Bank of Zambia Governor Dr. Caleb Fundanga
Bank of Zambia Governor Dr. Caleb Fundanga

Bank of Zambia Governor Caleb Fundanga says the financial and economic crisis that developed nations were facing will have a slight effect on the Zambian economy as Zambia’s foreign reserves were belt-up when the country’s economic performance was buoyant.

And the Bank of Zambia has recorded an increase in the cases of counterfeit banknotes in both local and foreign currencies in the second quarter of 2008.

Addressing the Press in Lusaka today, Dr Fundanga, who however appealed to developed countries to inject more money in shrinking economies in the world, said Zambia will slightly be affected by the economic and financial crisis as the country had only spent about US$134 million in foreign investment portfolios in its foreign reserve.

He said like most countries in Africa, Zambia was not fully integrated in the world financial markets, therefore the country’s Banking sector may not be immediately be affected by the negative effects of the financial crisis in the USA and other developed countries.

Dr Fundanga, however, said that the financial turmoil had already resulted in a reduction in projected global economic growth and decline in demand for Africa’s exports, as the USA remains one of the largest players in the world economy.

He further said that despite the financial crisis that the world was facing, interests in African countries has continued to rise partly because rates of return are higher compared to those in developed nations adding that Foreign Direct Investment has continued to grow in Zambia.

Dr Fundanga added that the Zambian foreign exchange market has been partly affected through withdraws by foreign portfolios investors in the Zambian government and private securities on account of demand for liquidity and global risk aversion.

He however assured investors not to panic as the country’s economic fundamentals were still strong and

Caleb Fundanga talking to journalists during the quarterly media briefing in Lusaka
Caleb Fundanga talking to journalists during the quarterly media briefing in Lusaka

that cooperating partners were still disbursing financial support to make sure that the country’s financial system remained stable with increased vigilance in the supervisory oversight.

Dr Fundanga further warned that the prolonged recession in the global economy might deepen the risk aversion and discourages both portfolio and foreign direct investment flows into the country.

He said that the slow down in portfolio investments and possible cuts in overseas development assistance may unfavorably affect Zambia’s economic growth and development.

And the Bank of Zambia has recorded an increase in the cases of counterfeit banknotes in both local and foreign currencies in the second quarter of 2008.

Bank of Zambia Governor Caleb Fundanga said that the Bank has this year recorded 30 cases as compared to 21 cases in the first quarter of the year.

Dr Fundanga said that a combined team of both the Bank of Zambia officials and the Zambia Police Service has since recovered counterfeit banknotes amounting to US$2.5 million and has since apprehended two suspects in Mufulira.

He said out of the 51 cases recorded in the country five people have been successfully prosecuted that included three people who were convicted and sentenced to three years in imprisonment in a Nakonde Magistrate Court.

Dr further said that the Court also convicted one person to one year in imprisonment in Lusaka adding that two people were also sentenced to three years imprisonment in Chisamba and one suspect sentenced to a one year imprisonment in a Mpika Magistrate court.

ZANIS/TK/AM/ENDS

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161 COMMENTS

  1. What planet is the BOZ Governor on?? Did he honestly think that Zed was in “bubble” that was immune to world macro economic factors??

    What hubris and vacuity!!!

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  2. Well the banking sector may not be affected now but the nation will be affected in that the donor country will not be dishing out money to the same levels as they used to do because most of the European countries have been affected by this global crisis and thier main priority will not be africa unfortunately.

    Rough times ahead people make sure you fasten those seat belts.

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  3. Financial crisis is for the whole world it is one of the end time crisis and a judgement from God a call for repentance

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  4. fundanga should be honest enough and explain what strategies are in place for zambia to survive the economic turmoil.The reserves he continues to talk about will not insulate zambia.What about donor aid is it going to be available?what about the copper price,is not going to affect zambia?the reduction in tourism revenue,is not going to affect economic growth?this thing of politicians always sweet talk in the face of looming calamity should stop!

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  5. it is no wonder zambia will continue to be poverty stricken.To whose benefit is that a bank governor should lie to the nation about the economic crisis zambia will soon experience.Why cant he simply tell the nation to prepare adequately and reduce expenditure as they are tough times ahead.zambia is headed for a serious economic crisis and the earlier the citizenry know the better,it wont do to use deception in the midst of a disaster!

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  6. We need to have strategies otherwise we will continue to widening the gap between the poorand the rich.I expect the kwacha to depreciate even futher as we come to the close of the financial year 31.12.08 as most investors will have fully committed their investment for the year we will naturally expect a new lease of life in our economy after aprila sthe new finacial year begins.

    Free advice to the government, we can intervene in the ever rising prices of maize meal by giving subsidizing the Nitrogen chemicals so that they manufecture fertilezers and sell it cheapily to all farmers who would inturn sell maize cheaply and maize meal will be cheaper. Subsidizing fertilers prices is a tempr

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  7. If that is the way it worked then no one should be poor and no one should be going without a meal as is the case with most Zambians!
    #17

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  8. Be careful with the catholic Father,Rwanda is the best country we can learn from.Catholic Fathers were linked to genocide in Rwanda.The reason is very simple,catholic fathers have not heart for the people,because they do not have children or women.In a war situation it is mostly women and children who suffer most.Women and children say no these catholic fathers behaviour.

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  9. The economy seemed to be doing well before September, nomba dolar yafika over K4,200 bushi twalapusuka pa Zed

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  10. I cant believe this, because one moment we were being told we wont be affected, is it admission to meet this years targets as set in the National Budget. Change is good because people do not become complacent. Our economy is small added to that we can easily attract foreign investors seeking safe heavens for the cash. stop dozing and start working.

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  11. The BOZ governor is should be honest. The economic crisis will affect the whole world especially the developing countries. Mining companies are already laying off workers as a way to cut costs in the wake of low copper prices.If this is NOT being affected by the world economic crisis, what is?Unemployment will rise and the buying power of consumers will dwindle proportinately. It does not need an economist to realise that what will result is a crisis in this our country. Mining projects have been suspended here on the copperbelt and if this will not negatively affect our economy which is so dependant on foregn investment, I fail to see what will.

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  12. #23,Iam 100% to the topic.Instability can also be attributed to financial crisis.What do you mean iam out of the topic.

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  13. In an earlier article a short while back before elections, Magande said and I quote “Zambia ’s economy will be able to withstand external pressures on the global financial instability in relation to her financial markets.”
    He actually said Zambia will not be significantly affected by the crisis, now Caleb is saying the effects will be felt. These people in high office should pick their words wisely.

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  14. Fact remains the fact.We will be affected terribly.His explanation is just a soul healing one.Otherwise things are not fine the world over.What big international business does this person run?Some money was overspent beyond recovery in search of the unseen.Shuffle the words gents!!!

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  15. Economic troubles are comming that we had no control over; but putting luters in the State House, we could have avoided but chose to be silent. that will be the downfall of Zambia, actually it will mean disaster for years to come.

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  16. its bad world wide pipo shud open their eyes and understand the scriptures which are being fufilled but the good news is that “do not worry about 2moro trust God”

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  17. #25 Insight not having insight is a very serious situation in Psychiatry. You are off topic just admit it and “F” off1 Do not be thick for nothing. It is not a very good sign.

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  18. Number 29, The Bank Governor Position is Political. You can not survive that position without being a politician

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  19. #25 Insight not having an insight is not a very good thing in P)S)Y)C)H)I)A)T)R)Y. Just admitt you are off topic. No need t be t)h)i)c)k for nothing

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  20. The government should seriously focus on issues that will bring income to a country. Right now all we do is rely on the copper which is by the way being run by the so-called investors who end up taking the money outside the country and not benfiting the poor Zambians. Its only the rich like the Bank Governor himself who are enjoying the fruits of being a Zambian. The Government should focus on coming up with more industries and support the small scale entreprnuers by lowering taxes. Why should an investor from outside be given low or zero tax and a typical zambian be taxed heavily? whhere does he make his profit?

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  21. Why is it that, there is alot of US dollars circulating in our country?There is no control on this and this impacts too much on our economy.Botswana,south africa and namibia to mention a few,forex has been monitored properly, hence their vibrancy.

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  22. This is what i said area on.The tourism Sector is already recording very low number of tourists.European countries might resort to reduce foreign aid to African Countries.That wil in turn affect the budget for countries like Zambia,whose lager percentage of its budget depends on foreign aid.That reduction wil force the govrnment to reduce its allocation of funds,to different sectors.Meaning the teachers,doctors,lecturers at the Universities and other civil servants might not see an increase in there Salaries.Hence Strikes wil be the order of the day. Reducing the number of ministers therefore,would have been the wise thing for RB to do.But he has maintaned the bloated cabinet.Copper which has been a back bone of Zambia,s economy,cant be depended upon as its price has reduced.The employers are considering retrenching a number of employees as a result of this problem.RB wil have a tough time to rule this country,with this global financial crisis.The quetion is wil RB and his team,manage to contain the situation

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  23. This is it, now Nyama soya will use this to justify his performance.The other time thi same Fundanga said the crisis wil not effect Zambia but why change the statement now,come guys we will not accept this excuse from anyone.

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  24. #32 Much as I agree that politics do influence the Governor’s decision thinking & making, I think it is wrong to tag him as a politician.So far, I would like to think that he has not joined politics yet. Of course as a Bank Governor, you are expected to grasp politics, economics,financial and social issues in order for one to be able to articulate properly.

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  25. Fundanga had and has capability to act as the best Governor of BOZ so far. Whatever he decides to do next and if so, he will have my understanding and admiration.

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  26. Fundanga knows what he is doing and he has been managing the Cental Bank Very well. I hope he is not fired as well.

    Don’t just dismis what his observation without analysing at what he has said. The Man is briliant.

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  27. Thank you #8 Born Rich “Perception Is Everything”. What the governor of the Central Bank says is paid a lot of attention by portifolio/securities/FDI investors. That is why the Governor has to measure his words.

    All of you armchair critics and economic refugees, please tell me, what does Caleb and Zambia have to gain by frightening investors. All the bad details about the economy are for the BOZ boardroom. Not for you

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  28. What shall we belive kanshi? We shall not be affected no we shall be affected. Stay cool if you know nothing guys.

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  29. Expect the prices of basic commodities to increase in the near future. Let me offer free advice to RB and his team although am PF.RB bring experts in economic affairs,closer to you.And get advice on how we can solve this issue.Dont just be closer to people like Teta, Mulongoti and Shikapwasha who just make noise.But can not offer a solution to real problems which might affect the already suffering Zambians.

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  30. #46 Nice one! Come back when you can watch telly without power disruptions. For now just jog on cretin!

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  31. Well done mr Minister ( note the sarcasm), by its very definition, global means global! so thanks for stating the obvious!

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  32. Well said #46. You should be called MWELA WA NZELU!! It is good to reflect on what is being discussed and then “measure” your posting.

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  33. #49 Kenya Mbona, and if Caleb causes portifolio and other investors to leave Zambia in droves what will I jog on?. By the way I worked for OCL (Container Company) and lived where you are for quite some time. But always felt better pa Zed.

    Enjoy your kidney pie.

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  34. Aha ba #52 Never asked you whether you worked here or not did I?

    I like the kidney pie bit! Is that what yu used to eat? No wonder you always felt better pa Zed.

    So what do you eat now?

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  35. #53 Kenya Mbona, I jog on cretin in the dark, what else. Since you dislike the kidney pie, please enjoy your smoked salmon with caviar. If you are Zambian, I am dying for my chibwabwa with dried Zambezi bream. Missing you if you are Zamian.

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  36. How many ministers in the new government are not northerners? And what post’s have been allocated to them?.

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  37. #54, Sometimes cleaned their containers but mostly maintained their MVs operating system. Before you were born.

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  38. Hey,#53 kenya violence Mbona. Can you be seriousy,the topic at hand is a serious one.But you want to be talking about kidney pie.Bushe mwe bantu bamo mwa ba shani kanshi?

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  39. Sometimes I just Imagine if PF had won the elections.We were going to have refluffs in Government.The likes of Nsanda,GBM and others.

    The only intelligent guy they have is Lubinda Given who is more objective and inteligent than his own president of the Party.The others all refluffs.

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  40. Thank God for the total recovery of the freedom of expression that KK denied us for 27 years. Come guys talk and talk and talk and talk…There is now noshu shu shu sniffing around.

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  41. LOOKING AHEAD; WHERE DOES ZAMBIA GO FROM HERE WITH FALLING COPPER
    PRICES?

    Looking forward to what lies ahead particularly for Zambia; The Citizens Democratic Party still sees opportunity, even though there is an economic break down in the financial centers of the global market

    Read entire article on |the citizens democratic party “dot” com|

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  42. No one asks the tough questions of our leaders or those whom we entrust our country’s affairs with.These ought to be high pressure and very accountable jobs.Until we can honestly hold these people to a higher standard all we will be doing is moving round in circles.I expected a more detailed and technical analysis.We do not have independent monetary policy so we never hold our breath when the Gov speaks.He does not move the markets with his press statements.We should come to terms with the fact that the super price for copper is gone.Back in 2005 when the price of copper was $4650,it was the highest it had been in 17 years!And now Mopani says they can not make a profit at $5500!

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  43. LOOKING AHEAD; WHERE DOES ZAMBIA GO FROM HERE WITH FALLING COPPER
    PRICES?

    Looking forward to what lies ahead particularly for Zambia; The Citizens Democratic Party still sees opportunity, even though there is an economic break down in the financial centers of the global market

    Read entire article on |the citizens democratic party “dot” com|

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  44. After you read |the citizens democratic party “dot” com| give a comment here and refer more ppl to read it. Those guys are making sense not Fundaganga and company.

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  45. This news does not come as a surprise to most of us, especially those living in the US and Europe. As the Germans might satirically say “Scheisse fällt immer nach Unten” meaning “Excrements always drop downwards” and unfortunately, we the poorer nations happen to be down, and the crap will naturally drop on us.

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  46. eh eh eh.. no.20 thats wat am talking about. just wen i thot umm the discussion is sensible today! ye again u have out done yourself. and why did you have to bring in that topic. Awe mwandi sure.

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  47. no.20 thats wat am talking about. just wen i thot umm the discussion is sensible today! ye again u have out done yourself. and why did you have to bring in that topic. Awe mwandi sure.

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  48. were are the likes of,Georgia Russia,spectator,maestro hehehehe,babyc,captitalist,ponyax,we miss your contributions.pliz u show up or else we shall suspect u were fake bloggers lol

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  49. The global financial crisis will have a big negative impact on our economy. The price of copper will certainly drop further and this will result in a significant drop in gvt revenue from copper

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  50. The global financial crisis will have a big negative impact on our economy. The price of copper will certainly drop further and this will result in a significant drop in gvt revenue from copper.

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  51. Thats funny…

    A certain outgoing Finance minister said we weren’t going to be affected…

    must be my imagination…

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  52. Number 20 try and see things as they are.Rwanda was an ethnically based conflict.It was not started by a Catholic priest.One or two my have been complicit but that is hardly the same as the priests precipitated genocide!You can not compare apples and oranges.Always remember that if your analysis is wrong your conclusions can never be right! It is ludicrious to suggest that only a husband or a father is capable of empathy.

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  53. Where is that Magande chap who said we would not be affected???..not making noises now elections are over

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  54. #77. The catholics priests were also involvd in the massacre of jews in Germany apart from Rwandan genocide

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  55. I dont know why the gvt leaders like playing down warnings on things that can impact the economy negatively. For instance ZNFU warned gvt about electricity power shortage many years ago. The gvt,as usual, playd down the warning and accusd ZNFU of alarming the nation

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  56. Zambian members of parliament have voted to have their salaries increased contrary to public sentiment. Source The Post, Nov 19, 2008. MMD and Nyama soya.

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  57. Fundanga elucidate on global economy especially here in zambia with bootlicker cabinet.price for cu reducing does not benifit poor zambians.Advice dont alarm the situation our economy is in intensive care unit hammer the nail on financial repurcation dont please a politician.

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  58. #81. Our politicians are such in a hurry to get rich. They dont have the interest of poor Zambians at heart. They are plunderers.

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  59. Breaking news: Zambia parliament votes to increase it’s salaries. Check Post Website. Shame on RB. It’s too soon.

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  60. Government has enough resources to pay Ministers, MPs and constitutional office holders new salaries according to Vice President Kunda. 1st election promise fulfilled, Bravo MMD.

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  61. if Zambia is not going to be affected by the global financial crisis
    Mr.BOZ Governor why is the Kwacha depreciating? why are investors
    getting their money? Is it that they have lost confindence in the new government? Mr. Governor we are in a global village Zambia is not an Island the global economic crisis will definetly have an effect on Zambia.

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  62. This is no time to increase their salaries! they need to working on improving the overall standard of living in Zambia. Dora suspended Zamtel workers and now salaries go up?

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  63. Those of you have been following my comments,i said something on the issue of govment officials Salaries. I said just wait and see after RB wins.These Lunatics know that they might not be voted as mps in 2011.Hence to them this is there last chance to amass wealthy at the expense of a poor civil servant. They know that ones their Salaries are increased,they wil walk away with k2.5b each as gratuity.And mind you they get this money quickly,when most retirees have been sleeping in the cold from far places waiting for their benefits.Some have even died without getting their benefits.These people dont even seem to care.Am going to be one of those Zambians who wil voice out and oppose this day light robbery. Are these people with a human heart or what? Selfish and greed characters,who only care about their tummies. No to this,my heart bleeds when i see how people are suffering in this country.

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  64. RB is an old man, if he does not eat now, he may check out with out enjoying his benefits. At 73 he knows that he can make a Presidential trip and not come back alive so his policy together with all MPs is eat while you can!! This is what you get when you vote in jokers and when you have opposition full of even more jokers. Ladies and Gentle esp those in the diaspora, let us do what we can to move our nation forward through generational change of leadership. The question is asked, if our current gov’t couldn’t develop the nation when we experienced economic boom, how do we expect them to do even better during this time of expected hardships? We need change, real change now!

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  65. No. 85 Did PF MPs walk out or were they part of the consensus to increase? Because if they were agreeable to me that is a bigger blow so soon after the campaign – I don’t expect much of MMD anyway we all know they have been on get rich campaigns for the last 17 years

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  66. Sure, sure, sure, I don’t think leadership is rocket science mwe! I know that giving myself a raise as soon as I am voted into government would not wash well with the stakeholders. I think, I think, we have made a huge mistake with this lot with this new GRZ, I hope everybody will join me in speaking up against in betterment that does not include everybody who’s Zambian!

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  67. #89 have you checked out thecitizensdemocraticparty dot com. To me these people make more sense than what the gov is doing.

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  68. MMD just makes me sick!!!!!!!!!!!!!!!!!
    How can the Zambian parliament be voting on increasing it’s salaries when most people are starving. Shame on you RB and MMD.
    Ni PF chabe!
    Tizaona wanzelu whether PF or MMD.

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  69. Sarah Jones,

    Correct me if I’m wrong but I’m sure all MPs (MMD,PF,UPND and others) voted for all the three 3 bills and I think they are just waiting on RB to assent to the decision. This to me is not a party issue because based on the voting pattern almost every body voted for the bills. The highest number of “No” votes was only 13 out 150 with only 2 not voting. In short, we have a good number of poor quality MPs in Paliarment who are in the job for themselves and not the people they represent. I wouldn’t mind if salary increments were attached to tangible output.

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  70. Politics plays an important role in the economical sphere. Stable political life in Zambia might help to sort out some of the economical blunders. RB you have check on that, re-shape the political life in Zambia- wishing you all the best

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  71. WHEN AMERICA CATCHES A COLD, THE WHOLE WORLD SNEEZES!! SO IF ITS WILD IN AMERICA AS IN CREDIT CRUNCH, WHO IS ZAMBIA?

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  72. @94
    ok, i get the point but still people are still going without meals. How do you think that PF woman who undressed herself in public would feel if she hears what these MPs have been upto in parliament? Certainly she would do that again in protest as she can barely feed her children. If you can’t put food on your table for your kids wouldn’t it be justifiable to whip some of these MPs (MMD, PF, UPND and others).
    Let me not say alot here as I don’t know whether MPs salaries have been increased or not Still tizaona wazelu ngati nindani!

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  73. Even if PF MPs had boycotted the voting it wouldn’t have yielded anything, sending the bill to parliament by RB was just a campaign gimmick by MMD. Please Zamtel workers, UNZA lecturers and all government workers its also time for you to get what is due to you. Nice to have MMD in government again, VIVA RB and VJ.

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  74. I think the way to reduce the effects of the global economic crisis on Zambia is to go for an agriculture economy.

    An agriculture economy basically feeds itself as it depends a lot on local consumption. People can do without luxury goods and copper depends on luxury goods but people cannot do without food. Lets not forget a lot of people will be stressed in this world and so they will be smoking a lot so as to try to deal with their stress.

    In short, Zambia has enough land to grow Maize, Wheat, Sugar, Cotton, Tea, Rice, Tobacco, Chillies and bio-fuel plants.

    An agriculture economy will save us.

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  75. Lets also not forget Zambia has enough land for Cattle herding and Chicken rearing which will result in the rise of a poultry and beef industry.

    People can do without luxury goods but not without food.

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  76. All of you who voted for MMD are now crying like babies. We warned you but you didn’t want to listen, so just bend over and get your thrashing!
    You were given the last chance by PF to vote MMD out of power but you went ahead and voted for RB. You think you will ever get rid of them? You won’t. You’re trapped with MMD forever. It’s like Hotel California..you can check out, but you can never leave….or Highway to Hell… RB is now laughing at you…mua, mua, muahahaha!!!!

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  77. well we did expect such a thing so happen because when America falls the whole world is affected,so lets hope the ride wont be that bad

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  78. This thing is very easy to explain. Fundanga is wrong? The economy and the Kwacha is starting to go down simply because, the main forex attractor Copper is not doing well. Why should you start talking about reserves??? and this and that. Zambia is very less diverse and any dip in copper prices hits the economy badly period. When this crsis started, the kwacha was ok, but when china was hit and the copper metal exchange started complaining about copper prices, then we hit a snag.

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  79. #109 + 110 (Free-Market-Capitist)- I love your thinking, its not all that bad BUT do you have any clue how leaders can manipulate things even if we have enough for all? Agriculture- you are right but if we have greedy leaders only few will have access to the agricultural products. We’re alredy in a “debt-trap”. Various factors have to help each other- law, politics, economy, agriculture, education, health etc. All is needed in order to toil a bit further.

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  80. It is ok if they have increased so that even all civil servants can have their salaries increased if they do’nt!
    everyone will have all the right to strike.

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  81. #110, You are talking about re stalking cattle others are busy talking about re stalking their pockets. With the Global melt down of the economy people have given themselves hefty salaries. Its crazy. VIVA MMD; UNIP; FFD; New Generation party, traditional chiefs, churches and those who gave support to RB.

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  82. Guys, there is no need to start complaining. This is all in Bible prophecy.

    Already Europeans are pushing for a global policing organization that will monitor all financial institutions. Next it will be one Global Currency so as to avoid another crisis like this to happen in the future. From there, we’ll have digital currency which will be put on RFID chips which will contain all our personal information and allow some sort of body to monitor our every action. From there, who knows.

    It has already started happening and the infrastructure is already in place. This is all in Bible prophecy. Just get your Bibles and start reading and praying to God.

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  83. #113- mmmhh!!! Congratulations! you’re economically sound. You’re well vested in the economic culture.

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  84. cont from #117]

    As it is said, the generation that will witness the rebirth of Israel will also witness the second coming of Christ.

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  85. BOZ has touched on investor risk aversion but has not assured us with regards to measures to hedge this and many other financial risks. Nevertheles i got confidence it will bring this to minimal levels using appropriate hedging instruments.

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  86. # 119- so what should we do??? tel us. Sit down and read the bible? O Yes! APPLY what we read from the Bible??? you answer me! I’m waiting.

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  87. #123- exactly I was just about to ask you the same question- what are you talking about? Make yourself clear, you’ve lost me.

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  88. 124. Offbar

    I have offered a solution, an economy based on agriculture but weather we like it or not, this Global Financial Crisis was supposed to happen because it is fulfilling some of the prophecies in the Bible.

    Even though it is fulfilling prophecy, it does not mean we should be sitting ducks. We can survive this through an economy based on agriculture.

    But prophecy will be fulfilled.

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  89. # 20 . Its true Priests were linked in the grave indignity of mankind in Rwanda. You should understand also that A LINK IS NOT AN INVOLVEMENT and it will never be so. Thats why the state was not a successful litigant in the matter. Remember its prepostlous to theorise without data.

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  90. All of you who voted for mmd,you are hopeless and useless.your heads dont work properly.Even.after seeing that the mmd has failed to deliver you stil went ahead and voted for them.Have you seen now how selfish they are? You wil suffer alone.

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  91. Ba Fundanga don’t cheat the zambians. It won’t be slightly but heavily becuase apart from copper,the other export can not withstand the international competition.Those reserves will diminish very soon because Banda,you and MMD have already started pocketing it.

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  92. Atleast we know that developing countries are will be least affected by the global financial crisis,unlike the developed and emerging economies.Let him explain the continous depreciation of the kwacha

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  93. Just woken up a thief wanted to break into my room at a lodge in Chisamba. #109 I agree with you Zambia is vast enough to support high agricultural production to boost the economy. Did you know that Central province is about the size of South Korea. Chibombo district is bigger than Jamaica

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  94. I am perplexed and flabbergasted that the BOZ Governor can be misleading Zambians in such a way. What does he mean that Zambia will not be affected by the global crisis created by toxic debt of major financial institutions.

    For Zambian copper to sell, major car manufacturers like Ford, GM must continue to produce and SELL otherwise there will be no need to import copper from Zambia.But how will these companies sell the cars if Banks in Europe and American can no longer extend credit to consumers? Dr Fundaanga please stop misleading people.

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  95. We have big people who think like babies. The global financial crisis will have a significant impact on Zambia through possibly a reduction in demand on copper or further decline in copper prices. We are also likly to be hit by a reduction in donor funding, reduction in tourist arrivals , reduction in foreign financial investment,among other things. Babies like Fundanga and Magande think such impacts on our economy are a myth

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  96. ZESCO never thought that we could have power shortages despite being warned by ZNFU more than 7 years ago. Magande thought that the global food price rises would not affect Zambia. Fundanga now thinks the global financial crisis is not a threat to Zambia. If our technocrats can be so shallow minded, what direction do we have for economic development? Today ZESCO is loadsheding because they thought power shortage was not possible despite warning from ZNFU

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  97. It is just simple economics fundanga. I dont need a degree to figure it out. Recession in developed countries will affect major markets. Copper prices will decline, oil prices will decline and funding from donor countries will reduce, investment will decline.

    Major effects on Zambian Economy
    Kwacha will depriciate
    Rise in Inflation
    Rise in Interest rates
    Reduction in employment

    Fundanga use your bloody head and more importantly comon sense. Do your work and try to fight inflation. By the way inflation in Zambia is now 25%

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  98. #29.3 Muskteer AND 13 I agree with both of you. you must be wondering why. The thing is Fundanga has to work with whoever is in government if RB says prices for visa’s should be reduced he just has to accept and make statements that do not condemn the president. Thats why last time if you go onto the bank of Zambia website he has been asking to make the bank of Zambia separated from the government. The thing is if its done like that the BOZ can make an independent statement for the good of the country.Unlike the way it is now he has to play defence.The visa fees have contributed to zambia’s economy.In this case reduction means also depreciation of the kwacha.At leat for the time RB is in

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  99. cont…
    power the economy will be going down. And the excuse will be during his tenure that there was recession(global crisis).Lpm was not giving such excuses, one just has to do his/here work.

    lets see where it goes.He might do something and the government too.

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  100. #145.CCG today it has started to work well it wasnt for the past few days go and check it agian (the post)

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  101. Akapilipili,wewewe,Ba Nevers ako kanono where are you guys?you dont listen you people,these names of yours.

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  102. Bane OBAMA’s performance we’ll affect us after all. He better restore that American economy!!!

    Buti think i agree with Fundanga. If economic reviews are anything to go by then i agree that FDI’s might continue to grow becuase Zambia is a one of the best destinations for investment in the region.

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  103. No. 20 for sure you are useless, abanobe balelanda pa economy iwe you are talking something else ulichipuba, stick to the issue not ukusabaila. Ifontini we eeeeeeeeeeeeeeeeee

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  104. *********************************************************************

    Guys we are headed towards the end of the world. If all these solutions the EU and America fail. Colleagues you we’ll need to look up becoz the one world order is on its way!!!!!

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  105. Iam a Lamba person,my mother is Bemba from Kasama, i want to ask fellow zambians, kindly, dont missunderstand me, and more importantly, dont feel insulted if you are bemba.Why is it that, everyday, as you open the commenterires on LT, you find alot of Bemba commenteries? Comments done in Bemba? why is it that, there are no comments in Lozi, Tonga, Luvale?Dont we have Luvales, Tongas,Lozis and so on who also comment ? Now i know, its because Bembas are too tribalistic, they think so highly of themselves, too pompous, too proud.They think they are the only tribe that be,I grew up in Tonga land, but i’ve seen how down to earth Tongas are, this is to why most of the Tongas are highly educated.

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  106. People this issue of ministers salaries… why is it coming up again…is it not the same RB who said that he will never agree to it just before the elections????? It will be passed mark my word… My other worry….is it not just last week when there were reports of people Starving? they were living on masuku. Non of these Mps or Government oficials are intreated in adressing this issue of starvation, After all they themselves have more than enough on their plates……Its despicable….

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  107. Looks like Zambia will continue to provide money to the foreign investors so that the foreign countries and their economies, poor or best can control our weaker economies.

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  108. ba fundanga nabeve….. why lie to the country? everybody knows the effects of the credit crunch will be felt the world over.there will be reduced donor aid.tourism has already fallen, what about tourism dependent areas like livingstone and the luangwa valley?you cant say we wont be badly affected…

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  109. Magnificent beat ! I would like to apprentice whilst you amend your website, how can i subscribe for a weblog web site? The account helped me a appropriate deal. I were a little bit familiar of this your broadcast provided brilliant clear idea

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