Vice-President Dr. Guy Scott has told a Pan-African conference organized by the Oxford University Union that Zambia is seeking to create opportunities for young Zambians to access affordable mortgages in a bold move designed to reduce the housing deficit in the country.
Delivering a keynote address at the Oxford University-Africa Society “Pan-African Conference 2013” themed “Towards a 21st Century African Renaissance”, Dr. Scott said the lack of access to affordable loans for decent homes has led to many young people entering the labour market to live in sub-standard accommodation for which they pay rents perpetually.
The Vice-President said the high interest rates banks charged on home loans hindered people’s access to affordable housing.
“The interest rates charged on homes here (Britain) are almost negligible and therefore people are able to get home loans even before they complete their postgraduate studies,” Dr Scott said.
The government is targeting to bring mortgage interest rates to an average of five percent in order to make as many young Zambians as possible to afford homes when they graduate from school. “You need to borrow at affordable rates in order to buy a house.”
At national level, Zambia has restructured some loans it inherited from the previous administration to longer-term arrangements and invested them in infrastructure development.
He also assured investors that Zambia’s political stability provides the necessary confidence business looks for when investing in any country.
His Majesty King Letsie III of Lesotho made the closing speech. Other speakers included senior diplomats, business leaders and academics assembled from a cross section of areas related to the theme of the 2013 conference. Dr Scott, a graduate of the prestigious Cambridge University lectured at Oxford University before he returned to Zambia. His wife Charlotte, a graduate of Oxford, participated as panelist during a session on infrastructure, urbanization and economic growth.
Meanwhile Dr. Scott told BBC Focus on Africa’s Joseph Onyango in a special interview earlier that unemployment was one of Zambia most immediate challenges the PF government was working hard to address.
“We are working hard to diversify the economy and we are doing this very fast. We are creating jobs but there is a huge gap we have to fill because only half a million people were in formal employment at the time we came to power.”
He said the government had put in place changes that sought to create more incentives for investors creating employment rather those simply seeking to extract the country’s resources without due regard to sustainable development.
Dr Scott dismissed as noisy, the Zambian opposition who had it a habit to rush to the international community seeking sanctions against the people of Zambia.
“The opposition are insincere…they are trying to create trouble for the government. They have lost support and now want to create a false impression in the eyes of the international community.”
He said the question of the trial of former president Rupiah Banda was before competent courts of law that would decide the outcome following Parliament’s decision to lift his immunity from prosecution.
There are no violations in Zambia warranting international intervention because the country is functional democracy where the rule of law, respect for property rights and a free political space were guaranteed in the constitution.
speaking on behalf of zambians..their goes our white muzungu.south africa is waiting for your apology….!!
Is this what peopl do when they are ON LEAVE?
Apology yanshi? most pipo here in SA are in fact happy about what Scott said about that country coz that was just the truth. I have personally read about some pipo’s reactions and comments in their local tabloids.
Scot in a Flip Flop mode again. Intellectual – African Politician – Intellectual – African Politician – Intellectual….flip flop flip flop. Totally amazing!
over due!!! this is a very positve move from the government,it requires more action than pronouncements…but we need to be very careful with the mortgage scheme.the so called global financial crunch debuted from the mortgage crisis in the usa,..nevertheless,its a welcome move which will benefit many zambians once finalised.
Home loans can be affordable provided the the basic pay is economically practical not where the least paid govt employee gets kr. 2900 (US $550) per month effective september 2013. ALL living expenses are supposed to be covered by this paltry sum. How affordable can there mortgages be? Lies and more lies!
You should appreciate that these guys are trying to improve the pay of government workers. The previous government was paying around Kr800. Kr2,900 is a big improvement. Things don’t change overnight.
@wise man
This muzungu opusa is lying again, working to make home loans affordable? my foot! At the moment, all the monies meant for development and good projects are going to pay for stupid by-elections. Until the last standing opposition MP is grabbed by PF through stupid by-elections… those good development projects remain pipe line dreams!!!
@NDOBO
YOU ARE VERY RIGHT. THE OTHER DAY THE PRESIDENT WAS QUOTED IN THE POST NEWSPAPER JUSTIFYING THE RECENT HIKES IN ALMOST EVERYTHING. HE “SAID HE WANTED THE MONEY CHANNELED TO OTHER OR GREATER SOCIAL AND ECONOMICAL ISSUES” BUT DID NOT SPECIFY WHICH SOCIAL AND ECONOMICAL ISSUES AND HOW EXACTLY HE WOULD ACHIEVE HIS GOALS. THAT IS THE BIGGEST MISTAKES ZAMBIANS MADE WAS NEVER TO ASK SATA HOW EXACTLY HE WOULD ACHIEVE HIS SO CALLED “90 DAY” PROMISES. FROM THE START I KNEW THIS WAS A “MAN OF NO ACTION” JUST AN SPEECH ENTERTAINER. HE WOULD HAVE MADE MORE MONEY IN THE ENTERTAINMENT BUSINESS.
Home loans target the Middle class not the least paid. The least paid should be left to govt programmes that build them VLC housing.
why are these people insisting on making unfulfillable, if such a word exists, promises? mr scott, we are not that gullible, 5%? see, for instance, I lived and had a mortgage in south africa, a big economy by most standards: the prime rate was never below 12%. i have 2 mortgages here in canada, which i think is a big economy by all standards, and the prime rate never below 8%; your math, to be frank seems to be off or were you under your famed influence of something?
What happened in RSA, you were foreclosed, you couldn’t pay? Somehow I agree with you.
But in Zambian the biggest problem is us the citizens, we don’t pay back loans. Ask government ministers, and how many people primary school teachers have walked away with simple car loans?
Someone please tell this stu.pid old white man to shut up.
Is this not the guy believed to be on leave? Who’s fooling who?
Hold on.
Is the VP speaking in his “private capacity” or as a Vice President of Zambia?
Hon. Sakeni, please clarify.
That Cambridge degree was wasted on this modern hero of the Anglo-Boer war. Democracy to him starts and ends with the PF defeat of the MMD. Arbitrary arrests, infringements of the rights to assemble freely, bribing MPs with taxpayers money to join his PF, denying development resources to areas where his PF has no MPs is all part of Democratic governance under his PF regime! Someone ,please, lend this Scott dude a new brain!
Is this the guy sekeni said he is on leave?Ba Sekeni do not trivialize this matter it has serious repercussions ka,just unreservedly apologize.
@mojo
good question.. is he on leave? and in whose capacity is he speaking now?
This is vintage PF. Shameless lying to an easy-to-fo^ol a youth sector with a humble education who cannot tell that the necessary fundamentals to make mortgages function in Zambia are absent, and they’re therefore not capable of questioning PF. But then again that’s how PF got into power in the first place. It’s like a Duck on water to them.
These opposition comments here are very negative. Would you prefer Zambians to be poor for ever and only HH and his relatives to have money? If you don’t have any solutions just be quiet
If you want to have money like HH, go to school and work hard, PF will never introduce any mortgage, if you are waiting for that mortgage, you will forever live in your one bedroomed rented house in misisi.
Can you even read the article? PF is not a bank to introduce mortgages… I suppose HH would give them out personally as he is “so rich”
Why is Scott issuing statements when according to PF he shouldn’t because he is on leave? Is this statement one of those issued in his personal capacity and government does not agree with him? because i dont see this government setting up a mortgage let alone one costing 5% .
I think people in PF should realize that we are not fools for then to keep on promising thing they well know that they can never fulfill. Guy scott is indeed stupid.
Dear Zambians don’t believe anything that comes out of Dr Scott’s mouth. He does not always speak for the PF government. Wait until Mr Sakeni confirms that Dr Scott was indeed speaking for the government as at the present moment he is still officially on leave!
hahahah… wena conclaves you cracked by ribs…. ka niti yetezi!!!!!
Sata has delivered several keynote speeches outside zambia, and now Scott…!all the speeches remain wher they have been delivered.they come back home with empty words and life continues…poverty,maybe more than that,misery for many of us.
Sata delivering keynote what?
zambians should not continue to entertain this foolish white man who has insulted africans with his statements on south africa. make no mistake about it – this is what the white man thinks abut africans – they are all backward in all areas of development.
a permanent secretary in zimbabwe ws fired for making disparaging remarks about zambia’s sloppy progress in its WTO preparations. zambia is literally a province of south africa and we cannot at this stage afford to antagonise them and worse that this rift should be created by a white man. africans/zambians do not be fooled – there is no white man on earth who has respect for any black man. they just pretend because they know you have something they want from u.
PF Just copped up Chimpimo and this chap is saying there are no violations in Zambia! No wonder others are saying Zambians are too docile!
Has Guy Scott’s leave conveniently ended or he is again speaking in his private capacity? Sakeni another Statement please!
U DEMONS STOP LYING 0 BECAUSE OF YO RELATIVE ,HH WHO WILL NEVER BE PRESIDENT. PF DO NOT PAY ATTANTION TO THEM .THEY ARE NOT HUNANBEINGS SPEAKING IN THEM. WHATEVER U DO THEY WILL CONDEMN 0 B’COZ OF HH. LET THEM B READY 4 ANOTHER PENDING RUDE SHOCK.
Wow……Scot is a Man…5 percent being a base rate is fine and realistic,+/-3 percent will equal some best rates offered in other countries. Viva Scot. Looking foward to c comments from bankers and economist on what we should do to achieve 5percent base rates.
Mortgages for the youth my foot !! Now since we the youth are unemployed, how are we going to re-pay these home mortgages, mr Scott?? We have noticed that only the Chinese youths are eligible to get employment here in Zambia. So do you mean they are the ones who will qualify for the mortgages?? No Bank on earth would look at an unemployed youth or anybody for that matter !!! Shameless liars !!!
I would never take this F.O.O.L serious especially when he his talking while on leave
I was very sad to miss this event due to exams at university!! Zambians you love PHD!!!! They are doing some real work !! You are so caught up in pontaling!!!Go out and make an actual contribution!
Which stupid by elections iwe chi – kala. wabe tole.