Commerce Minister Margaret Mwanakatwe says Zambia needs to set a target of 12 percent Gross Domestic Product -GDP- growth rate in order to bring about positive change.
Mrs. Mwanakatwe says the country is rich in various resources making the 12 percent GDP growth target attainable.
Mrs. Mwanakatwe was speaking when she launched “Ready to Work” program by Barclays Bank at the Zambia Centre for Accountancy Studies -ZCAS- in Lusaka .
She observed that the current 7 percent GDP target is not adequate to lift the 70 percent population living in poverty
The Minister says she has in the past five months seen unprecedented high levels of foreign investors expressing interest to tap into the Zambian economy a sign of greater things to come despite the current global economic turbulence which has not spared the country.
And Barclays Africa Regional Management Chief Executive Officer Mizinga Melu says Ready to Work is meant to prepare students for the job market after graduating from school.
Meanwhile Barclays Bank Zambia Chief Executive Officer Saviour Chibiya says the challenge of jobs in Zambia is high especially that three quarters of the population is below the age of 30.
And ZCAS Executive Director Alvert Ng’andu welcomed the program noting that the institution is keen to ensure its graduates are ready to be productive either as employees or entrepreneurs.
uncoordinated statements, please learn to consult within yourselves to avoid issuing unsubstantiated statements, this 7% that other one 12% and 5% of GDP where are you taking us.
Another person in higher position not because of ability but because of the surname.
Nonsensical, she has a tarnished image from her scandals with the loans, needless I go on…
Thanks
BB2014
Was it a prepared speech?
This minister is not aware that her own govt has down sized or sliced the target to the mere 4.8%, which won’t even be attained. She is still talking about 7% target, really PF ministers are disillusioned. Dear minister, tell the nation what you ministry is doing to attain that target of 12% within the next 11 months, and also give tangible examples of what is working this far, otherwise please stay salient and wait for 2016 when exit door will be shown to you.
She has her job because Lungu must have mistaken her eyes for come-hither bedroom eyes! This woman has really not made an impact. She has not even issued a statement that has inspired confidence at all.
Where is kambwili to learn so sense,,,70% of PF Zambians are in poverty! This is means that in every 10 stone throwing PF cadres only 3 can afford mosi lager abashala Ni chibuku! What shame
@ Mushota is jealous of Margaret because she’s sharper and more educated than her. Shut up Mushota!
It’s like someone says we need to drive at 100km/h to reach our destination in time. Meanwhile, when they took over the driving seat we were travelling at 50km/h but instead of increasing speed they have put the car in reverse!
In Other Words 5 P,c Gdp Will Not Lift The Majority 70 P,c In Poverty
So says the woman who is not afraid to borrow
The woman who is not afraid to borrow, and when she does she never pays back!!
If China did it, India did it, we can also did it – NOT! The key economic fundamentals are stacked against us, including the most important which is LEADERSHIP.
Do you mean “FAILED LEADERSHIP”?
Leadership e fintu,there is no one to steer the ship.Tuli mundoti
This lady is very shallow to say the least. For a start, 12% GDP growth is unattainable when our growth was surging toward 8% but has now corroded to 4.8% under the regime she serves. With commodity prices low and without an emphasis on volumes, GDP growth will be slow. You can set an unrealistic target if you aim to fail. The PF Government has scaled back GDP growth- that is no secret. Mwanakatwe is is shallow Commerce Minister and that is evident from her record at Barclays- abhorrent record.
according to Wikipedia – in 2014, there was not one nation in the world that achieved a GDP growth rate higher than 11.9%. Most developing countries are not even close to such high rates. But, hopefully our esteemed leaders can do what NO other country in the world can do – attain a growth rate of 12%. Lead us and we will follow. Deceive us and we will vote!
One wonders where she got the 7% from. She’s unrealistic. Even the 5% will a tall order to achieve now she’s talking of 12%. Where are the fundamentals to achieve that? Sad, we have too many Kambwilis in this cabinet. If most of them had access to the media like has, we would see that in fact the majority of them lack the grey matter. No wonder things are this bad & they will only get worse.
The ZMK120,000 annual salary a man gets when spread theoretically over his family of three is quite a lot – BUT if you examine the fact that that man 1) only gives 1% of that earning to his family and that 2) generously spends on luxury and frivolous things, leaving his future retirement needs unattended to, this good salary does nobody any good in his family or his relations at large. This is the reality of GDP. We keep harping on an archaic concept, waiting for the IMF and World Bank to finally tell us (when they get honest enough to admit, shamefully) that this GDP quote never brought anyone any good at all. Only societies that have inclusive, well balanced INSTITUTIONS are doing good, regardless of GDP. Our people are no longer in a position to be fooled so many times, guys…
If you don’t understand economics don’t comment please. All the lady is saying is that to seriously reverse the poverty numbers and unemployment especially for the youth Zambia would need a sustained period of double digit growth i.e. 10% or above over a period of years. It is easier said then done but it has been done China did for over 20 straight years!! this is what moved them to second in the world economies. Unsurprisingly it is easier for smaller economies to achieve double digit growth e.g. Mozambique and Sieara Leaone managed 18% growth at one time
Mr Zedman, what we are saying is that we know this already but what is she and her govt doing to address the situation? Did we put them there to explain things we know already?? Oh my God, some of these Zambians, when do you want to witness development? is it after you’re dead. Why should we listen to explanations and excuses year after year!
Zedman, we understand what she is saying, but the question everyone is asking is HOW?? Why is she making such an empty statement, with no detailed plan as to how it can be sustained and over what period. To echo her colleague Mr Kambwili, ‘don’t just highlight problems, come with solutions’.
The PF found a healthy growth rate and over the last 4 years they have eroded it. I grant you that there are factors beyond the control of Govt. but there have been serious errors along the way that have seriously contributed to the predicament we find ourselves. The flip flopping on policy, the haphazard expenditure without planning, the poor planning…
@ Zedman
It is good to understand “yearly” theory of economics.
But, the ONLY way out of current dead end “economic development” street can be found in trade. It has been there from 1994 but all successive Government have failed to accept stark reality. Ask any Minister of Trade and Commerce why they avoided ti sign any of “Specific Annexes” to RKC? Ask any Minister of Finance why the mandatory provisions of various GATT (1994) Appendixes have not been implemented?
The tools to take Zambia out of powerty and dubious reliance on mining are there. Unfortunately, mentality of leadership its frozen. That is it why a small “City State” like Singapore which is void of ANY natural resources (even water is imported) has Foreign Reserves of 66 billion USD and trade surplus of 23% of…
GDP.
The “magic” is TRADE. Misplaced reliance of mining has brought Zambian economy to its knees. Solution is there, but our LEARNED and HONORABLE LEADERSHIP (lol) has FAILED to look around and instead are blabbing for the past 50 years about “UNPRECEDENTED DEVELOPMENT”.
Please, check the facts before talking about theoretical fiction.
that target mama is realistic, but can we attain it is it achievable without proper measures in place. as for me 15% is even better, but look at the cost o doing business pa zed, interest rates, inflation and unpredictable kwacha. so see how you can work on the very week points in the economy, then set whatever target, ifyo twala umfwa
@just thinking
Really you are quoting Wikipedia. So you argumentative capitalist nigas .how much growth can you project for the country? She mentioned investors who are eager to invest bena while you are being keyboard warriors. JFK said ask not what the country can do for you but what you can do for your country.
and investors are capitalists? Therefore, stick your failed demagoguery where it belongs.
We hear this song of investors who are queuing from Bejing to London via New York to come to Zambia, yet where are they? Give us their names, when they are coming, what they will be investing in and how much they will be investing. We hear pledges totalling hundreds of millions of USD have been made, but where are they?
As commerce minister, instead of always just quoting figures, what are you doing about it? Or what have you done to improve the situation???. Zambia needs proactive ministers who are action orientated not just always yapping about figures.
…why mentioning Zambia instead of govt…??..what an intelligent way of condemning the 2016 budget which targets 6.8 GDP growth by 2018…..
12% is attainable but not with such shambolic, myopic leadership and a lazy bum for a President! !
Correct @ Jayjay, anyway I have never seen a hard working Sot! They’re usually always very tired and often faint due to hangovers!
Madame Minister with no brains please because of the failed kwacha no investor will look this way even if they did the cost of doing business would be toooo expensive something you might not understand since all the jobs you have held have been on the basis of saying the right things…we know you want to be Finance Minister hence your contradicting the targets set by your colleague old and tired yet corrupt Chikwanda….By the way when do you pay back the loan from CEEC
THIS IS A GOOD DREAM. THIS IS A GOOD AMBITION. BUT IT NEEDS A STRONG POLITICAL WILL. IT REQUIRES PRUDENT LEADERSHIP. UNFORTUNATELY FOR US, WE ONLY HAVE LOOTERS AS LEADERS. VERY UNFORTUNATE INDEED.
Were are the PF cadres here? Looks like this conversation is beyond their comprehension, its above them. If it had been about defamation of the opposition leaders, they would be quick to talk trash, whilst at the same time proposing prayer and fasting as a means to reach the economic targets.
U are talking nonsense and expect PF cadres to join yo frustration ranting. I wonder whether u read before commenting. What is wrong in someone saying for us to c meaningful change we need to grow our economy by 10%. If that statement came from yo god HH u would have been applauding here. Jealous will kill u.
People just like to criticize. The PF has empowered us small scale constructors. Thank you god!
Oh so it is you who helped finish our reserves by building ramshackle kantemba’s?
Whereas Europe and USA harvested the industrial growth for a couple of centuries, China and the other GDP Tigers are on the brink of becoming post-industrial within a span of 50 years! Stop being fooled bambo, the only sustainable way for Zambia is agriculture and sane tourism….get the millions into gainful, longterm employment and we are cooking; No more babbling and far..s please !!
The lady is right.
If the time spent whining and blaming Lungu and writing blogs was spent on exploiting the low Kwacha through exporting of our now cheaper goods relative to the dollar, we could achieve 20% growth.
By the way, although the likes of hakainde will not understand, . Lungu has only been in power for only eight months. Lungu has not. Caused the crisis we are in. My advice is that he cuts on expenditure like the building of Universities for the the time being but go ahead with roads and health infrastructure.
@ Arm Chair Critic
Can you mention ONE statutory provision enacted in last FOUR years which facilitate exports?
No?
Then, get the f*ck out of arm chair and tell that incompetent blood sucking failed banker to roll-up her nickers and do some constructive work instead of parroting.
Clarification: the 7% that Hon Mwanakatwe is talking about is in the current budget while the 5% that UPND cadres are wrongly referring to is in new the 2016 budget.
The main message of the speakers was development for Zambia but as UPND cadres you must see bad things which are not even in the good and patriotic speeches. Kanshi bamipanga shani ba UPND, bushe mitwe shabendama ishamionaula ibongo mwa?
One definition of insanity, is to do the same thing over and over again, and expect a different (positive) result every time.
One definition of intelligence, is the ability to learn from experience.
We have seen 24 years of supply side economics, with all kinds of promises which turned out to be complete lies, about how everyone would be included in this economic growth, how it would all trickle down if only we just give the keys to the city to the transnational corporations, and do whatever the IMF/WB says. And by the way, there are highly corrupt links between Anglo-American De Beers and the IMF/WB.
It is time for a people centered development, that is longer obsessed with GDP growth that is really the theft of natural resources.
It’s attainable! Why are these chaps in UPND panicking all of a sudden? Some six months ago if some said the price of cement would come down from K90 to K54, HH, the “economist” would have refuted this, but he is shame! Bring the same formular to me alien meal by hastening the installation of solar milling plants across the country. Determination and focus is the keyword by President Lungu. Soon and very soon me alien meal will be averaging K45 per 25kg breakfast.
Mwanakatwe, just focus and set your eyes on the ball and shame the Satanists.
It’s attainable! Why are these chaps in UPND panicking all of a sudden? Some six months ago if some said the price of cement would come down from K90 to K54, HH, the “economist” would have refuted this, but he is shame! Bring the same formular to me alien meal by hastening the installation of solar milling plants across the country. Determination and focus is the keyword by President Lungu. Soon and very soon mealie meal will be averaging K45 per 25kg breakfast.
Mwanakatwe, just focus and set your eyes on the ball and shame the Satanists.
It look like your “way up” has taken opposite direction, or you mean that only “way up” must include hunger and destitution first?
When you look at the recent past, India, China, Nigeria, even Ethiopia had the most degrading hunger/poverty in the world. Countries like India which is heavily populated were recording nothing as GDP… There is still poverty in India. Even in China their mining styles are death traps. America still has Ghettoes in each city or town. The development you see in Europe was done by slaves…specially the tunnels.
Therefore you can not do away with hunger/ poverty, destruction as only God shall come and end them…not human politician. Development should not be tempered with. Universities construction should go along with the other developmental projects. At whatever cost… go ahead and if it means to borrow… go ahead. There are risks in everything we do in life individually or as a…
individually or as a country. In-fact Zambians must produce more children to empower Zambia with available market for its products. Zambia needs bigger population to create its own local market. That way we can use only the Kwacha for most products. Produce more cement for construction Industry and make the industry big enough to employ more Zambian worker to build good homes
Food for your thought…. you critics