Former Minister of Finance Margaret Mwanakatwe during the hand over process to newly appointed Minister of Finance Dr. Bwalya Ng'andu.
Former Minister of Finance Margaret Mwanakatwe during the hand over process to newly appointed Minister of Finance Dr. Bwalya Ng’andu.

Former Minister of Finance Margaret Mwanakatwe this morning completed her handover process to her successor and newly appointed Minister of Finance Dr. Bwalya Ng’andu.

Mrs. Mwanakatwe, the Lusaka Central Constituency Lawmaker, wished Dr. Ng’andu well in his new job of sheparding the economy to sustained stability and growth.

And thanking Mrs. Mwanakatwe for her supportive spirit and guidance, Dr. Ng’andu also paid tribute to the former Minister for her resolute stance in developing austerity measures aimed at restoring the economy’s fiscal fitness, stability, and growth.

In the coming days, Dr. Ng’andu is scheduled to hold liaison meetings with cooperating partners, business associations, the Industrial Development Corporation Group, the Zambia Revenue Authority and other economic players and stakeholders.

This is according to a statement issued by Ministry of Finance Spokesman Chileshe Kandeta.

Earlier today, Minister of Finance Bwalya N’gandu said that government wasputting in place stringent measures aimed at addressing all the economic challenges that have negatively impacted on the well-being of the general citizenry.

Dr N’gandu cited the broadening of the tax revenue by enhancing compliance, increasing capacity for domestic resource mobilisation and dismantling arrears owed to suppliers and contractors as some of the positive steps which will be taken to restore confidence in country’s economy.

Speaking in Lusaka today during the quarterly economic briefing, Dr. N’gandu explained that government’s economic target for 2019 remains resolute to reducing the budget deficit to 6.5 percent of the country’s Gross Domestic Product (GDP), bringing down debt levels and maintaining the inflation rate between 6 and 8 percent.

He attributed the rise in inflation rate from 7.5 percent in the first quarter of 2019 to 8.6 in the second to price adjustments in transportation and food products.

Former Minister of Finance Margaret Mwanakatwe during the hand over process to newly appointed Minister of Finance Dr. Bwalya Ng'andu.
Former Minister of Finance Margaret Mwanakatwe during the hand over process to newly appointed Minister of Finance Dr. Bwalya Ng’andu.

And Dr. N’gandu added that the depreciation of the kwacha in the second quarter by 7.6 percent to the United States Dollar was triggered by the high demand of the foreign currency and the changes in the procurement of petroleum products.

Meanwhile, Dr N’gandu disclosed that government has concluded the consultation process with regards to the implementation of the new sales tax.

He explained that currently, relevant stakeholders are reviewing all the submissions before the implementation process can take effect.

He further assured that government wants to avoid any risks that can result into employment loses and possibilities of destabilising the manufacturing industry before making the final decision of implementing the sales tax.

The Minister further noted that government is implementing expenditure adjustments on infrastructural projects which will result in slowing down, cancelling or postponing certain projects amid austerity measures.

Meanwhile, World Bank’s Chief Economist for Africa Albert Zeufack has urged government to expedite the process of implementing fiscal consolidation measures in order to revamp its economic performance and protect human capital.

Dr Zeufack said there is need for Zambia to diversify its economy from being a mining dependent country to another sector that can enhance its economic growth and reduce poverty levels among the people.

He further pledged World Bank’s support in assisting Zambia resolve some of its fiscal challenges and achieve sustainable economic development.

Japanese Ambassador to Zambia Mr Hidenobu Sobashima announced his country’s continued support to Zambia in its quest to address economic challenges, further thanking China for offering Zambia a debt relief.

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42 COMMENTS

    • I like women managers or ministers.
      No woman should be fired…..
      That Diva Maggie should have moved as Foreign Affairs Minister, slow Malanji to Presidential Affairs. Inganga Sikazwe to Ministry of Infrastrure. Ronald Chitotoli shoud be discarded from cabinet.

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    • She looks relieved who can blame her working for a lazy boss who things he can hire a chef to cook him t-bone everynite when he has no money….Aunty Dizzy now you can dance and drink with those small boys in Lusaka Central no one will complain.

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    • Congratulations Margaret for setting up Zambia on a path to economic recovery by instituting current austerity measures.

      Dr. Ng’andu will have to fit in your big shoes here and implement what you started. The only sad part is that once recovery starts to take effect, it will be Dr. Ng’andu who will be credited with what you started.

      I am still proud of your bold moves and one reason your fellow cabinet members did you in is because you were hard on them when it came to fiscal discipline and responsibility while they always wanted to spend as drunken sailors.

      Now, if Brian Hapuunda is not recalled as ECL’s running mate in 2021, you will be the best replacement for Bo Inonge since she’s retiring.

      As for Doc, I wish you success … I want you to succeed, if you do we all do…

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    • Continued…

      As for Doc, I wish you success … I want you to succeed and wish you the best of luck; if you do we all do as the smart people of the Zambia Enterprise.

      God speed to you both in your next endeavors.

      Let’s roll … epo mpelele,

      BRM

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    • As usual BR JUNIOR is here typing shamelessly his make-believe utterances …what path to economic recovery is that when we are even worse off, how many trips did she undertake to Washington and state that it was a success when in fact she was telling porkies today you are congratulating her…maybe you are thanking her for rerouting GRZ business in your direction.

      “You can fooool all the people some of the time, and some of the people all the time, but you cannot foooool all the people all the time.” – Abraham Lincoln

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    • Maggie has shown maturity and professionalism..others would have gone the press and start castigate the movie…mumbi phiri please learn from Maggie

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    • “Zeufack said there is need for Zambia to diversify its economy from being a mining dependent country to another sector that can enhance its economic growth and reduce poverty levels among the people.”
      Let us put these words in our national anthem as the chorus because we have been singing them for 50 years. From Kaunda trying to persuade Zambians to go back to the land to every economist telling us to diversify from copper mining it has been the same message. The same chorus

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    • As per usual BRM is right and as per usual Gay Jay has shown us that his limbus keeps malfunctioning at a higher rate than normal.

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    • Luchembe – You always remind me of how Bowman Lusambo is a bootlicker to Lazy Lungu…I hope you meet up with your JUNIOR so you can polish his shoes!!

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    • This Article is misleading.Fired Ministers don’t handover anything to a New Minister becoz the PS who is the CEO of a Ministry knows everything and briefs the New Minister. The fired Minister simply collects his/her personal Katundu and leaves.Period.

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  1. Chileshe Kandeta do you see your self beyond that position. Shikulu change is good. Thank you

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    • Chileshe Kandeta akokweshapo. Takwabako bambi?
      The earlier announcement that one should not stay in a same department for more than 10 years should apply here.

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  2. I like the attitude of this lady Hon Maggie, very “developed” (civilised) in mind, kwati kasungu, no bitterness handing over to her successor.
    Her perceived failure is in part due to directives which are contrary to set objectives. The budget says austerity and the directive say “just spend iwe, there is no country in the world that does not borrow”.

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    • Kwati kasungu is demonstrating self hate inferiority complex and denial of your inherent capabilities as a black person . The good things are not associated only with whites unless you are brainwashed and a muzungu worshipper. Worshipping other humans is the first step to slavery

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    • Ati civilised handing ova…..???

      The woman is relived to be distancing herself from lungu and his thieving gang……..she can’t be more thankfull to get away

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  3. “The Minister further noted that government is implementing expenditure adjustments on infrastructural projects which will result in slowing down, cancelling or postponing certain projects amid austerity measures”.
    Hon Bwalya Ng’andu, that is what Hon Maggie set out to achieve but other directives were given, seeing that we are heading to 2021 which is very dear to some persons. What makes you think that you will not receive the same directives since you are a merely super sub who must follow the coach’s instructions??
    Didn’t you read last week that the coach has commissioned the construction of 102 mini hospitals countrywide which must be funded? Are those part of the 80% completed projects or part of the 20% uncompleted, or part of the 0% completed i.e. just starting?
    I really…

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  4. …..
    I really feel pity for Hon Ng’andu, ukose mwanawesu, put your foot down, and resign if anything goes against your professional conscience.

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  5. Well done Honourable Mwanakatwe. A proper soldier and now a dignified exit. Frankly, cleaning up Hon. Chikwanda’s plans was like receiving a poisoned chalice. If the global economy didn’t take a downward slope you would have delivered your vision. Very clever and astute throughout.

    I hope she gets another portfolio where her true talents will shine through. When something doesn’t work, you try again in something else.

    Go on moderate me!

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    • She got sacked you fooooools nothing congratulatory about that …in military terms she got kicked out not demoted, relieved off her position are she was not fit for purpose as we initially advised but the appointing authority is incompetent as well.

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  6. Bwana new Finance Minister, the hand over is an indirect challenge to you by Maggie suggesting that she did her best but things did not work out and now over to you.No hard feelings.

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    • These people have no shame, she thinks she is handing the keys after doing a good job yet she has been sacked for incompetent and irresponsibility

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  7. I sympathise with Maggie.She has terribly been abused by ECL,who should not have appointed her in the first place, knowing her human weaknesses. It is not the Finance Ministers that are not working,no. It is the PF political environment and predatory governing culture that is fundamentally wrong.Even this Bwalya Ngandu will not succeed in such a destructive environment.

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    • I said this when Felix was appointed and when Aunty Dizzy was picked …now the funds are completely dry the lazy man decides to get a technocrat.

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  8. God Gives and Takes and Often its for a noble cause and preservation who can understand is infinity wisdom

    Wise Hand over and Continue working for the Party and the Party is what should come out solid Any slip will give the foothold to the Opposition and such should not be allowed as no individual positions or status is more important than the party Better PF than Position The worst is to in-fiht and get confused to Give HH a Foot hold nishi mwailashya bane

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  9. I only wish the presidential elections were that smooth after elections. Zambia would have been miles away.

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    • Presidential elections are always smooth ..there is always a handover, do not confuse Presidential candidates with Presidential appointees/nominee for ministerial positions

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  10. United Party for National Development (UPND) leader Hakainde Hichilema has charged that the changing of Finance Ministers will not sort out the economic challenges facing the country.
    The economic mess under the PF was beyond redemption and cannot be reversed by mere appointment of a new Minister adding that though newly appointed Finance Minister Dr Bwalya Ngandu was qualified for the job, he will soon be swallowed up in PF mismanagement of the country because the fundamentals are wrong.
    Hichilema further noted that the positive response by the financial markets after the appointment of Dr Ng’andu was a temporal knee- jack reaction because of the good perception on Dr Ng’andu ‘abilities’.

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  11. Mwanakatwe looks relived she won’t have be hiding her handbag from lungu and his gang anymore …….

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  12. People are praising a ‘handover’ as if that is the first step to ‘economic recovery’.

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  13. For as long as we have austerity measures in place…. development or economic recovery ilyashi lyamulikachasu

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  14. My heartfelt condolences for loosing your job and cutting your high salary ???????????????????? am crying on one eye coz you are still mp

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  15. Sorry for the drop Ms Mwanakatwe.I wish u all the best in your endevours.And to u Dr Bwalya Ngandu, am happy for u and please send your first salary to me thru Zoona.

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  16. Ka Margaret nsoni sure, fired for being drunk too often on the job. And I hear the last stroke was the former British Ambassador to Zambia HE Fergus Cochrane-Dyet giving her a crate of 16 years old prime JAMESON Single Malt Whisky to share with Jameson Mataware Lungu but alas Margaret swallowed all the twelve bottles, alone! Mataware was so annoyed and asked her to vomit it out and when she failed he fired the alcoholic! This is how she lost her job at Barclays Bank of Ghana, too much drinking “no buwelewele”. It’s only Lungu who could tolerate such incompetence because they are both Malawians and they are playing with our lifes using >wako ni wako umodzi kumawa”.

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