Barclays Bank Zambia Managing Director Mizinga Melu says the removal of subsidies by government has sparked economic growth in the country.
Mrs. Melu says removal of subsidies has also led to a reduction in inflation and interest rates on the market.
Speaking during a breakfast meeting with journalists in Lusaka, Mrs. Melu also noted that the positive partnership Barclays has enjoyed with government has led to positive results in the agriculture sector.
She said Barclays continues to work with government in areas such as input distribution under the Farmer Input Support Program -FISP- through the e-voucher system where it dealt with around 80-thousand cards.
Mrs. Melu said this demonstrates government’s support toward the sector.
She is also happy that government has started looking at various forms of crops in agriculture beyond maize such as cassava which has various benefits.
And Mrs. Melu said the bank performed well in 2017 introducing new products and registering growth in profits.
She has also revealed that the bank will soon be launching three new branches as part of its expansion program but will also be looking at supporting more of a digital platform.
That is a problem when you get a nurse midwife, add an MBA and they think they are economists. What growth is Mizinga talking about when economy is stagnant at 2.6%, it was growing at 7% when Mwanawasa was president.
Obatala you must be a dull 1diot. If you ve nothing to talk about better stay mute than exposing your 5tupidity
Obatala,can I agree with u.,,, was she that or some sort of kind ?? I think she missed the point not on pf economy ,hope she meant Barclays business growth …titles on paper not on performance.
Yes she is talking absolute nonsense; this positive partnership in Agriculture with Barclays and govt can only benefit her employers who am sure are raking in profits through those hideously high interest rates on the poor farmers.
Dont be silly …why attack her personally instead of what she is saying – is it because she is a woman; you don’t pay her salary and she is not a govt official.Where was she a Midwife? She is a former UNZA graduate and got her MBA from Reading University…if she was a midwife and got to the top at Barclays Regional Office then that’s a big achievement
This is what happens when a professional turns into a cadre. There is no growth to brag about
She is an attention seeker .Price of things are becoming exorbitant day in and day out. Zambians are wallowing right left and centre with poverty yet you say ,”Economy sparked . shut up and stand down .
Barrister, it’s economics you seem not to understand. When subsidies are removed by government it truly have growth in economy because investors would easily read their returns on their investment, unlike where there is the component of government off loading the subsidy component on the investor’s returns.
Wait, what??
Economic indicators she’s dont make sense
Liking the media like her dad. Can’t agree more with Obatala.
What she might be saying is that removal of subsidies is good for for Barclays bank business and that economic indicators for Barclays have improved as a result
With the intellectual and professional team she leads at Barclays, she is exposed to a lot of information about the Zambian economy. These multinational banks employ the best economists from around the globe to forcast the banks’ standing in that particular country. She wouldn’t be talking from without!!
There’s no country in the world which does not subsidize its citizens, even in the USA, Canada China employed/unemployed citizens are in one way or another subsidized, but when those so called donors come to Africa they tell us no subsidies! This is because they want to stiffle our economies forever! Don’t our politicians see this? Its only subsidy that can make economies grow fast, because more citizens are able to take part or contribute to its growth, and in the long term more positive gains macro economically. E.g. if government subsidized fuel by K5, it would only cost K5, and many more citizens would be able to do a lot with their K500 because they they will buy 20 litres fuel, (remain with K400 for other expenses), and do a lot gainful work with the petrol! Mealie meal, seed and…
Mealie meal, seed, fertilizer, agricultural produce transportation would be a % cheaper! Even construction of infrastructure would be cheaper! Hence more economic growth in the long run! More macro economic gains! So problem is not subsidy but resource management! We need subsidies to grow our economy because no foreigner will come develop our country, its us Zambians! There are more gains from subsidies than their removal! Subsidies removal punishes the poorer even more, and makes the richer even more richer, because they remain the only players in the growing of the economy! So madam Melu is seeing econmic growth with her naked eye because she is already rich, but us the majority poor can not see it even if we use a borrowed magnifying glass!
Per Wikipedia: Mizinga Melu, is a Zambian businesswoman, accountant, and bank executive. She is the current Chief Executive Officer, of Barclays Africa Management, responsible for overseeing the “development of stakeholder relationships with governments, regulators, the Boards and customers” in the subsidiaries on the African Continent, outside of South Africa. She took office effective 1 October 2014.[2] Prior to that, she was the Managing Director and CEO of National Bank of Commerce (Tanzania). She was appointed to that position in March 2013, and assumed office on 20 May 2013. Prior to that, she served as the Managing Director and CEO of Standard Chartered Bank Zambia, from January 2008 until May 2013.[3]
Mrs. Melu is the first Zambian and the first woman to hold the position of…
Cont’ Mrs. Melu is the first Zambian and the first woman to hold the position of Managing Director and Chief Executive Officer at Standard Chartered Bank Zambia and during her tenure, was the only female Chief Executive Officer in the thirteen African countries where Standard Chartered Bank maintains subsidiaries.[4]
History[edit]
She was born on 17 March, in Mazabuka, Mazabuka District, in Zambia’s Southern Province. She worked at Zambia National Commercial Bank in the late 1980s and early 1990s. In 1993, she joined Standard Chartered Bank and over the years worked at the bank’s subsidiaries in different countries, including the following: Zambia, South Africa, Kenya, Tanzania, Uganda, the United States of America and the United Kingdom. Prior to becoming Managing Director and…
Cont’ Prior to becoming Managing Director and CEO at Standard Chartered Zambia, she served as Global Head of Development Organizations at the bank’s International headquarters in London, UK.[5]
Education[edit]
She attended Roma Girls Secondary School, graduating in 1985. After obtaining her first degree from the University of Zambia (UNZA), she obtained the degree of Master of Business Administration (MBA) from Henley Management College, of the University of Reading, in the United Kingdom.[6]
Thank you for real information, Ala Nachula. In Zambia today, we have boneheads like Obatala who carelessly spread fake information and other 1.d.i.otic halfwits religiously praise them just to destroy personalities who agree with govt. The sad part is even educated people in diaspora fall for this fulishness!!
Ala Nachula, you are the type of people we need in Zambia, people who base their arguments on facts. I have been reading Obatala’s comments for some time. As far as he is concerned, anything that seems to suggest that this government is doing something positive must be criticised. Mrs Melu is one of the most respected bankers internationally and rose through the ranks to become what she is today. Therefore, when she says removal of subsidies has had a positive impact on the economy, she knows what she is talking about. She is not a politician and she is not politicking.
This sounds like an old news article.
Fundamental economics measures economic growth of any nation mainly by three key areas – aggregate output in terms of production of goods and services, level of unemployment and rate of inflation in the economy. All these factors are interrelated. Therefore, not until the alleged ‘economic growth sparked by removal of government subsidies’ is backed by increase in productivity of goods and services, lower rate of unemployment and reduction in the rate of inflation can an qualify economic growth. Of the three variables, only has Zambia experienced significant reduction in inflation rate of a single digit in last few years but she is still faced with high unemployment and heavy dependence on imports of most essential consumer goods as result of collapsed manufacturing industry to…
…sustain local demand. With this background, keen followers of Zambia’s economic performance will be excited to follow through and compare with scholarly economic reports that ‘removal of government subsidies has sparked economic growth’. Because many developed countries have maintained subsidies to sustain certain economic sectors to protect industry jobs and increase production output to meet local demand is evidence that subsidies are critical if implemented with objectivity to spur economic growth.
How does the removal of subsidies lead to economic growth? Subsidies increase consumption and consumption adds to GDP growth. Does this MD know the components of GDP? Doesn’t Barclays Bank have an Economist to advise this MD? She should just keep quiet if she has nothing useful to say instead of exposing her ignorance.