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Alba Iulia
Monday, February 6, 2023

Zambia’s economic programme hailed as one of the best

EconomyZambia's economic programme hailed as one of the best

Barclays Bank Africa Chief Executive and Head of Absa Group, Kennedy Bungane has described Zambia’s economic programme as one the best in Africa and a powerful story that inspires investor confidence.

Mr Bungane says the Zambian story is a powerful message that Zambia and Africa’s rise as a whole is no longer an illusion but a measurable factor that business can see.

Mr Bungane said this at the Zambia Round-Table Forum on investment on the theme “Seeking to be the Bread Basket of Africa” held at Marriot Hotel in central London today.

He said the political and business leadership in Zambia has demonstrated the confidence investors wanted to see in emerging economies.

He pointed out that the US$750 million Zambia-Eurobond has been the best story of the continent in the past year.

Mr Bungane also noted that the latest Economist Intelligence Unit (EIU) Report has endorsed Zambia’s resilient showing which is projecting an impressive 8.1 percent GDP growth in 2013.

He points out that this is yet another indication of the stability and growth trajectory of the Zambia economy in the short-to- medium term.

And Baroness Lynda Chalker, the chairperson of Africa Matters Limited that is co-sponsoring the event with Barclays Bank, said Zambia’s unique position at the centre of two viable regional economic blocs namely SADC and COMESA provides huge investment opportunities in communications and transport.

Baroness Chalker said Zambia urgently needs efficient transport and communication infrastructure in North-Western Province, which needs linkages with Angola, DRC and Namibia.

Acting Zambia High Commissioner to the United Kingdom, Chola Chama urged investors to engage with the mission across various aspects of investment especially mining, agriculture, infrastructure, tourism, ICTS and communications and transport.

Mr Chama said the government of President Michael Chilufya Sata is determined to woo investment from all parts of the world and that the United Kingdom was one of the top priorities.

Agriculture and Cooperatives Minister Robert Sichinga is leading a government delegation that includes deputy minister for transport and communications Panji Kaunda, deputy minister of Mines Richard Musukwa, Zambia Development Agency Director-General Andrew Chipwende and other senior officials.

And Mr Chipwende told the forum that Zambia’s growth path in the next four years was bright given the remarkable investments in key sectors such as road construction and rehabilitation.

He said Zambia has launched road works worth over $5 billion over a period of four years.

He pointed out that this will result in job creation and real economic growth.

This is contained in a statement released to QFM NEWS by First Secretary for Press at the Zambian high commission in London Amos Chanda.

QFM

28 COMMENTS

  1. UK does not entertain politicians who try to promote their own affairs.They know HH as a person who has no interest to serve Zambians.He has no good CV. Politics is about inspiring people not sowing hatred and tribalism.

  2. Shows good work MMD did and left solid framework to progress from. PF seeds surely will germinate soon or in 6 years’ time!

  3. Has Mr Bungane visited Zambia recently.we hav no fuel,we hav no corn flour (principal food),th price of bread is high,we hav no jobs,copper prices are low,we hav no drugs in hospitals,pupils learn under a tree,salaula clothes (second hand clothes) are expensive,low salaries for civil servants,etc!i gues he spoke of a different zambia not the Republic of Zambia i know.can this man tel me the exchange rate now of th kwacha against th $ dolla?…please give me a break.

  4. That is the problem with economics of calculated numbers Bungane – we africans especially zambians need food, health-care, clean water, peace, education,freedom from police brutality etc – 6% GDP growth means ZERO for the majority africans…sorry umnandi!

  5. IT IS NOT 4 U DEMONS BECAUSE THERE IS NOTHING GOOD WITH U. HOWEVER ,LET 0 THOSE PATRIOTS BUILD OUR MOTHER LAND. GO,GO PF!

  6. Men and women at work. Tat is pf for you. Pf are real men and women. The dogs arestil sleeping while pf are doing some real work.

  7. Only fools praise blindly. Pf hasn’t done a quarter of what is expected of them. Mmd left these structures they’re trying to destroy. 14billion is still with mutembo nchito, chikopa is still draining our resources, sata and other politicians still drain the nation’s resources by getting to foreign hospitals and garavanting overseas. In the end all goes to waste

  8. This is a sales pitch. We you are making an advert to promote a product you usually look at one side. AFRICA MATTERS is a non governmental organization that promotes investments in Africa. Bungane has to say this because he has to take care of his Barclays unit in Zambia. Besides as Bank Barclays is raking in super profits from Zambia. For foreign investors in Zambia banking and copper mining are assuring them of high returns. As for the so called $750m bond honestly what is there to show for it except that we have to pay $1.5 bn back? The economy is booming for Barclays and copper miners but what has happened to the Agriculture sector on which the majority of Zambians depend? It is in free fall!

  9. # Mbyumbyulu dont speak without facts.The Civil Servants are receiving better salaries than what the MMD gave them,more schools and universities are under construction.New roads are being built and the old one are being repaired.More hospitals and clinic are also being built.What are you talking about?HH and Nevers Mumba have no developmental plans for Zambia and no direction!You soung like one of those Zambians in the diaspora who sweep the streets in the USA.Please be objective and stop making foolish comments!!

  10. 1. Barclays lent Zambia the money. Their guy would be quite careless not to shower us Zambians with immesurable praise. Looks like marketing and PR to me.

    2. Barclays’ little trick aside, I fully agree with Chipwende’s statement on development. Hats off for the massive infrastructural development programmes currently going on through RDA, REA and the ministries of Health and Education. Makes me very happy.

  11. Some bitter enraged individuals will find it hard to swallow, anything good to be talked about over this GOvernment on foreign soil?! Nononono, ala zanda HH, unless he is still trying to play so he can one day end up like Mr Lungu, nakumbwa bad, i wonder how he’s sleeping imagining That slim bodied Guy as umutwe wachalo, ya chamubaba bad!
    Meanwhile, i know this Government is trying to work hard, abakali tabalanda, go Sata go Sata, balanga, let them make noise, meanwhile land that plan to take us to higher heights!

  12. @ things fall apart,pls learn 2 give your opinion without insults.give us a project tht pf startd nd gave/gives economic growth.they hav only built on what th previous government left.i giv thm credit 4 th new districts,bt th eurobond,upgrade of roads,clinics,schools etc is mmd work.pf almost aprorietd mwanawasa stadium as their project.come on my br/sr…! Pf projects hav nt made any economic break through.i am nt in th US by th way.am in Livingstone.lets contribute without insults.wish u wel my br/sr.

  13. @ Myumbyulu, fair enough if it is really mmd work that PF is doing why didnt MMD do the wonderful work of KK and UNIP? all they did is detroy everything , from that moment we lost production and manufacturing . We stopped making tyres,we do not asseble any car ,we do make many products like we used to when we Lyons Brroke Bond,Copper Harvest,Sunrise Biscuits,Serials International, Zambia Airways just to name but a few of UNIP & KK’s great works . Imagine if MMD had continued from where KK left ? we would be better than we are now. You are saying these projects are MMD’s why then did they not implement them? Having plans is not always the same as executing them , if MMD had plans then they procrastinated thinking they will always be in power. But PF is busy working, give them credit

  14. @ Myumbyulu, fair enough if it is really mmd work that PF is doing why didnt MMD do the wonderful work of KK and UNIP? all they did is detroy everything , from that moment we lost production and manufacturing . We stopped making tyres,we do not asseble any car ,we do make many products like we used to when we Lyons Brroke Bond,Copper Harvest,Sunrise Biscuits,Serials International, Zambia Airways just to name but a few of UNIP & KK’s great works . Imagine if MMD had continued from where KK left ? we would be better than we are now. You are saying these projects are MMD’s why then did they not implement them? Having plans is not always the same as executing them , if MMD had plans then they procrastinated thinking they will always be in power. But PF is busy working, give them credit

  15. @ Myumbyulu, if you really are in Livingstone and have a clean conscience , you will agree that the works that are going on in Livingstone were never there during the MMD epoch. If you truly live in Livingstone you will see the works at the new intercity and also at the former Zimbabwe market and so many other road works and feel very proud of PF because MMD never did this for L/stone, if they had plans then they sure took their time to implement them . So please say something else , may tell whatever you are saying to you chidren .

  16. Suddenly MMD is a darling who planned everything PF implementing. Isn’t that the very reason people booted them out office, non-performance. So they had well laid out plans but lacked time to implement them! Pathetic excuse, this.

  17. MMD left Zambia with a growing economy low inflation, very good foreign exchange reserves and a bumper harvest. There is no dispute about this. MMD was booted out for a number of reasons but the two most prominent were longevity at 20 years in office and the second was high levels of poverty compared to expectations in an economy that was growing. In terms of Poverty Pf has made little head way and has really to work at it. In terms of longevity, every party sooner or later faces it. The Zambian public are unlikely to tolerate a Party in office for 27 years again.

  18. @ umwina Zambia, thanks 4 yo contribution.am nt an economist.do u mean tht al projects u mentioned wher viable the time MMD took office? Mmd is out nw because it became a ‘family house’,strong headed,thinking it ownd zambians.pf wil soon fall in th same pit.i give them credit for th spirit it hs,2 move things faster despite nt following most of campaign promises.they stil hv room 2 improve,buildng on constructive criticism frm th public.we need a political will 2 move foward.

  19. Business opportunities are certainly there. Both the World Bank and IMF have stated in various forums and in their reports that that they have lately noticed (since the last 18 months) a steady increase in investment and thereby a general pick-up in the business climate in the sub Saharan Africa region. What this means is that, going forward, the region would witness increasing economic growth whihc can be tracked by studying human development initiatives and data generation on GDP of the individual countries. It is hoped that all these initiatives will help further reduce the poverty. How to achieve this? In order to be successful and ensure a sustainable economic growth in the region, the countries should give full importance to infrast

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