Tuesday, April 16, 2024

Zambia’s economic Growth rate worst since 1998- HH

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UPND President Hakainde Hichilema has described the current Gross Domestic Product GDP growth rate as the worst in more than decade.

Speaking when he feature on Radio Christian Voice on Tuesday the UPND leader said the 2015 growth was the worst since 1998 and that the crippling energy crisis was one of the major contributor to the reduced growth rate.

Mr Hichilema said the country has been growing at an average rate of 7% since 1998 and that the current growth rate has a lot of negative impact on the economy.

He also called on government to tell the truth on the creation of jobs wondering how it can create employment when there is no growth in the economy.

“We must tell the truth, we must not falsify, we must not say we have created five hundred thousand jobs when Zambians are losing jobs. We are not telling the truth, we are going through difficult times.The growth that the bank of Zambia Governor indicated Lolenzo, 3.5% at the closure of fiscal year 2015 is the worst since 1998. Zambia has been growing at around 7%, 8% even picking at 10% for short period. Since 1998 this is the worst growth.

“The question is why have we declined to this level of growth I think as government they should be able to answer this but are we being told the truth. We must tell the truth because we are a Christian Nation, we must be a Christian Nation in deed not in words,” he said.

He said the situation needs to be reversed before it gets worse.

“The focus for is what do we need to do redress this decline because when the economy grows at 3.5%, it means a jobs loses, it means no opportunities for a young person, it means we are not generating enough money to support our population in food, not only food but afforded food because a lot of our people are sleeping on a meal a day,” he said.

And Mr Hichilema wondered were people who claim that he belongs to some Mason religion gets their information from as he has never belonged to any region apart from Christianity.

He said he is a baptised Christian in the SDA Church and promised to up hold Christian principles when elected into office.

91 COMMENTS

    • Unfortunately – well a Tonga? come on…impossible

      Meanwehil MS vesion II is a weapon thas being prepred now and launched on August 11- It destroy its target.

      Please support it- we need the right tribe at the helm.

      Thanks
      BB2014

    • @housefly

      Maybe it is BECAUSE the mines were privatised that Zambia grew at those rates!

      We all know how KK and his INDECO failed miserably.

      And then Sata and Lungu f**ked it up by trying to bring UNIP rubbish back!

    • Mushota
      you are a dirty tribalist prostitute, from the shi.t you write it looks like that infested swamp between your legs is affecting your reasoning.

  1. Its important for HH to be honest and realistic with himself. He should learn to tell the truth. The Global economy has slowed down, Countries of the world are facing similar challenges and their economic growth rates have slowed, but every time he speaks he wants to politicize….. its a shame to have has such people in the Country aspiring for leadership

    • If it’s global, why haven’t we reduced fuel prices considering the global price of the commodity has plummeted to levels never seen in recent past

    • @ Chishinte the global economy may have slowed down but individual responsible governments are instituting measures that are not leading them to bend down on their knees with begging bowls or massive borrowing! Why not look at how you can ease the effects for yourselves than be satisfied that because its happening elsewhere so be it!

  2. THIS MAN IS VERY DESPERATE FOR POWER. THE GLOBAL ECONOMY IS NOT FINE BECAUSE ALL THE COUNTRIES ARE AFFECTED, BUT BADALA IS BUSY POLITICIZING THE ISSUE JUST TO PUT HIM AT AN ADVANTAGE IN THE 2016 ELECTIONS. HH SHOULD LEARN TO BE HONEST. THIS LIAR, WHO IS HE MISLEADING????? KEEP ON DREAMING BADALA BECOZ NOTHING WILL CHANGE BECAUSE OF NEGANEGA IN YOUR DNA!

    • @UPND FOR SOUTHERN PROVINCE
      Yes HH is desperate but again you have to also accept that it is his job as opposition leader to criticize the ruling govt. A politician is a man whose action and speech is aimed at making his/her image appealing to the public. And that is what HH is doing. Some people will find this great and some people will find this bad.

    • Global turmoil is one issue, corruption, nepotism, lack of direction, contradictory Statutory Instruments, lack of accountability, use of State resources for private and party matters, intimidation, selective application of POA, theft of State resources are also Global trend?
      As to the “honesty” (lol), did anybody apologized to the electorate for “90 days” promises?

  3. What are some of his alternatives to get the economy growing again? In the SADC region, let him point at an economy which has grown by over 4%. He is such a liar this man.

    • Rwanda’s growth rate recovered from 4.7% in 2013, the lowest growth since 2003, to 7.0% in 2014. World Bank projects an economic growth rate of 7.6% in 2016.
      Mind you Rwanda was in a bloody civil war just a decade ago. Stop with the excuses for Gods sake.

      Chikwanda just like Van Gaal are fosils. their philosophies belong in some history archive, not suitable for modern day implementation.

  4. HH needs to understand the structure and paradigm shift of Zambian Economy and what structural capacities we have to gain and move above 7% Even Chinas trade mark embedded in its 12th and 14th Plans is now known to be un attainable and thus has been revised to consensus averaging 5.5% So what Growth Prospects for Zambia Should it be above 3% or between 7%

    The Comments by the Elders lacks understanding of markets and regional growth prospects now to 2030 in the Frontier markets Emerging or developed countries including the brics

  5. HH’s campaigns should go like this: I commend the present government for doing this but watch out when I form the next government, I shall do this and do that etc. Not always Government this, Government that, OMG this is so boring! Not only that, the civil service, the so called Government is flooded with a lot of UPND chaps who are always throwing spanners in most of the works, this has to stop if you want to develop this country!

    • Groceries prices have more than trebled in the past one year….check the prices even in lowly priced shoprite.

      Salary now buying less than half of past year despite the so called wage rise.

      Prove it….when was last time you saw say five people with full trolleys in a que in pick n pay, spar, game, shoprite, Melissa supermarket ?!

  6. Pathetic Fools, you’re not even worth the black hair on your head, due to your pathetic feelings towards logical reasoning. Definitely, HH is spot on. Growth of 3.5% is suicidal for our poor nation. We can’t continue with the status quo of economic management, and will therefore change the captain on August 11; and read the scoreline in 2021. If he doesn’t perform or deliver to our expectations a better captain will be engaged to carry out the job. That is what we mean by politics being a relay race, you run your portion (10 years) if your have enough energy or end up giving up mid-way if you’re lost at sea. Zambia will outlive everyone of us and our major obligation is to do the best for the current and future generation; and the least being a growth rate of 3.5%, from the Patriotic…

  7. Global Growth Prospects 2015 on wards;
    Developed Countries:
    Output Growth:
    Mean Value 4.3%
    Volatility 2.6%
    Consumption Growth
    Mean Value 4.1%
    Volatility 3.7%
    Investments
    Mean value 5.6%
    Volatiity 7.3%
    Inflation
    Mean Value 6.6%
    VOLATILTY 2.9

    Well if you look at other markets and economies classificationyou will see the same

    HH response though leads what is he is saying is not a true refection of Global Trends as on the contrary Unemployment challenges persist The moderate rate global growth, in an environment of weak investment growth has made the employment-to-population ratio worse since…

  8. the global financial crisis. The unemployment gap is estimated to reach 63.2 M in 2015 and will average 80 M 2016 and HH needs to see the trends and which regions most impacted and why

    The comments are correct but application and conclusion on ZAMBIA is WRONG Growth Prospects must be within Global all markets look to Zambia and Zambians creates significant capacity outside regional and global Cylinders

  9. @PF number one supporter, you rather have someone who talks about returning power at all costs and elections every time he stands to speak than some one who talks about what is affecting your wellbeing in eternity “Solutions”? You chaps have no ability/ acumen to respond to what HH brings up, you would rather remain daft/uninformed in pursuit of a cause that will only satisfy you today shame. Your morale is at its peak when you are clad in those NAZI like berets and militia uniforms causing distress to the same people you want votes from. This time you will surely be pushed.

  10. Oh yes! HH pocket was growing at 7% while Zambian economy was losing 7% toward his pocket. He should be talking to kids who were born in 90s who didn’t understand the pain of privatization some of us we saw the worst years of Zambia during those period, when shiMiko used to go around and ask for debt forgiveness coz we can’t afford servicing the debt. Sometimes tondolo musuma bane.

    • You are lying. I worked in ZPA and HH didn’t privatize any mine!!

      State which mine he privatized in print media and be faced with libel.

  11. Anglo American suspended its dividend in December and said it would sell or close more than half its mines in response to the plunging price of iron ore and other metals. The Kumba disposal is part of a plan to raise $4bn (£2.8bn) from asset sales, to cut net debt to less than $10bn this year.
    Anglo American credit rating pushed further into junk territory
    The company also said it would review its options on the ill-fated Rio-Minas iron ore project in Brazil after three years. It said it would exit its entire coal operations in Australia, South Africa and Colombia, subject to offers.Moody’s, the credit rating agency, cut Anglo American’s rating to junk status on Monday, making it the first London-based miner to suffer the fate amid falling commodity prices. Moody’s said Anglo American…

  12. Analysts at Royal Bank of Scotland predicted last month that the dividends of oil and mining companies would come under threat from the gloom sweeping through the global economy. Rio Tinto, Anglo American’s larger competitor, scrapped a pledge to maintain its dividend last week after slumping to a net loss for 2015 and posting its worst underlying earnings in 11 years. The company’s shares, down 23% this year, fell 6% to 370p in late morning trading.so you have seen how useless the cpompany you want to bring to zambia iwe koswe just continue with your cattle swaini

  13. Don’t blame HH for your financial indiscipline its the reason your name resonates with you status “Downfall”. Look bwana if you have failed to manage your life don’t blame people that mastered the rules of money at a young age of 27 years. I suppose you must be above 40 years and what do have to show for all those years “Nothing” Zonda uzalema….

  14. Moody’s, the credit rating agency, cut Anglo American’s rating to junk status on Monday, making it the first London-based miner to suffer the fate amid falling commodity prices. Moody’s said Anglo American would find it more difficult than first thought to reduce debt.

    • @ pungwa

      Moody’s?
      Is that the credit rating agency which was making bad comments about Zambian performance 6 months ago?
      Well what steps has the Government taken in last 6 months to reverse decline? Chartered G650ER to go to New York? Appointed more Ministers to streamline decision making and lower the cost? Allow First Lady to bribe left and right?
      Can you please remind us on positive Government actions?

  15. @Pungwa that company is better placed to revive KCM. The vandatta group has failed and we can’t keep to the status quo. Mining in Chingola is at its lowest and with the record of Anglo in Zambia, KCM is poised to return the pride and profits it once enjoyed.

    • so you what zambia to settle their debt when their creditors have said they will find it difficault to settle their debt who are you cheating imwe bakabwalala? ECL efintu 11 august nafutinafuti

    • Ba sky what record has Anglo left apart from running away leaving miners stranded without paying them terminal benefits. You were in choma when all these were happening. Ask us who were in cb at the time.

  16. This is so sad a story!, especially if one knows exactly the roots causes of our economic downturn since the 90s. The economy can never sustainably grow and hold on to that growth for a decade or so, as long we lack the manufacturing base & other (national base/companies)…. HH is the root csuse of our contemporary poverty, he single handily pocketed over 73% of the returns from the sale of our national companies…. Please God help Zambia…

    • The world over is privatising national government companies and you are thinking of government run companies. That formula failed, Zambia was bankrupt , even now you are failing to run ZAMTEL as a state company.

    • The Lord curse you for a lie with malice aforethought ……!!!

      How can a single man get more than half the nations mining wealth?

  17. What the s**t is wrong with you Zambians.HH is trying to highlight why you are in abject poverty and you want to get academic on this fora..buggeroff.The people are suffering out there because of economic mismanagement by the current government and all you can think of is comparing Zambia to other failed countries or companies like Anglo..VOETSEK! Look at Tanzania and Rwanda,these countries have recorded high GDP growth.There is hunger in Zambia and it will persist as long as this party stays in power.If you cant see it or feel it,stay put in your little diaspora petch.Back home they are voting HH in August.

    • Back home kwanyoko mabala, you can’t even return ku Zambia because YOU ‘ve now over stayed ur us visa…. Which zambians will vote for HH, you ‘ve never told us how you became so rich and if at all HH cares about Zambians why is he not helping them , at least sponsor a homless shelter or some poverty alleviating ventures that we all knows about and not those known only in the dark.
      Between a millionaire and a drunken-master, the majority Zambians would vote for a drunken-master. Because he is the one the majority poverty stricken voters associates with….
      Keep your riches!!

  18. Zambia is the worst performing economies in the sub region and this points to PF clueless leadership. In Mwanawasa regime, there was global recession but the economy never reached this bad. PF out 2016

    • Ba Jack hamulenga yes copper price was low but demand was still high because China was not affected by the recession. This time it’s both low and not on demand meaning even our export is equally affected. That’s the simple language of economics I can teach you. No wonder you and your HH have no clue on global markets.

  19. No wonder some of HH’s MPs claim to witness much development in their constituencies now than ever. Equivocally, other parties are rushing for PF defying these economical odds. HH should understand the political landscape and terrain ahead and apply simple campaigns to amass the necessary numbers. He may have a point but it seems majority of the people interprete it as mere political sycophancy.

  20. Even since HH privatised our companies, things have been bad.

    HH you can eat with both hands, steal monies for privatization and go to statehouse to steal,

    NO WAY. Stick to animal farming

    • @ PanAfricanist

      At least, HH has a business. What you have? F*ck at all.
      HH has NOT been charged with theft, never mind prosecuted.
      However, can you help me to remember who was convicted TWICE in the High Court on embezzlement chargers?

  21. …I now understand why HH cannot woo moderate voters who are in the majority….he is assuming he is in United States or some European country….his main rivals are busy mud soiling UPND and him on personal level which the majority of the electorates enjoy and understand….he is busy talking about economic growth…inflation, GDP…there so many grey areas to point at and attract the attention of such voters….

  22. The only reason I would want this man to win the coming elections is to see how he is going to turn the economic table,not that am his number one fan,NO.his ranting is too much.and if he fails to deliver,the lightning which will strike him is still doing push ups.

  23. At sky (17), Ukutangila tekufika. Someone can make money even at 40, 50 or even 60 years. There is no age limit to getting rich. Delaying is not denial. If HH made money at 27, that is his own cup of tea. I have Personally seen many people who have made money in the late 50s and lead quiet lives and do not selfishly boast about there moneys. I personally do not worry about getting rich. If I get rich, well and good! After all I will not carry anything to the grave. I won’t be buried with a mansion, a range rover, beautiful girls, suits, shoes etc but everyone will be buried in a small 6 feet under trench and later stand alone with nothing before the white throne judgment seat of God. So Sky do not boast in other people’s dubious success.

  24. Few Africans have a fair grasp of economics. The majority of us, including most political leaders and would be intellectuals, simply drift along, depending on which direction the wind is blowing. In that respect, the PF are not a rare species.

    • In the case of Zambia, late president Levy Mwanawasa’s legacy was an exception. For the first time, the country found itself able to tell what time of day it was economically. Levy, a lawyer by profession, was not too proud to seek able hands to handle the impossible – managing the economy. PF have not shown that kind of humility. They have been doing it the African way, cooking without a recipe.

    • PF has been doing it the old fashioned way. The argument being, if it has worked in the past, it should still work even now. But that’s hardly the case. Even the brightest of minds and the richest of experiences seem to admit that things have changed. Managing an economy in today’s world requires new ways of thinking. But where does that leave the old dogs, known for their dislike for new tricks?

  25. HH sold our mines.kiki this man knows nothing.Indeed he is driven by a tribe party.I can’t waste my vote for this man who sold mines and wants mines to be given back to Agro-Americans so that they may recover from their downfall.Copperbelt can’t make a mistake to vote for HH who sold mines.we are suffering bcoz of HH for selling our mines on the song.He got rich from selling our mines.HH has failed to explain how he got rich but gets annoyed when asked this question .This chap has nothing to solve but his tribe party .We have warned u kopala pipo.The bitter man HH has no solution n don’t forget how he insulted ba Sata.Vote PF n EL

  26. HH MAY BE CORRECT ABOUT THE CURRENT STATUS OF THE ZAMBIAN ECONOMY. BUT THIS MUST BE ANALYZED IN THE FOLLOWING CONTEXT:
    1. IS’NT THE GLOBAL ECONOMY ALSO SHRINKING?
    2.COULD’NT IT HAVE BEEN EVEN WORSE WITHOUT THE CURRENT INTERVENTIONS BY GRZ?
    3.CAN HH DO BETTER?
    4.WHAT WILL HH DO DIFFERENTLY
    5.HAS HH PROVED THAT HE CAN DO BETTER?

  27. Last kicks of a dying horse

    HH OVER-PROMISING

    HH FALSE HOPE

    HH IS A PATHETIC LIAR

    I can’t wait for August 11 so that we can finally finish off HH and send him back to Pemba

    2016 vote PF ( Edgar )

    I thank you

  28. Hahahah, ati HH for 2016, where? Its very sad that some people have been brainwashed by HH and only satan knows why. Just yesterday, tha company HH and UPND have been making deals with in the dark, Anglo America was relegated to status of JUNK. The other month, Anlo America retrenced 85,000 miners.This is the same company HH has openly boasted of that he will bring them to come and run mines in Zambia! Well, does it need anyone to be a genius to realize that HH and UPND dont know what anyting about governance and have no heart for Zambians especially the miners? Open you eyes bashi maini, this is HH for you. You make a mistake of voting for him and the man will always be saying no, I found so many problems and give me time to sort them out.
    Everyone know that the average GDP growth in…

  29. contd
    Everyone know that the average GDP growth in Africa is around 4% and Europe its 1.6%, so what is HH saying? HH was at first blaming everyone at ZESCO for the loadshedding ignoring the fact that Zambia did not receive enough rain rains to support electricity generation in 2014 season. After the truth caught up with him, he then realised that indeed the effect of Elnino was real and then he is still blaming President Lungu on Loadshedding, is this man honestly worth wasting your vote on? HH and has never given credit to PF on good works done so far, why? The answer is simple, he is only interested in being at State House and does not care about anyone, this is the truth!
    On 11 August 2016, Vote massively for Edgar Chagwa Lungu the President who has demonstrated steady leadership and…

    • Bwana, anyone can do good work with borrowed money.
      Ontop of that you PF made road building in Zambia the most expensive in the world so you can enrich your selves, plunging us further into dept

  30. @Hung them high

    Start getting ready for an extinction you and your cohorts in UPND.

    THE END IS NIGH FOR HH

    2016 vote PF ( Edgar )

    I thank you

  31. We could still be worse off until our one country whether rulling or opposition and if the directors choose to tell lies to the share holders, of which we are, it will still show. If it a dishonest government. we shall know. but for H.H he is saying we are a Christian Nation, let us learn to say the truth at all times. at which assumptions did we say we shall create 500,000 new jobs, or its as usual fikayisolva syndrome

  32. atleast HH is promising that he ll bring back anglo,and under anglo we saw how caring they were,im stil remembering one morning in 2000 the nagotiation dragened on 4 a long time the CEO came on shaft bank and anouced increament across board not fi mwenye na PF yabo kuwayawayafye since 2011 when PF came into power no increament 4 KCM employ,5 good solid years no increament,kanshi na RB alipo bwino, vote UPND, vote HH.

  33. HH supporters read below information as reported by Reuters, HH will be angry to know that you know:
    ASSET SALES
    Anglo’s Johannesburg-listed shares fell 5 percent to 84.89 rand, reversing earlier gains in volatile trade. The stock fell 8 percent in London.Anglo, the world’s number five mining company by value, also plans to scale down its capital expenditure this year to less than $3.0 billion, 25 percent lower than 2015. Anglo owns about 70 percent of Kumba Iron Ore (KIO), Africa’s biggest miner of the steel-making ingredient, which is valued at $4.6 billion, according to Thomson Reuters data. Anglo said it had begun a review to consider options to exit from KIO.Battered by softer commodity prices due to a supply glut and a slowdown in demand from top consumer China, KIO is cutting…

  34. Continued…..
    Battered by softer commodity prices due to a supply glut and a slowdown in demand from top consumer China, KIO is cutting jobs and closing mines to stay afloat. Its share price has dropped by 90 percent from 2013 peaks.The company also said it would review its options on ill-fated Rio-Minas iron ore project in Brazil after three years.Anglo is considering the sale of its nickel and coal assets in addition to previously announced sale of the niobium and phosphates businesses.

    • Why do PF kaponyas focus on mining??? Is that the only industrial sector that can lift zambians??? The reason why is because it easy to blame global factors, what they try to hide is their missmangment and corruption in agriculture, tourism and manufacturing which can equally lift zambians.
      Tell us why these other sectors are underperforming???

  35. There is one major difference between HH and ECL. HH speaks a language that the poor majority do not understand and they ignore him: Economic Jargon. ECL speaks a language people understand and they associate with him… e.g timely issuance of fertilizer inputs to put food on the table for the majority of Zambians. As I speak, fertilizer is ready for the next farming season. This is a leader who cares for the poor majority. What with unprecedented infra-development. Full speed ahead ECL! HH, keep impressing us with your jargon for which the poor cares less.

    • ECL is a crook and theif….from collapsing law firm to killing economy in record time…using unprecedented corruption..one year!!

    • @teti

      I will tell you what would happen if HH were to lose the next elections:

      1. Zimbabwe style economic implosion
      2. Uganda Museveni style dictatorship
      3. Mobutu Sese seko kleptocracy
      4. Sani Abacha style grand corruption

      So it’s up to Zambians…..as for me I won’t vote for the above.

  36. Hahhahahhahahhahahahhahahahahahahahaha
    Maweh, agi Zambia is a Christian nation since when did he start believing in that.
    I mean you on CNN talking all negative about the government and its policies when it comes to investment, and you here talking about the job creations the President proposed… As a leader who has a country at heart you was suppose to talk the government on how it going to do just that, but what do you the exact opposite of that and you and your minions are busy 2016 for HH.
    Wala!!!

  37. AFTER THE WAYVPF HAS FAILED ITS TIME TRY ANOTHER PARTY. BOTTOM LINE IS ZAMBIA NEEDS CHANGE!!! LOOK AT THE UNZA AND CBU INJUSTICE! SIMPLY PUT. ITS TIME FOR CHANGE!!!!

  38. zambians, one thing you will notice PF and their supporters concentrating on blaming global economics for the poor performance in the mining sector, but what they should tell us is, is the mining sectors the only industrial sector that can uplift the life of Zambians??? What of the sectors agriculture, tourisim and manufacturing, why are they underperforming??? Could it be PF corruption and mismanagement??
    Just wondering.

  39. Zambia has no oposition parties all we ve are political weeds which rides on other political parties misfortunes to gain popularite. Place weed killer before it affects our healthy growing plants. There cud be a drought but that shud not affect our out put.
    All zambians vote for pf its the only party forget about these which preach hatred,violence,tribalism etc from the ka red barret one knows its kill for blood shame.others killing is normal.
    If u are a businessman go dangote way but if u are a satanist become a political weed so u can dry up one day
    Zambians let for other political parties which shud carry a nation spirity not these nonse we are seeing the above

  40. political weeds! Getting it for the first time. Yes mr HH economic growth is slow but economic development is the best in Africa sir. come 2017 we shall work on economic growth becoz we shall have good roads and other suporting infrudtruvture

  41. PF came onboard the “ruling party” perch on a diet of endless electioneering.Its no rocket science that the result is the economy suffered bcuz their culture is one of electioneering not of serious governing.

  42. Nothing senseble comes from the mouth of this tonga man!!keep on jumping from 1 radio to another while president Edgar Lungu is working.”ITS EASIER SAID THAN DONE”!!!THIS HH HAS NEVER BEEN IN BOMA,SO HE CAN EASILY YAP!!!IFINTU NI LUNGU-2016!!

  43. HH is Dooms Day Mongering again. Opposition should really be keeping an eye on borrowed funds being misused. 3% growth is still some growth in this climate.

  44. Word of advice to aspiring president Mr HH. Most zambian voters especially in the rural areas don’t understand inflation rate, GDP, growing rate, etc and these are the people that vote, some of the people that understand it don’t even vote. So if you intend to win the elections in august tell the people what exactly you are going to do to improve their lives, break it down like you are explaining to someone who’s never been to school. Do you remember how sata use to speak when he was on radio, everyone would be paying attention, listening to his lies. The way FTJ use to speak, people would be listening attentively, that’s how you win a presidential election. Now go back to the drawing board and see if you tick these boxes if you don’t, you are wasting your time try someone else who…

  45. Comment: One thing i have noticed upnd cadres don’t do before posting, is research. We all know why our economy performed badly, including their president but they play dumb. If your Anglo American said it was global, who are you to dispute. Looks like the illiteracy levels in our country is on the rise hence the desperate politicians behaving this way.

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