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Alba Iulia
Tuesday, November 29, 2022

$2.5 billion reserves show economic growth – Rupiah

Headlines $2.5 billion reserves show economic growth – Rupiah

President Rupiah Banda
President Rupiah Banda

PRESIDENT Banda says the US$2.5 billion (about K12trillion) in national reserves is a sign that Zambia’s economy is growing.

Mr Banda said Government will remain committed to ensuring that Zambia becomes a middle-income country by 2014.

“This country’s macro economy is growing so fast.
Believe me, we are headed to be a developed country by 2030 and all this is anchored on the Vision 2030,” Mr Banda said.

The President said this in a speech read on his behalf by Minister of Commerce, Trade and Industry Felix Mutati during a dinner for exhibitors at this year’s Zambia International Trade Fair (ZITF) at Savoy Hotel in Ndola on Friday.

Mr Banda said the private sector has continued to register growth because of the strong economy.

He said jobs are not best created by Government but by the private sector.

“When I was touring stands at the fair, Chilanga Cement announced to me that they are increasing their production by almost 50 percent and I ran out of words because something serious must be happening in this country,” Mr Banda said.

The President has since urged Zambians to ensure that this year’s general elections are held in a peaceful manner for the country to continue registering growth in the economy.

Mr Banda said because of economic growth, Zambia has been rated as one of the top 10 performers globally.
He said Government has embarked on infrastructure development because of the good economic performance.

“In my inauguration speech in 2008, I affirmed my commitment to infrastructure development and before the end of the year, we will be witnessing the opening of the first international standard stadium just here in Ndola,” Mr Banda said.

He said he was informed by Minister of Works and Supply Gabriel Namulambe that another stadium is soon to be constructed in Lusaka.

“Maybe the reason why the Chipolopolo have not been qualifying for the World Cup is because of lack of a proper stadium but now they will have no excuse,” he said, jokingly.

Mr Banda said it is not fair for people to think that the development projects that Government has embarked on are campaign strategies when everyone is benefitting.

The President said Government does not want anyone to suffer and that is why it is empowering people with loans and houses.

“Just today, I almost shed tears at ZAFFICCO when a Mr Musonda told me that he will die a happy man because he will actually be a landlord and not a tenant,” he said.

Mr Banda urged Zambian exhibitors at the Trade Fair, especially small and medium entrepreneurs, to dream big.

Meanwhile, President Banda says Government is committed to alleviating poverty in the country.

Mr Banda said Government is ready to fight poverty through many programmes it is running countrywide.

“We need to have confidence in ourselves, do not listen to doom speakers saying we have failed to address poverty in the country when we are doing our level best to fight poverty,” Mr Banda said.

The President was speaking in Ndola yesterday during a luncheon hosted by Patents and Companies Registration Agency (PACRA) at Mukuba Hotel.

Mr Banda said he noticed that every Zambian has a desire to get out of poverty and Government will continue to put measures in place to eradicate poverty.

“Our desire is to see to it that every Zambian is out of poverty, we need to have good roads, modern airports and stadiums,” Mr Banda said.

And the President urged Zambians to use their votes ‘wisely’ during this year’s general elections.

Mr Banda said Zambians should also prove wrong people wishing violence in the country during the elections.

“Let’s prove them wrong by ensuring that we have peaceful elections, let Zambians decide who should be their leader,” Mr Banda said.

The President said elections should not divide the country and that the elections should be anchored on peace and unity.

And speaking earlier, PACRA board chairman William Nyirenda commended Government for introducing policies aimed at lowering the cost of doing business.

Mr Nyirenda said there is need for business people to be innovative and competitive.

He also said that PACRA has reduced the period in which it issues certificates. Mr Nyirenda said it now takes two days for a certificate to be issued.

He also said that PACRA will soon decentralise operations throughout the country.

Mr Nyirenda said the agency will work with councils to take the services closer to the people.

“Our goal is to have our services online so that things can be done easily and quickly,” Mr Nyirenda said.

Meanwhile, President Banda has urged local business entities to be innovative and partner with foreign investors in joint ventures.

Mr Banda said Government will also remain open to go into joint ventures with foreign investors looking for business in the country.

“Our support to the micro, small and medium entrepreneurs does not end with policy, we have gone a further step and put in place a preferential procurement scheme for companies which also makes joint ventures attractive,” Mr Banda said.

The President was speaking in Ndola yesterday during the official opening of this year’s 47th Zambia International Trade Fair (ZITF).

Mr Banda said the progress Zambia is making in all the sectors is as a result of hard work underpinned by the prudent economic and social policies implemented by Government.

The President said Zambia has made a lot of progress in economic and social welfare in the past years and that more work must be done in order to meet basic requirements.

He also said in order for Zambia to become an investment hub for the region, there is need not to neglect local investors.

“I would like to see the trade fair become an event where the Zambian entrepreneurs showcase their innovation in value addition,” Mr Banda said.

The President said government has since prioritised value addition with a focus on developing the micro, small and medium enterprises.

And Mr Banda said there is need for Zambian goods to become competitive in both quality and pricing.
He said Government is aware of the challenges faced by the private sector, which has constrained innovation and competitiveness.

The President said the current global economic environment demands for innovation and competitiveness, which can help to sustain economic growth of the country.

“My government is addressing some of the challenges by implementing policies and reforms aimed at reducing the cost of doing business and creating an enabling environment for competitiveness,” Mr Banda said.

The President also said the enactment of the Competition and Consumer Protection Act was meant to create an environment where competitiveness is guaranteed while protecting the welfare and rights of the consumer.

And Mr Banda said Government will continue to improve key infrastructure in the country.

He said in the next five years Government will invest heavily in the education sector.

Mr Banda also commended both local and foreign exhibitors at this year’s fair.

And speaking earlier, ZITF board chairman Phesto Musonda said this year’s fair attracted more foreign and local exhibitors compared to last year.

Mr Musonda said there is need for business people to be innovative and competitive if their businesses are to be successful.

He also urged both local and foreign exhibitors to consider joint ventures in order for their business to grow.

“The fair must help to establish joint ventures that can help to expand the business,” Mr Musonda said.

He also called for modernising of the trade fair stands through Private Public Partnership.

And Zesco Limited won the best overall exhibitor at the fair with Kenya also winning the international exhibitors ward.

Other companies that won awards include Kafubu Water and Sewerage Company, Ndola Lime, Necor, Zambeef and Silvia Catering Services, which won two awards Zanaco won the Best Exhibitor Award in the banking sector.

95 COMMENTS

  1. I dont care if it is growing or not, I hate my country and i will never be back. The country is a digrace and I will die a happy woman if i never step a foot on it again.
    The country is a disgrace Thanks

  2. Middle income by 2030 is a possibility, not the developed country status. Not even with the 90 days pipedream :-). And please ignore some comments above, very sad state of mental affairs.

  3. I miss nothing in Zambia, and I wish I was born British, maybe I would not feel the racism I feel, When I talk people can tell from my accent I am not British by birth and that is hard to take. I have tried to cop the scottish accent , which is een as the best in the world, but it is hard. I hope I am able to speak talk like I was born here, It is a conundrum to perfect it.. In zambia the accent is horndous if anything it dowesnt exist.
    I am lost for words why we use Dollars and not kwacha is it because the Kwacha is very bad? I sent £150 to my grandmother and I was told she is a millionaire with it . I t chuckled me . Disgrace Thanks

    • Presumably you don’t have any close relatives or friends whence the reason you might hate or not miss pa zed. But in all honesty I hope you are joking because your arguments are very pathetic..( i wish I was born British)…Some of us were born in the UK…but have had the opportunity to be brought up in both countries..increasing ones perspective on life.

    • U really lost am sure u grew up very poor in zambia. Am in london and i never worked and money comes from zambia living good and driving. U need prayers

    • You’re really lost and don’t know what time it is…you’ve to learn to make money work for you in England…ignorance is a bliss……………

  4. PRESIDENT Banda says the US$2.5 billion (about K12trillion) in national reserves is a sign that Zambia’s economy is growing. It would be interesting to know how much our national reserves have been in the past 5 years. The national reserves of Congo are far much higher than that of Zambia but I do not think that the economy of Congo is better than Zambia. I dont think national reserves should be used as parameter to measure economic growth. If RB mentioned that we have 1 million more people working than we had in 2008 everyone will conclude that he has improved the economy.

  5. zambia had no recruitment of police and soldiers for some time only few were trainined govt said had no money but now sudden the country has lot money RB stop playing with pipo’s life by cheating them

  6. mmd has been for 20 year and only in three years govt want to buld schools and hosptals in all districts and repair all major roads in one year of election. Not forgetting it is in his term rb we had global economic crisis , money spent of President levy’s funeral, moeny wasted on NCC. This conclude that mmd govt have been having money but have been stealing. it right to call them thieves.

  7. RB should explain what has been happening with these money before election which you say now you have money it right mmd you are thieves.

  8. All the southern african countries economies are growing some even much more than Zambia! Tell us something we don’t know. Your time is up f00l.

  9. Mushota no one in Zambia wants you, you are a man we all know that! You know we don’t want butty boys in Zambia, you a man and your fiancee Nick is a man! S.H.I.T diggers is what u are

  10. I realy dont understand economics well but as a lay man, what is the point in boasting about reserves when you are busy borrowing far more than what you have in the so called reserves?

  11. I absolutely agree with the president that the local investors are the pioneers of economic growth. I also agree with the president that the private sector should be the driver of economic growth.

    Foreign investment is good but should not be the only focus for attaining development. We have to bring about policies that favor local investors. We also need policies that favor joint ventures. ZAMBEEF is a Zambian company that started off as a butchery. Today ZAMBEEF is investing hundreds of millions of dollars in the Zambian economy and is even investing in Nigeria. This is what we should be striving for. We should be striving to think big and invest. We should be striving to expand our horizons. [tbc

  12. cont from #12

    We must not accept path dependency. We must strive to be innovative. This is the 21st century…we must think outside the box and strive for the best.

    I am also happy that govt is committing itself to invest in the education and health sector as well as infrastructure development. The momentum is there. Zambia is on a growth path and no one should stop this momentum.

    • middle-income country by 2014…surely that must be misprint…that’s only three years from now.
      It is very true that investment is very important but some how I think that trade will be the only thing that will improve the economy. Why is it not possible for countries to seriously join together and create a trading bloc…like the former European Community. This will enhance trade between the respective countries…thus creating jobs for local people.

  13. $2.5billion Mr Bussinessman Banda ?. And how much have you borrowed ? How much does each Zambian owe because of your reckless borrowing and corruption ?. You think you can blind us with those reserves, why do we have pipo suffering and surviving on less than a dollar a day ?
    The only ones benifiting from your reserves are the foringners.

  14. #HH Tonga P.U.S.S.Y W.H.O.R.E, thank you. now we know why mushota hates Zambia. He’s a homo who has no life in Zambia if he came with his homo friend. 

  15. Good afternoon

    I’ve been trying hard to understand African economics lately and I agree with the point raised by #4 Amayama – national reserves do not signify lasting economic growth because they can be inflated or plundered anytime. Instead of national reserves, fast economic growth is rather signified by more jobs, more opportunities, increased income, good infrastructure, more competitive Zambian poducts and more Zambian industries.

    Another thing is that our economy is too heavily dependent on Chinese investment and this is risky. We have put all our eggs in one basket and the minute Chinese firms pull out their money, we will feel the impact.

    RB should stop using economic argumernts for political purposes. Just let the economy perform and let the people vote.

  16. I think the current external debt is at $1.2 billion USD. At least that is the most recent figure that has been reported.

  17. ‘When I was touring stands at the fair, Chilanga Cement announced to me that they are increasing their production by almost 50 percent and I ran out of words because something serious must be happening in this country,” Mr Banda said.’ ……you can say that again, nafuti nafuti mr president!

  18. “Another thing is that our economy is too heavily dependent on Chinese investment and this is risky. We have put all our eggs in one basket and the minute Chinese firms pull out their money, we will feel the impact”. okay, then keep the chinese in, and sata out (chuckle)

  19. @ #23 pf government

    I also found that to be an interesting statement because I for one know Barrick Gold is not a Chinese company and yet it is investing about Cdn $7 billion dollars in the Zambian economy.

    That is interesting indeed.

    • Just a correction. Barrick is not investing any money as on date in the Zambian Economy. They have bought (i.e. change of ownership) Equinox Minerals from existing shareholders. Equinox owns Lumwana Mines, has 100% interest in a copper mine in Saudi Arabia and a few exploration rights in Zambia. Barrick is king in gold mining and there buying of Equinox shows that investing public has interest and faith in Zambian investment for their diversification and balancing of risk, but C$7 billion is not a new investment in the Zambian economy.

  20. #1 you are  a sickass ,working as a maid  in uk,i wish those racists mistreat you so much.# 12 what kind of a name is that,are you trying to insult my president HH and my Tonga people?you piece of shit,if you were next to me i would kick your dirty ass.# 1 and # 12 DISGUSTING.

  21. @4, “The national reserves of Congo are far much higher than that of Zambia but I do not think that the economy of Congo is better than Zambia”. Comment: let’s compare apples to apples, how does drc use its money and how does zambia use hers?
    “I dont think national reserves should be used as parameter to measure economic growth”. Comment: IT IS one important parameter. i don’t know about congo dr, but where do you think zambia’s reserves came from if its economy is not growing? world bank, imf etc etc have all endorsed zambia’s economic growth. so if that parameter was measured in this context, what is your problem? guys, surely are you suggesting that pf wants to create its own imf, world bank, standard and poor etc in order to accept well tested economic parameters?

  22. @24 Mr Capitalist, well spotted. we should remain alert, these guys want to lead us up a blind alley.

  23. And Zambians cant lay their hands on it? Its like a hungry impoverished man without food boasting that he has millions in his bank account. Yaba!

  24. Amayama #4 is very right. DRCongo with its vast reserves has an HDI lower than Zambia and is considered one of the five worst places to live in on the globe. So what are reserves indicating in such a situation? Nothing.

  25. the genesis of masebo’s problems is a common place story. according to usually reliable sources, when levy was president and appointed rb as vice, masebo (and mpombo) made it clear to rb that her boss was levy, she reported to no one else and he was a nothing. however, as fate would have it, levy passed on and she was left with the stark reality that rb was her new boss. the sources say that explains masebo’s collapsing episodes at levy’s funeral, it was not so much grief for levy as grief for herself and what would happen to her political career. she fought to install magande and it didn’t work, her problem and undoing is that she continually underestimates rb’s fighting capacity because of his humility which deceives her, and shame of course.
    lesson to all.

  26. that explains the missing piece in the masebo puzzle. for professor luo it seems to be a case of hunger only, yamunyokola njala wala professor.

  27. For all of you who do not know why reserves are important. Reserves show the ability to generate income as a country and the ability to pay bills. A country’s level of debt is measured as a percent of GDP. Zambians total debt stands at US$1.8bn which is way below 3% of GDP. 3% of GDP is considered a healthy level of debt. A country has to leverage its income by borrowing in order to develop. You borrow based on the ability to pay that why the reserve number is important.
    Do not just make comments on subjects you have no idea or knowledge about just because you hear the word BORROW.
    Zimbabwe’s reserves as at last month stood at US$165m no lender can ever give money to Zimbabwe.

  28. IWE KA MUSHOTA? Uli kalishilu sana, ?? Don’t use other peoples surnames for nonsense.. Zambia would never miss a S.H.I.T “ASS Hole “ like u. wikesha ukubwela nangu bawiso bafwa.

    Zambia is better off without Akalishilu kwati iweee.

  29. KUYA BEBELE!!!!!
    WE HAVE HAD ENOUGH OF OLD TRICKS BY SELLING HOUSES CHEAPER, GIVING THIS AND THAT IN AN ELECTION YEAR BUT NO CHANCE THIS TIME BANDA YOU HAVE TO GO!

  30. No. 1 Mushota must be a confused person, i dont feel at a moment i can behave like her insulting my country. she is …… thanx

  31. Whole thing sound like trash, not long ago Musokotwane was pleading to be given a loan, Zambians pay 37.5% as PAYE.

    Giant mining companies contribute only 2.2% of the total Zambia Revenue Authority in taxes. Even if Chilanga increased production by 50 or 300% what impact will it have on Zambia?

    There is inapropriate tax on all mining companies and GRZ is dead scared to review its tax regime hiding in “SCARING INVESTORS AWAY”

    More people are still losing employment, We would rather leave those minerals in the earth’s crust for the benefit of our grandchildren, because this GRZ is like composed of alliens and are only there to serve foreigner interests

  32. No 38. Your comment does not make sense… just because you are having 3 meals where ever you are. Do you realise that the mines are providing income to mant Zambians even if you do not like them. For your understanding mines provide the following income to GRZ

    Corprate Tax
    Vat
    PAYE
    Import Duty

    Besides every miner supports not less than 7 people on his income.

    Do not show  us your ignorance

  33. To argue sensibly we need to understand the basics of macro-economics. If what is reported is true, then indeed the country is headed for an economic boom. You can not compare Zambia and DRC; they are no basis for comparisons. The population of Zambia is too small compared to its land mass. Furthermore, Zambia is endowed with plenty of natural resources. All we need is proper management. That is why we should vote for a winning team not plunderers. Vote wisely!

  34. The contradictory sentiments over this issue just show how little informed Zambians are over the real state of their economy. We need more precise analysis in order for us to get a clearer picture of our economic performance – not just statistics from the IMF and World Bank.

    We are not desputing that Zambia is on the way to economic growth but we do not want to be hoodwinked or blindfolded by power hungry politicians. Every growth has spillover effects to other industries and to the masses – we expect to see job creation and improved facilities for ordinary Zambians, otherwise we will always have a reason to doubt such prognosis. Especially during election time.

  35. Of the comments i have seen on this blog,my observations are that,those who are pro-MMD are so conversant in basic Economics and those who are pro-PF have no idea of what econonims is therefore their comments are a disgrace…check number 38-MY ZAMBIA and he/sh says “even if chilanga increased production by 50% or 300% what impact will it have on Zambia? surely this shows lack of economic understanding and if u have nothn to say,u shut up..When chilanga increases production it means it ll also incraese the inputs used in producing cement such as labour(employment),capital,raw materials,machinery etc which ll be bought in zambia. again when production is increased it also means that the company ll have excess for exports therby generating revenues for local expenditure interms of salaryz.

  36. Some of you calling others dull , you are just showing how ignorant and fontinee you are. Just because you understand a subject dosent mean no one else has the right to comment on that subject. If you dont like reading peoples thoughts and takes on a matter, right or wrong stick to text books.

  37. Of the comments i have seen on this blog,my observations are that,those who are pro-MMD are so conversant in basic Economics and those who are pro-PF have no idea in economic issues.. therefore their comments are a disgrace…check number 38-MY ZAMBIA and he/sh says “even if chilanga increased production by 50% or 300% what impact will it have on Zambia? surely this shows lack of economic understanding and if u have nothn to say,u shut up..When chilanga increases production it means it ll also incraese the inputs used in producing cement such as labour(employment),capital,raw materials,machinery etc which ll be bought in zambia. again when production is increased it also means that the company ll have excess for exports therby generating revenues for local expenditure interms of salaryz.

  38. ANTI CORRUPTION.

    I have an idea most of you are practising politics of the belly, I am saying what impact will it have on Zambia? because Zambia corrects to almost nothing in revenue as compared to what these guys are leaping. If Chilanga was owned by Zambians I would take your argument but its not.

    Then you do not know what plant capacity Chilanga has for its production, note production can increase without any increase in labour maybe inputs which are obviously tax free, What profession are you?

    Even the best economist never saw the crisis wake up!

  39. Fellow peace loving Zambians,please educate me on this one.I am not an economist but i thought the Gross Domestic Product (GDP) will give indicators of the economic growth of a country?

  40. The Engineer (Australia)
    If your pay master supports what is not right for the Zambian people, you lose nothing if you keep quiet. Zambia copper production is in excess of over 500 000tonnes and each tonne costs $10 000 a miine still be profitablbe if each tonne cost just above $3000 but only contributes 2.2% of the total ZRA revenue, any sensible engineer would see something wrong before he even gets a calculator.

    Which University did you go to certainly no our own UNZA

  41. @ #50 Red Square

    GDP is an indicator of economic growth. There are many other indicators you look at to assess how you are doing economically. Talking about reserves is just one of them. For example, you do not say “my son has passed math…therefore he has passed all the exams”. That is a fallacy. You look at the different subjects he took to asses how he has done. It is the same with economic growth. You look at the many indicators like RGDP growth, low inflation, exchange rate stability…etc.

    So far, Zambia has been given a passing mark on the many economic indicators. S&P, Fitch, IMF, World Bank…etc have all given Zambia a passing mark in terms of economic performance. Zambia is on a growth path. It is not propaganda to state these facts. It is the truth.

  42. Esteemed bloggers, thou shall not get bothered by the rantings of mushota lest ye loose focus and direction.

    A healthy figure in national reserves is indicative of how well an economy has performed and yes it is used to measure a nations ability to pay back what it may borrow. Have you not seen the panic big economies go through when their reserves are dwindling? C’mon Zedians, if our reserves are growing as attested by RB and/or pronounced by international lending institutions then we are on the right track for the recovery and growth of our economy. Let’s continue with the hard work. ONE ZAMBIA!!!!!!!!!!!!!!!!!!

  43. # 1,this blogger has a mental illness,no body chooses his /her place of birth or his parents.no place like home be poor or rich .home is home. plse mushota go and see a psycatric doctor.

  44. No 51 who told you that each ton cost $10,000. Do you know the cost of production and the profits margins the mines make? You need to understand basic finance. Revenue is not cashflow. And for sure if your are from UNZA thats why you are so DULL.

    • You mean all of us that came from UNZA are dull? I always like your comments on blogs, but I think this one is a miss.

  45. ‘Africa will be the world’s richest continent by 2040. It has the human and natural resources. Over 50% of its population is under 16 while the western populations are ageing. China has seen this and invests billions in Africa. Western countries ignore this at their own peril. We will need Africa.’ Sir Bob Geldof (Pop star and humanitarian activist on BBC Radio 4, 2 July 2011)

  46. @45 Nine Chale
    There is no one hoodwinking anyone here. The parameters used are the same ones that were used in 1991 when the country kikcked out the UNIP government. There may be young people here who do not know how bad things were then. Long queus for ‘essential’ commodities. Every ngwee went into looking for sugar, ‘saladi’ and mealie meal. There was run away inflation. I bought a car for K15,000 in 1986, with a loan 3 times my salary as a Sectional Officer in ZCCM and sold it for K60,000 2 and half years later. Today, ‘essential’ commodities are ‘Talk time,’ cell phones etc. It is being ungrateful to GOD to say that things are worse. Pray to God to intermit any plagues that may arise due to this ingratitude! Ba makaka!

  47. #1 Mushuta

    Last time we heard from you was when you mentioned about going on holiday and hoping that your Scottish man friend was going to propose. Has he proposed yet because if you where in Zambia “nga balimufwitila kale”. You are our sister, lost as you are,  and we are still concerned. Please inform the bloggers. Such things as living together are still ancient in my beloved ZED. 

  48. It is somewhat good historically but not enough to have reserves of US $2.5 billion.They need to tweek further our micro and macro economic policies to achieve better inflation figures and to stabilize the weakening kwacha/dollar exchange rate.Having said that,lets not just sit back satisfied that we have $2.5b like Nigerians happy that they have over $45b.They forget that Singapore has increased its reserves to 110% of their GDP while theirs is lowly in GDP ratio.These reserves of zambia should be used wisely to get further returns.

  49. it might interest Zambians that these reserves were non existence before and Congo can have a much higher value than Zambia but not sufficient enough for their population.reserves are there to help the country for three months in times of difficulties( natural or man made). just months ago Kenya had to borrow money from world bank for their reserves. its good that our reserves have continued to grow and i say congrats RB and the group my vote is yours..

  50. Economists are like lawyers; being able to argue both sides of the same issues. Put two Economists in the same room and the only thing they are likely to agree on is “AGREE TO DISAGREE.” This is exactly my observation with some of the comments above.

    And as a layperson, I find some of the comments directed at people with less “Classroom Economics Aptitude” to be very patronizing. Surely people’s living conditions have to correlate with all these economic miracles being talked about in Zambia. If not, should we really blame people for questioning the statistics and economic ‘barometers’ being thrown around like cheap Kapenta? Not too long ago, an opposition MP (name?) in Parliament was advocating a more accurate way of measuring economic performance, but our govt resisted, why?!

  51. Lets not forget even developed countries have people who can not afford 3 meals a day ……not out of dietary choice. Zambia sounds to be onthe right track….one wonders if changing government would derail this little progress made so far.

  52. @62, you may have a point, but open your eyes my brother. the people questioning the figures have a right to do so if they are genuine in their comments, but in this case they are not really questioning the figures instead they are paid to paint mmd black and pf white in order to cheat people out of their votes. how else would you explain the same people accepting that pf chief economist sata can do a “90 days more money in your pockets miracle”? why don’t they question such a “theory”? the point is that if they are genuine critics they would do a little research before yapping total and unhelpful ignorance.

  53. @64, pf government :

    I hear you. But again “Experience is the best teacher.” Isn’t it learned economists who failed to see the implosion of the Japans economy (which Japan is recovering from as we speak) in the 1990’s in spite of all the economic performance measurements indicating that Japan’s economy was headed for the heavens? Even predictions that Japan was likely to surpass the USA’s economy were being thrown around, but what happened? The same learned economists missed the implosion of the recent USA’s economy, which took down with it the entire world economy. And the effects of all the miscalculations by our enlightened economists have been laid bare for all to see. This is the danger of over-reliance on computer models and statistical formulas—you tend to miss reality!

  54. According to CIA factbook, the national reserves of DRC as at Dec. 2010 were $1.01 billion and Zambia were at $ 2,287 million. Wonder where some of our bloggers get their figures from.

  55. 2.5 billion is nothing for a country rich in resources like Zambia. This is the amount well managed companies declares as profit after tax in a year. After 20 years in power, is this all the government can manage ? why is the country borrowing at higher interest rates, if there is money? cheap gimmicks, vote wisely.

  56. @66, there is campaign of calculated misinformation that’s what my friend. but they miscalculate their strategies too.

  57. @67 Mubanga, as long as by “voting wisely” you do not mean voting for bwana sata. the man has been an integral part of all the bad aspects of successive governments from 1964 to 2001 and does not show any sign of chnage, growing up and becoming wiser. it appears that when he left mmd, democracy improved and so did the economy. today the economy is booming under rb, the fundamentals are now in place and what remains is to spread the benefits down to the people even as the economy grows further. you see ba mubanga, the correct way of running an economy is to bake the cake before you share it, and not the other way round.

  58. Under Dr. Kaunda, GDP growth averaged 0.2% while population growth was 3.2%, By 1991, the economy had totally collapsed. It has taken us a lot hardwork and persistence to be where we are today. You had to deal peoples mind set and so on…it has not been easy to realigned our economy to that is private sector driven. We don’t need fossils in the political arena to tell us what is good for us. Please vote wisely, things were really bad in the late seventies and in the nineties. It is time for people born after independence to get envoled in running the affairs of this country.

  59. Very interesting article. I wonder why their is such a poor usage of similes by the president. “Just today, I almost shed tears at ZAFFICCO when a Mr Musonda told me that he will die a happy man because he will actually be a landlord and not a tenant,” he said. “When I was touring stands at the fair, Chilanga Cement announced to me that they are increasing their production by almost 50 percent and I ran out of words because something serious must be happening in this country,” Mr Banda said. Whose hearts is the president trying to break by ‘not having words’ to describe economic developments and ‘almost shedding tears’ when someone tells him he will be a landlord?? Musonda has a good job, great networks and a future to talk about. Speechwriters, come again!

  60. #71
    Check your facts again! RB is talking not Phesto Musonda, Trade fair chairman but a Musonda who is a beneficiary of ZAFFICO houses and must be a general worker at the parastatal.

  61. Congo’s reserves are $1.01 billion. Last time I checked, this was less than $2.5 billion unless Anayama @ # 4 has a funny way of understanding numbers. Or unless he’s ignorant and does not know where to get statistical data, in which case I’d advise him to shut the hell up.

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