economic crisis 18 months ago and countries began to prepare and zambia had no clue of what was happening.other govts worked on the reserves while zambian leaders were busy selling companies with 5yrs tax free agreements.its not just the mines in CB.chilanga cement was one of the largest cement factory in africa.major revenue payer.it has changed ownership 3 times in 10 yrs so 10 yrs of unpaid taxes wen 5yrs is up sale it again.imagine olo ndiwe ngwele.
I PERSONNALLY THINK ZAMBIANS HAVE THE CAPACITY TO DEVELOP ZAMBIA THEMSELVES…ABASH CAPITALIST FOREIGN INVESTOR….VIVA LOCAL ENTERPRENURSHIP…..VIVA SOCIALISM…
You cannot continue relying on a foreign currency. Ask Argentia they will tell what happened to their economy in early 1980s. If equate your currency to the dollar that know it will always be affected by each direction the US dollar. This is the reason why British and European union has chosen or maintained there own currencies which are stronger than the dollar. US economy is already in recession so this will affect most countries worst still developing nations. Now what is the screty of progressive economy? Is to consume what you produce but you can export or import.
38. Ichalo Lipufa,
I think the rise of the US dollar is just the flipside of the fall in commodities prices (including copper). Over the past decade, this inverse relationship was true too, only it were commodities that were rising and the dollar that was falling. Investors are buying up US treasury bonds and I’m sure that’s why they are also selling Zambian treasury bonds. It is not so much that money is fleeing from Zambia, but that it is fleeing toward the US.
Oil has to be traded in US dollars, so it has been propping up the US currency against other currencies too. The petrodollar has replaced the gold standard.
What Zambia is really missing, is a more direct relationship between the copper it produces and it’s currency – mainly because profits from the industry are invested elsewhere in the world. In the absence of developed agriculture and industry, copper should be holding up the Kwacha. Even with falling prices, it would represent future economic growth – not just more mines as we have today.
42. FOOD FOR THOUGHT,
” The way SATA has been conducting himself is enough to scare away any potential investor and elode investor confidence. ”
That might explain why he is featured in The Post today with a pledge that he will not nationalize the mines. 🙂
He might have to, if donor funds dry up. Certainly, the mines are not helping by not paying their taxes.
Vote for positive change, vote PF.
# 33 u r right. ‘the political situation’ indeed or is it their excuse in need.
NO OFFENCE INTENDED but I feel the INVESTORS feel threatened with PF. Sata had said a lot of things in the past that may have eroded the investors confidence. About Zambia being for the Zambian (which I don’t deny) but we have to be careful with the way we express sentiments. When people are sentimental they say a lot of things and these words bring implications from the hearers.
Mugabe was known to threaten the white community with reposessing their farms and giving them to the blacks during campaigns.
At first it was a campaign tool but in the end we know what happened.
The investors have learnt a lesson
# 42 and # 49 I totally agree with you. We have already started reaping voting Sata in power even before he comes into power.
I wish the electorate can see this. Although I don’tknow how many are willing to look the truth in the eyes or yet alone understand the consequencs of voting Sata aka King Cobra and whatever he’s called.
Zambia is in trouble… God help Zambia.
Let’s not use Robert Mugabe as a negative example of anything. There is so much nonsense written about Zimbabwe in the mainstream media that we could only draw the wrong conclusion and create the wrong policies.
The real reason for state of Zimbabwe’s economy, is that it was very cheap and easy for the west to create sanctions against a small country like Zimbabwe – something they would never have done against China.
With the article in The Post, Sata is just trying not to get blamed for the worldwide recession during an election year.
THE PROBLEM IS WE LOOK AT INVESTORS AS BEEN THE HOPE FOR ZAMBIA….BUT THATS NOT TRUE…INVESTORS ARE CAPITALISTS….ZAMBIA CAN AND WILL ONLY BE DEVELOPED BY ZAMBIANS…THATS WHY I SUPPORT PF…BECAUSE SATA WILL INSTIL A SENSE OF WORKMANSHIP IN ALL ZAMBIANS…IMPART THE IDEOLOGY OF DO IT YOURSELF RATHER THAN BEG FOR LIFE…SATA WILL ENCOURAGE AND IF NECESSARY ENFORCE A CULTURE OF HARDWORK WHICH HAS LED TO THE FAST DEVELOPMNET OF CHINA…SATA HAS SAID HE WILL NOT NATIONALISE MINES BUT PUT IN PLACE LEGISLATION THAT WILL FORCE MINES RESPECT THEIR WORKERS….SATA HAS SAID HE WILL RESPECT ALL LEGALLY BINDING CONTRACTS GRZ HAS WITH FORIGN INVESTORZ…..VOTE SATA FOR LEADERSHIP YOU KNOW WILL HAS ACTION…
Chibamba Favour Kanyama and Nevers Sekwila Mumba are “ball and socket”. The difference is complementary!
MrK, with due respect, oil producing nations and china are opting for the euro as a currency of preference rather than the dollar, what is the explanation?
Its got nothing to do with the politics of Zambia…You all know it’s the Credit Crunch. These people want to keep their money under the tu ma mattresses.
#54, maestro hehehhehehhe, your flag is against you. What is wrong with your mental faculty?
#54, you are shamefully plagiarising my LT blog name through your high speed dubbing (copying) of 99% of my work and it is interesting that your unelected and undereducated PF owner Sata is also copying the educated HH also about 99% (Hydro-electric generation (HH from Waterfall, Sata from rivers 99% HH stuff).
This copying attitude is shown because of “LIKE FATHER, LIKE SON” mentality. Tongas are clever and developers while Bemba-Tribalists are dull photocopiers copying Tongas.
To all Bemba-Tribalists and PF supporters, I will soon use “Anti-Bemba-Tribalists” as username follwing #26’s behaviour
the way people play with words is unbelieveable. Only a lay man would be scared of such misleading analysis. The whole world is undergoing financial and non-financial challenges. It has nothing to do with who goes to State House or who invests in government securities. It’s about risk. Investors withdrawing money from treasury bills are taking a risk. Have you asked yourself, what would happen if the Zambian economy became more attractive in a new government? People are fearing to be probed and arrested. The way you refer to people as kaponyas is not good they are human and they have right to have a share of the national cake.
By the way stop being tribal. Zambia is for everyone.
#59. You’re right, mwana. Kanyama is an impulsive speaker who probably thinks Zambia is “pulpit” upon which he vomit his unpalatable and illogical analyses. The withdrawer of funds by investors from treasury bills here in South Africa and indeeed all commodity-driven economies is based on “risk aversion”. Developing countries will earn less than expected from metal exports and therefore t-bills will yield unfavorable returns. Nothing to do with property rights and such nonsense! Kanyama, watch your words, Zambia is not a platform for useless dogmas. We are too intelligent to analyse invents. Finally, China is NOT in a recession, please!!
Great stuff Chibamba Kanyama. This is why we need atleast a UNZA graduate to lead Zambia as President. UNZA monks (once a monk, lways a monk) know how to do their STUFF. Thus HH will do for Zambia.
#61 continued.
In fact, HH has promised that Agriculture is his THINK to revive the Zambian economy and move it to a higher level. HH has also promised full support to education.
#62 continued.
We need our children to learn Science and Mathematics. We need to go into production instead of the trading we have been doing with Chines goods and the like from Dubai.
#63 continued.
The m i n e s are s u p p o s e d to play a s i g n i f i c a n t but low p r o f i l e in our economy. As a m a t t e r of fact, copper and all other m i n e r a l s are w a s t i n g a s s e t s, so careful how to harness it to other concrete stuff like AGRIC.
“Mr Kanyama said investor confidence has been eroded due to the political situation prevailing in the country.”
Did Kanyama really say this or he was misquoted? Somebody must revoke his economics degree from Unza. How can he say this, when the economic chaos is so obvious to see? We are in the midst of a global economic Tsunami. Investors are cashing in from all companies / countries including SONY (15% withdrawn), from Indian companies (13% taken out), from South Africa ( R80 billion wiped out!).The Yuan lost 30% of its value. The Euro lost 26% of its value. Money has left Iceland, Hungary, Turkey. The rand is in deep trouble. The dollar hegemony and housing market implosion..
Maestro wrote: “Great stuff Chibamba Kanyama. This is why we need atleast a UNZA graduate to lead Zambia as President.”
Unza students of which era? You ‘re a skunk. Read and see if his comments make any sense to you. Is that good enough for you? Gimme a break, this is not the Unza I knew.
ni paBWATOFYEEEEEEEEEEE
LET ZAMBIANS INVWEST RATHER THAN EXPECTING A FOREIGNER TO DO IT FOR
U.JUST WAKE UP BA MAMAMBALA
SATAFYEEEEEEE
#66, do you know what the word “atleast” means? You asked UNZA students of which era, my answer is UNZA students of all eras that you know.
Viva ba-monko. Vote wisely wanzelu alipo bane.
Ngoyu gentelemani, HH
Ngoyu gentelemani, HH
Ngoyu gentelemani, wacinicini, HH
Thank you Central, Copperbelt, Eastern, Luapula, Lusaka, North-western, Southern, Western, and Nothern Provinces. Thank you Zambians. Yes we will. ecHi-ecHi!
Another reliable source indicates the results will mirror 2006 election. However, Sata’s lead margins in metropolitan areas will be drastically cut down due to loss of ULP voters to HH and or RB. The psychological manipulation of voters by the post has further created a sense of solidarity for RB. Furthermore, there seem to be a strong movement by the intelligentia to block a perceived “5 year nightmare” if Sata wins. And so NW, Eastern, Western, much of Luapula and parts of Northern and Central provinces will lean more to RB: conservative figures are as follows; RB 51% HH 26% Sata 23%.
ppl its not only in zambia where the kwacha has lost value actually in uk gordon brown travelled to france to pesuade ue countries and ended lending banks money from the bank of england houses have depreciated banks are not lending money to individuals hence therez no money on uk market thank God for credit cards at least we can buy goods with credit cards as compared to zambia its a global recession
why shd you allow yo country to be dumping grounds for cheap sub standard goods 6 mts ago barbies from china were removed on the uk market but in zambia look at the goods which come from china substandard even those phones which are found in zambia here we have done away with them therez no burea of standard nobody can buy those Nokias that i ve seen in zambia there are fake but coz we are a 3 world anything can sell if you refuse then they tell you that they will pull out wake up
WHAT FREEDOM ARE YOU FIGHTING FOR IN THE UK? HERE IN ZAMBIA, INVESTORS HAVE WITHDRAWN 40M USD FROM TREASURY BILLS. YOU CAN CHECK THIS AT BOZ YOURSELF!
#70, what I can recall is that Sarkozy called eu leaders to discuss how banks and/or accountants can come to the aid of government to avoid this global recession.
BLAH BLAH BLAH!!!!!!!!
Simple solution, Zambia is very fertile, implement agricultural industries. We can grow food year round; everyone wants to eat trust me, infact I am feasting on Vietnamese rice as I speak. Every election investors panic, if the country is not Botswana or South Africa going to the polls the pull the forex. Hey! I would pull my money too and I am Zambian, until we vote in Men of intergrity this cycle continues. Problem solved.
And women of intergrity, not unmarried suspect ladies.
chibamba you are fake analyst,how can you say that the kwacha to dollar dropped cause of the death of LPM that a blue lie and the investors holding on the money let them holds it cause all what the want to milk us then the go out with cash
And for you to make such wide statement its because you are campagning for RB shame on you and to the bloggers who are dreaming of you becoming a PRESIDENT.WATCH YOUR STEPS
WORLD OVER THE IS DEPRECIATION OF CURRENCIES so dont cheat pipo with your theories which wil never be implimented practically
Geez, you guys who are supporting Sata can you please tell me if Sata has the capability to solve this problem.
You both know he cannot. Even I would pull out of Zambia if I was an investor and i read an opinion poll that Sata was winning the elections.
Thanks a lot POST NEWSPAPER. You and Sata have already started destroying our country even before Sata is elected. Pat yourselves on the back for a JOb well done. MAN OF ACTION INDEED.
@76. BIZB
Yes, currencies are depreciating globally. But that cannot be the only reason the Zambian currency is dropping. It is a factor but not the only factor.
Imagine you are an investor from Germany and you are investing in Zambia. After seeing what goes on in Africa with Kenya and Zimbabwe, would you honestly want to hold your money in any African country during election time???
Maybe you would but I wouldn’t. Especially if Sata (who wants to chase investors) is showing signs of winning.
Guys please wake up. Chibamba if you are MMD please let us Know? The dollar to a pound is 1.69 : Rand to Dollar 11.22 the world is just suffering a recession the TZ shilling hsa also been hit so iwe ka chibamba dnt just bark like a dog with Rabies. Let them take their money we know that they are just fake investors. Remember when MMD won Anglo American pulled out they thought we will suffer but it was the opposite so country men it is nothing to worry about.
Iceland has gone burst and most banks Nationalized UK the same Northern Rock B&B. In America the same thing is happening
pipo are always afraid of change. but change can also bring good things. if only we had a chance to see what is ahead one wud even worry. we may ve problems as we go on. believe me you, even if put in the weakest president in office investeors will hold on to theirs. if put in the stongest again they run away. lets remember chinese are not the only investors. they may be just the major consumers of copper. we cant afford a war. not even the former policeman can afford. whoever wins we get back on track soon. cheer up zambia. we ve no criminal among the 4 presidos.
from 79: In Germany Mercedes Benz is stopping production for a Month, please read the world news and not just LT, you will be brain washed like KA Chibamba
Watch Al jazeera right now and get the whole story
That is there money, it belongs to them and the families.They worked hard to earn it and so what is the problem to that?
Vote for H H, he will make sure that all Zedians have money in the bank accounts, so that they do not talk about somebody’s money being withdrawn.
Viva H H
#76,BIZB, where were you on the 19 th August 2008 when the death of late President LPM caused a quick shift in the rate of the Kwacha? Ignorance is not good and so research before posting things which are sad.
that’s what would happen if you got an arrogant leader like sta!we need a presido that’s investor friendly and appealing…pliz vote wisely for HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH if you vote for sata,then we shall get back to years down the line and be like luapula province…
It is important to discourage such kind of investments that can move in and out at any time. We need investment in real sector, not portfolio investments. Let investment be in industrial production.
Chibamba is misleading the nation for political reasons. Which investor has he spoken to to interogate the reasoons for withdrawal of funds.
The truth is with the financial crisis in the western world emerginging markets are now viewed as risky and there is a pulling out of speculative funds to so called safe havens such as the USA.
The same is happening in RSA,BRAZIL etc,
We can’t have him for President when he is so misinformed
Vote SATA he has a program encouraging domestic investment. We can’t be held hostage by speculatve funds that can be moved overnight and we call them investors.
Africa must break out of these shackles.
Pipo in Zambia, if Sata wins, we will return to the FJT days.
PF is run by thugs and many petty drug dealers campaining to Sata.
All whant a kapoto in Satas GRZ.
We have Fomer call boy Scuna, a letenant vigilante for Sata
We have shula, a petty drug dealer from Uk, main campainer
WE have ….
Too many to mention.
Start sorting your visas as we will return to the Dark old FJTs days.
ACUTALY WHAT CHIBANMBA IS SAYING IS TRUE AND WAIT UNTIL PF WINS THEIR WILL BE MORE ECONOMIC REFUGEES SO ALL OF YOU WITH PAPERS WORK ON YOUR PASPORTS YOU MAY NEED THEM. ALOT OF INVESTORS WILL PULL OUT OF ZAMBIA ONCE PF WINS. WE WERE THE 2ND LARGEST ONLY SOUTH AFRICA IN THE REGION NOW WE SHALL BE THE LEAST BECAUSE OF WANTING COMFUSED PRESIDENTS OF KAPONYA TO BE A PRESIDENT. GOD FORBID SATA CANT BE.
87 and 88 you are spot on. Chibamba is misleading. I am very sure he is. Just ask Chibamba where he got figures from. But 88, I disagree with your Prez choice…but you short analysis of financial crises is eye opening
We know that Chibamba’s statement is quiet misleading and misplaced ,but it is just normal to expect investors to perform such actions in a poor country like ours at the time of uncertainity. The risk premium to invest in Zambia is one of the highest in the world and this has led to slow inflow of FDIs.
Dear Bloggers,
I have carefully ready what our economist has said Chibamba Kanyama . I totally disagree with him that the kwacha is deprecating because investors have pulled out there monies. If you look at the international markets the dollar has been appreciating against all the major currencies , except for the Chinese’s RMB which it’s government has maintained at 6.8 RMB to 1USD because they Chinese government is in control unlike us here. The other problem which I find with Kanyama he believes so much in foreign investors which should not be the case. We need to empower ourselves so that we move away from these foreign investors at least by a bigger percentage. Let’s learn
Let’s learn from the Chinese they have built a solid economy and the control it. Here it’s opposite Ng’andu Magande believes so much in the IMF and The World bank who forced us sell our mines.
When Trevor Simumba who asking the government to quickly introduce the wind taxes we wasted so much time and resources debating whether to implement it or not , until now when the copper prices started plummeting . We are suppose to be collecting more taxes from our precious metals but the useless politicians just tell the nation that we shall chase away investors if we demand more taxes , which investor will leave with the kind of monies they are making from the metals .
My fellow Zambian lets have wisdom and ask God to help us think properly. Where on earth have you seen foreigners lift the natives out of poverty let’s not chat ourselves. These whites and other foreign investors do not represent Zambian at all they represent their shareholders .it’s up to us to get ourselves out of poverty.
If our government was serious about seeing its people out of poverty they would put up more favorable conditions and policies to empower locals run the mines.
We have very qualified Zambian Engineers living aboard and locally here who can help run these mines productively if the government does not interfere .Please note that who do not need these so called
I’m also appealing to our ministers who just thinks that Zambian should just be employees and not own any viable business , this should change because Zambians can be investor themselves and not only thinking that foreigners are investors. If the government had Zambian has investors what is &40million which we are moaning about, take out by these useless investors. Let’s wake up and seat up.
I believe this country can develop with very little of foreign investments, if we can have honest leadership.
The solution is Zambia is to have more industries such as Emerald mining and making sure that stones should nevr go out of the country uncut. That would ensure our price for emerald to be the most expensive on the world market. Then more manufactring industries, the monies is their in Zambia, its just that priorities are not set right. That 40 million dollars i dont really think it does affect Zambia much. Look at how much the government will use for election i.e excluding the money from donors its more than $40 million dollars. And other monies if they were to put that in the treasuries it would put the economy back on its track.Anyhow the economist know what they are doing. Will see
cont.
What happens after they elections i doubt very much if they will be a significant gain in the kwacha.
If a new president comes to power evry postion will be the way it is unless he feels he should reshuffles of which i believe they might be some minor reshuffles. To ensure growth in the economy he should keep Magande, Mutati, Mwansa. These are people at its back bone and know whats going on.
Whoever wins i will accept and look forward that he does a good job. All three candidates i have no doubt they have the concerns of the people of Zambia and want to work for a postive change. They all have differnt abilities. My prayer is Sata and HH to work together.
You see you satamania supporters this is why people need to be very carful in the way you vote, vote wisely… thats HH
sata is going no where all those huge crouds attending his ralies are there to be entertained they will not vote for him.. They know the consequenses… So people HH is going to be the next president of Zambia. Dont you what to live like your freinds the Botswania or Zimbabwens the choice is yours on the polling day dont make a mistake.
PF cadres have little understanding of Zambia. They chose to be brainwashed instead of getting to grips with reality. Even now, Some Bwalya – a Bemba man – and the imgebuilders of Sata Sata’s mouthpiece The POST have produced some terrible opinino poll that Sata would win. The interesting point is that the characters that produced this opinion poll are all BEMBA PEOPLE.
Zambias, wake up and see things in a normal perspective. How can 3 Bembas cheat you all. You Zambians are very intelligent and you can do better than being brainwashed. Together, let us build Zambia and vote for real change by endorsing HH on October 30, 2008. Thank you Zambians.
#100 continued.
Sata’s imagebuilders and mouthpiece The POST workforce (reporters) composition:
By Lambwe Kachali
Chibaula Silwamba
Patson Chilemba
Masuzyo Chakwe
Sututu Amukena
Patson Chilemba
Abigail Chaponda
Katwishi Bwalya
Noel Sichalwe
Sheikh Chifuwe
Christopher Miti
Zumani Katasefa
Allan Mulenga
George Zulu
Kabanda Chulu
Chiwoyu Sinyangwe
Can someone tell me the number of people that are non-Bemba in the above list. Isn’t this tribalism at The POST? Can someone challenge me on my postings on, please, with data?
Five Blogs from Zambia so far, two for Sata, two for HH and one neutral. The rest of us are unfranchised. We living better lives here, we are not 35/40 % taxed even if we are we have seen better public services. Gentlemen HH is the best but he is not inspiring, therefore unfit. RB is very corrupt, look the guys in his camp including FTJ. Sata is sarcastic but is result oriented. Choose – appear good but will deny you food coz of corruption OR will insult you but give you a food/house: RB or Sata respectively.
Maestro Hhehhehhehhe should be checked. Can LT apply sanctions on the chap for the benefit of all.
Bravo Blood Diamond 1. The current favour Zambia is enjoying with high copper prices and mining investements should be channelled into a campaign of local ivestment countrywide. CEEF could be an instrument, It takes stron I wonder if cadres shall not be main beneficiaries. However, for us to emabark on a successful local invetsment programme requires a strong president at the helm. Right now, it’s difficult to imagine how that can work. Perhaps we could petition CEEC as a number of Zambians to ensure that they are accountable. It’s a tough job to do to realign economy in a political setup.
ALL MAJOR STOCK EXCHANGES ARE EXPERIENCING MONEY FLIGHT.LOOK AT THE RAND IT IS NOW TRADING AT 11.OO TO THE DOLLAR.IN MY VIEW THE KWACHA HAS PERFOMED BETTER THAN MOST REGIONAL CURRENCIES DURING THIS DIFFICULT PERIOD.I THINK KANYAMA IS AN ALARMIST.MATEYO MUST SUMMON HIM THE WAY HE SUMMONED THAT ANTI RIGGING LAWYER.
#103, can you provide counterproof to my claims instead of requesting for the impossible. For your own information, I do not use one computer only and I can use any other name like “Anti Bemba-Tribalists” which I am considering to start using because there is a character who is copying my good name – Maestro Hhehhehhehhe.
May you have a good day though. “One Zambia, One nation.”
#105 MAESTRO WHERE DO YOU LIVE IN ZED OR ABROAD, FOR CURIOSITY’S SAKE.. U’RE VERY FAMOUS ON THIS BLOGG, I SEEM TO LIKE YOUR CONSISTENCY
The realist advise who at this time will help us move our country forward. I think HH would have had agood chance but the way he ascendined to the throne in UPND left a lot to be desired. First impressions count for a lot.
Zambians are intelligent and I think we can manage SATA during this transition as we await new leaders to emerge in 2011.
RB has no CV worth talking about it’s only SATA and HH that at least are formidible.
I don’t like getting personal but surely a man who will be 90 years old when his kids are in Grade 7 can’t be a very wise man
#106, ZED STUDENT IN CHINA, you wrote “MAESTRO WHERE DO YOU LIVE IN ZED OR ABROAD, FOR CURIOSITY’S SAKE.. U’RE VERY FAMOUS ON THIS BLOGG, I SEEM TO LIKE YOUR CONSISTENCY”.
Firstly, I would like to write greeting you you fellow Zambian Citizen. Secondly, a big thank you to you for acknowledging my consistency on this LT blog.
Thirdly, I live in Southern Province in Zambia. However, I studied amd worked in Lusaka, studied in South Africa and now the EU. You can catch up with me on:
[email protected] – my names are Mugungulu Hamwaambwa Mwaanga.
Be blessed and take careful care.
Am proud of you Chibamba. Keep it up.We need people like you as Government advisers.
We need honest leadership. This country is very rich. I am a contractor on the copperbelt and holder of a Bcom (RSA), I have employed more than 50 people in a short period of time. I make a lot of money but not as much as LTA, EnI, Grinaker, Redrilza, AAC Mining, Sandwe Mining and these small tutemba companies owned by Peruvians are making in our own land. Let’s just open our eyes and correct the mess. Zambia has got money. Speak to these Peruvians they will tell you
The point is Zambia can be prosperous with visionary leadership, well organized local councils. Do you guys know that Mufulira, Kitwe, Chingola, chililabombwe are among the richest districts in this country. but look at the state of roads, health centres, houses, schools etc. I fail to understand why Zambians can’t see and get organized. Peruvians are making a lot of money here in Zambia. There’s money in Zambia. Don’t be cheated. I have lived outside Zambia before. I know what I am talking about.
Zambia has the potential to move forward, from the current state, to a much higher height that it’s present form. The problem is the government, they have mismanaged this country in the last 17 years of power. They are too soft on foreigners than locals. Especially on the issue of taxation. ZRA is a biggest stumbling block to the development of this country, their system is improper. The allocation of funds by GRZ is another problem. Zambia can be prosperous in this region
Fake!! I wonder if Chibamba knows what he is talking about!! He should have elaborated further!! Banks are highly leveraged institutions and treasury bills just like other financial instruments like bonds cant just be withdrawn like that!! They have diffrent maturity dates. Apa yabbeuka!, He should leave such coments to financial analysts instead of alarming the public!
Let truth be told. Don’t fear change. We are on a recovery programme after the death of our President. God bless Zed
Obama
That is the whole point. The late LPM was a firm hand and could wield order in the economic echelons of the country. We were heading toward order and being ‘organised’ as you say. But LPM was a loner, as you may have read from his wife’s speech at the church service before burial. If you have time, find out from Mufulira, Kitwe, chingola and Chililabomwe councils if they pay their workers on time, how much money they collect and if any of their employees have bank accounts, or are able to take their children to school. Find out the reputation of the council employees in their communities. peruvians must be having a field day in ZED, for a packet of sugar per Zambian.
Chibamba Kanyama can say anything cause he affords a VERY GOOD LIVING. You should see how miners live. Do you (Mr. Kanyma) in your right frame of mind think miners would call for change if they afforded a good living like you???? CAN CHIBAMBA ALSO EXPLAIN WHY A LOADER DRIVER FROM PERU GETS K15, 000, 000 A MONTH AS COMPARED TO A ZAMBIAN DEGREE HOLDER WHO GETS K3, 400, 000; A SITUATION WHEREBY A SECTIONAL MANAGER IS GIVEN GOOD CONDITIONS IN ZAMBIA SUCH THAT HE MANAGES TO BUY HIMSELF A PRIVATE JET OUT OF HIS SALARY???? A PERUVIAN MANAGER GIVEN GOOD CONDITIONS OF SERVICE IN ZAMBIA, HE EVEN BUY HIS OWN MINE IN CONGO??? DON’T THINK ZAMBIANS ARE BLIND.
We shouldn’t be scared just because investors will go!!! Others will come; THEY NEED OUR COPPER, EMERALDS, MALACHITE AND THANK GOD WE EVEN HAVE URANIUM AND OIL DEPOSITS
Investors are not withdrawing funds becuase of the political situation. This trying to be too simplistic and burying the head in the sand. Zambia is not an island, the current global credit crunch has resulted in investors and banks around the world withdrawing funds and investment from across the globe. China has seen billions of funds withdrawn by western institutions to help prop up collapsing western institutions. This is a mega crisis and Zambians need to wake up pretty quickly. It doesn’t matter who gets into state house, they will not even appear on the top 1000 list of people to talk to as far as the West is concerned.
Think big and look at the bigger picture.
by jan it will b 6000
You cannot blame the investors, with all the rubbish coming from some of your politicians like sata, who wants to risk his money being taken.Wait for monday the dollar will be at K8,000, then by X-mas R20,000.Then K1 = Zim$ 1 by June 09. All these investors are leaving, lets see if the taiwanese will come as PF thinks.
I would also do the same …
Remember the good old days. Yes i agree with most of u, our economy has gone bad but i strongly feel that with good real Govt policies, this economy can start ticking. For example, if Banks could reduce the interest rates. this could encourage more people to get loans and later on empower themselves, a good thing for every govt.If this could go on for a while, we may not need these so called investors to be investing in our tresury.Lets go Zambians.osaibala kuvota. I like Obama’s thinking #110.