9.5 C
Alba Iulia
Friday, June 5, 2020

ZUFIAW wants BOZ board appointed

Economy ZUFIAW wants BOZ board appointed

Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) has urged government to ensure that a Board of Directors at the Bank of Zambia (BOZ) is urgently instituted.

ZUFIAW President Ackim Mweemba told ZANIS in an interview in Ndola today that financial sector institutions occupied a special position of trust in the national economy.

Mr. Mweemba noted that for any institution to move the policies forward there was need for a board of directors to provide checks and balances in order not to risk the public losing confidence in a given institution.

“BOZ is an institution that supervises institutions that hold the funds of depositors and creditors, if it does not have a board of directors instituted as soon as possible to provide checks and balances then it risks the public not to have confidence in the banks that secure people’s funds,” Mr. Mweemba said.

He observed that the nation was in a globalised financial market and other technological advancements and new innovations in the financial products of the sector that brought about a complex of risk management.

He stressed that the board of directors should be in the forefront of seeing to it that government programmes were implemented and are on course.

He cited the Industrialization and job creation strategy in the manufacturing, tourism, agriculture and construction sectors as some of the government programmes that should be implemented and seen to be on course by the year 2017 but that if there was no board at BOZ then it will be difficult to achieve the goals.

Mr. Mweemba wondered who would carry out the checks and balances and ensure that the programme is implemented if there is no board of directors in place.

Mr. Mweemba however said government should ensure that once the board of directors is instituted it should deal with the high levels of casualization of labour which he said is not only detrimental to the financial sector but the private sector as well.

“It is a pity that when the country is grappling with high unemployment levels, BOZ can have over 100 vacancies. The effectiveness of the institution is being affected,” he said.

He said the other issue that the board of Directors should deal with is the erring in-house pension funds which he termed as being in a coma due to the policy at the bank which has been pursued for the past 12 years.

[Read 55 times, 1 reads today]


  1. And I hope I will b a member of that board,i hav sat and watched evrybdy being appointed,and its been so frustratin, this should b my turn now,wont accept it if am left out again

  2. Am sure HH will command or demand that the Board be set up, or he hasn’t realised that or he is waiting for time when EL is just about to announce the Board. What an under 5

  3. BOZ Board is ineffective. You can’t have the Governor to function as Board Chairman as well. How will the checks and balances be conducted. We need reforms at BoZ.

Comments are closed.

- Advertisement -

Latest News

Zambian Youths: You Represent The Largest Group of Cowards Zambia has Ever Produced

By Nevers Sekwila Mumba President, New Hope MMD This Message is dedicated to the Zambian Youths between 15 and 35...

CEC’s Problems Worry Power Dynamos

Power Dynamos admits that uncertainty over principle sponsor, Copperbelt Energy Corporations’ operations, after the expiry of the Bulk Service Agreement with Zesco, has left...

Zambia National Farmers Union Rejects the K110 Maize Buying Price Offered by the Food Reserve Agency

The Zambia National Farmers Union has rejected the K110 maize buying price offered by the Food Reserve Agency for a 50kg bag of maize...

The Genesis of CEC

The four major copper mines on the Copperbelt-Roan Antelope, Rhokana, Mufulira and Nchanga had individual coal fired power stations using coal from Wankie. Later,...

Attempt to restrict Power to the Mine by CEC is an Act of Lawlessness-KCM

Konkola Copper Mines says it views the recent attempt by the Copperbelt Energy Corporation to restrict power supply to the company as an act...

More Articles In This Category

- Advertisement -
[Read 25 times, 1 reads today]