STANDARD Chartered Bank managing director Mizinga Melu has said the country is poised to exceed the projected seven percent gross domestic product (GDP) growth by the end of the year following the economic boom recorded in agriculture, mining and infrastructure.
Mrs Melu said the country’s economic growth in the three sectors is a positive indicator in the financial markets.
She said the recent bumper harvest recorded in the agricultural sector is another good sign that Government policies are working.
She said this during the opening of a one-day training for corporate clients and regulators at Taj Pamodzi Hotel in Lusaka yesterday.
“Zambia’s economic performance is positive and as a bank, we are predicting that at the end of the year, the country will exceed seven percent GDP because the major sectors are doing fine,” she said.
She said the positive growth had seen a new class of middle income earners emerging and the bank was positioning itself to offer the best solutions to its clients.
Mrs Melu said the local currency is stable and the role of the bank is to protect the interests of its customers against any risks in the financial market.
“This positive outlook presents a significant opportunity for financial intermediaries like banks if they position themselves well in the market,” she said.
Mrs Melu warned that the global market is becoming unpredictable and sophisticated and the bank has to strive to lead the market in providing innovative solutions and services to its customers.
[Zambia Daily Mail]
Statistics suck! put your money where your mouth is.
Bravo MMD for steering our country into prosperity every hardworking and ingenious Zambian will live to enjoy. This is just dynamite!
…and this is the same pro-growth foundation plunders regrouping under the PF burner are vainly panting to destroy in their quest to pick up on plunder from where they stopped in 2002. Every Zambian says to hell with these cankerworms whose only skill is plunder and useless acts of aberration. Every voter know them as contemporary political scalawag heavy in vanity and Harold Camping Doomsday Prophecy drivel all without value to the common man’s socio-economic gain.
Money transforms a foreign land
into a homeland- thats why foreign investors keep coming for this type of growth.
Poverty turns a native place into a strange land thats why we’ve got so many zambians in the diaspora.
More good news and I am sure us peasant rural farmers hear it loud and clear. Let us register in numbers and stop the Lusaka and CB kaponyas turning our great country into criminal zone.
Well done to all you hardworking Zambians that are making the country realise its dreams.
I have never seen a report from any other bank apart from this bank. What is their condition of operating in Zambia? Is this bank becoming another Lehman Brothers?
Fantastic news. This shows the optimism the private sector has for our economy. Zambia is on a growth path and no one should stop this momentum.
The economy keeps on scoring gains and this is starting to benefit the masses as is evident from the statement, “the positive growth had seen a new class of middle income earners emerging” end quote.
It is great that the middle class in Zambia is growing. Awesome news.
Absolutely brilliant news. This country is on the right track economically. I think the enlightened should not allow recycled politicians that have failed us in the past to take the helm. It is even more exciting to hear that the middle class is growing, although we should not be complacent (by voting in kaponyas) as the benefits are yet to trickle to many of our hardworking fellow citizens. There is even more development coming e.g. Zhonghui Mining to invest $6billion in the North Western Province.
Nice to hear from you senior citizen. I udertsnad the news hasnt been on your side of late. Yes praise is well come where it is due. Keep posting
The Photo of Mpombo in the post.
Is looks so funny like he was at town centre waiting for ka bevula.
Thats for the lecture theatre . Say somethin that will make sense to majority . Thats why sata beats you. Even me i dont know GDP.
#10 good note. town centre is were you get votes . Not Sun Hotel where you get carvia
What growth and development are you talking about? A country where streets in the capital city and industrial cities are of gravel, the few that are tarred are full of potholes! Driving in Libala is like driving in a very remote village in Mporokoso or Namwala. I do not know why some of you people think like this, is it too much politics of poverty or is the way you are brought up. After more than 40 years of self-rule you still tolerate this situation.
Even the worst compound in countries such as S. africa have properly tarred streets. Yes the minning sector is generating a lot of revenues for themselves because of high metal prices and we have a bumper harvest because of the commercial farmers who came from Zimbabwe and South Africa. If people cannot benefit, what is the use?
Seriously..? Go back to your history…. This country was bankrupt 15 years ago…and we are just recovering from that depression, and u expect township roads to be build? The government has to work on rebuilding the highways coz sum parts of the country are still not connected. Next time please do yo research before you make a fool out yourself… GDP growth leads to Job creation u ignorant fools… I acknowledge that the government of RB is not perfect but putting Sata in power will be a fetal mistake…. we need young blood like HH. This so called has been n all previous governments and still did nothing. He supported Chiluba’s third term even though he knew the man was steeling from the Zambian people…. open your eyes my Zambian people.
#13 Silent Voice. Your favourite white farmers from SA and Zimbabwe do not grow Maize because of Zambian govt heavy involvement in the sector through the FRA which sets the price. In the 2009/2010 season when Zambia produced 2.8 million tons of Maize; the commercial farmers contribution to this harvest was a paltry 247 000 tons. And the biggest contributer to the 247 000 tons from the commercial farmers was neither a Zimbabwean nor South African farmer but Zambia’s own Constain Chilala. In short my dear it is Zambians who produce over 90% of Maize. The people you worship mostly produce wheat and Tobacco, stuff they can sell without govt involvement!
Mizinga Melu is not convincing and talks like a government spokesperson. she waffles so much that you hardly hear any seriously statistics coming from her and merely glosses over the situation. when the exchange rate is at K4,800 to the US$ you call that stable and it is acceptable to you? with allthe bragging about developments and the the copper prices going up every day you expect to see some correspondng drop in the exchange rate. otherwise all this talk is political hogwash (i quote mpombo)
#13 you are right look at the roads in residential areas in lusaka very dilapidated and you boost about GDP. Imwe ma Zambians be serious let this economical growth show by the high standard of living for a common Zambian not just these statistics. We need change.
If Standard bank as my bank, I will fire this silly girl. We all know that a significant part of the so called bumper harvest is going to be destroyed by rains because of poor government policies and she thinks the economy can grow on rotten harvest that is of no good to anyone. If this is how Standard Bank measures GDP growth, then we are in trouble.
true, unless the serpent becomes head of state.
Such is news is refreshing. People need to be objective and appreciate when things are lloking good. It’s not everything that’s political in life. This is fantastic news and I end there with no politics.
#14 Ok, suppose Mr Chilala produced the bulk of the bumper harvest, and I believe due to his hard work and good farm management, do you have to give credit to somebody else who does not even provide the farmer infrustructure that is needed to enable produce efficiently and more economical?. Infrustructure such as good roads (let alone proper road network to enable you move from point A to point B efficiently and economically), reasonably priced farm machinery and farm inputs. More over, the food from the bumper harvest must be affordable to all Zambians; which is not the case at the moment. I don’t care about whoever you support, all I want is to see tangible development in Zambia that reflects the wealth of our country and that is benefiting everybody, not just a few individuals.
Name: Senior Citizen | Country of residence: ZM | Written: Thursday, 15 October 2009 (10:44I have used many variables to reach this conclusion. Should Mugara lose, as a democrat I will salute him and his party with dignity, but then will retire from blog politics and my business. Instead, will enter active politics which has never been on my calendar beyond blogging during free times. But I vow MMD victory in Kasama is undebatable.Name: Senior Citizen | Country of residence: Zambia | Written: Friday, 16 October 2009 (15:39)21001Someone has asked “Hello Mr Senior Citizen-are you going to retire from blogging” QuoteANSWERI’m a man of my words.
#14, we do not worship anybody but God. what we want is a Zambia that our great great great grand children will be proud of. if you are have everything you need and want because you are close to the powers that may be at the moment, or for whatever reason, does not guarantee that your great great grand children will also be like you. Take whoever is in charge of zambia to task to ensure that the current favourable economic situation that zambia is going through is utilised for the benefit of all zambians, and meaningful development takes place, not window dressing. Mind you, the current favourable economic situation is mostly (if not wholly) due to high mineral commodity prices, once the the prices go down the so called investors will run away, after making huge profits.
@13 and 15. Zambia is still a LDC, but it is undeniable that it is on the up and that is the message she is conveying. I am afraid to your disappointment she is RIGHT. Surely, you are not suggesting that no news about the economy should be communicated until everyone in Zambia is a millionaire. There are many Zambians who are already benefitting, granted not all. Be fair in your comments unless of course your pea brains or poor education inflicted on you by previous GRZs can’t see the trees for the woods.
Beyond blogs, Zambia is dear to us patriots such that we will never pull our hearts and hands-off from her satety, growth, unity and enduring stability. We have the moral, spiritual and constitutional duty to keep protecting her from unholy hands and dreams of plunders that have a record of ruining her with their natural failure. We will never see our beloved country slide or fall again in the hands of the same callous plunders that dragged the country into an abyss of RB’s administration is tenaciously taking her out. We shudder to see a day of more useless Merzf scandals, ICASA scandals, Oil Scandals, US $10 million shooting claims scandal and all the impunity that destroyed the foundation UNIP left behind to build on our national pride.
People should differentiate between ECONOMIC GROWTH( measured in terms of GDP ie the value of goods and services produced in a country in a specified period of time) and ECONOMIC DEVELOPMENT(which implies growth in GNP accompanied by improvements in health, education and other aspects of human welfare). Its true as Mizinga has put it, Zambia is experiencing growth in GDP, the only problem is that we are not seeing this improvement trickling down to improve the living standards of the people.
Sine when did this planker became an MMD government spokesperson on economical matters?