Monday, April 15, 2024

Political or Tribal fights have paved way for foreign entities to loot Zambia’s resources-Lubinda Habaazoka


Economics Association of Zambia President Dr. Lubinda Habazoka has urged Zambians to stop fighting and concentrate o developing one another.

Dr Habazoka has noted with regret that Zambians have prioritized politics at the expense of development.

He said Zambia is endowed with so many resources which Zambians should start using to develop one another instead of fighting.

Dr. Habazoka has noted with regret that the fights amongst Zambians on either political or tribal lines have paved way for foreign entities to loot resources especially minerals which they are using to enrich themselves.

Speaking on Hot FM, Dr. Habazoka said a lot of minerals have been and continue to be stolen by people who come as saints not only in Zambia but the African continent.

He said Zambians must come together and start forging partnerships that will lift them out of poverty instead of waiting on International partners like the International Monetary Fund to better their lives.

He accused the International Monetary Fund of contributing to the high poverty levels on the African Continent who he says have never been and will never be a solution to the many challenges facing the African continent.

And Dr. Habazoka has urged the Zambian Government to stop using the US Dollar in its foreign reserves.

He said the Zambian government must be stock up minerals such as Copper and Gold in the reserves which is the actual money instead of the US dollar which is just coloured paper being forced on them by the IMF, the World Bank, and others.

Dr. Habazoka has wondered why a country that has so much mineral resources is still having the US Dollar in its foreign reserves when European countries such as Britain have Gold.

He said the IMF and World Bank must stop enslaving other countries especially Sub Saharan Africa by forcing them to be using the Dollar for everything including trade.

“How is it that the strength of other currencies is dependent on the performance of the dollar, you want to buy oil, you pay the dollar, selling your own copper you pay the dollar and importing goods from South Africa you also pay the dollar and this must come to an end”, he said.

Dr. Habazoka said Africa must also consider coming up with one currency which they will use for trade.


  1. I have never understood what this thing Habaazoka writes for real. Let me ask him first, which tribe in Zambia applied for money from IMF?
    The only thing which can make sense is if Habaazoka is telling you people that Barotseland has finally applied to IMF and World Bank.

  2. How did he even become the president of the economists association?. So dumb. To lift people out of poverty and developing the nations requires productivity.In Zambia productivity rate is very low. The wealth of a nation (GDP) is best measured in the productivity of the citizens not the natural resources i.e the 20th century theory.

  3. I don’t usually agree with him but he is right on this one. You see it is the tribal perpetual loser demon who is causing all these economical problems and not PF as you would like to make yourself believe. We are doing everything we can to govern this country but with tribal MPs who walk out of parliament, how could we govern successfully. Then when we get rich out of our own effort and intelligence, you accuse us of being corrupt. I have adopted a better way of accepting that yes I’m rich and you may call me corrupt but I know deep down you are jealous and wish you were me. Kz

  4. It’s an old system the British and other colonialists used to great effect: DIVIDE AND RULE. They force democracy on us yet they pump funds into opposition groupings to create tension in the country. That’s why all opposition players are throwing innuendos at the democratically elected PF. Mmembe, another imperialist agenda promoter, formented tribalism with his defunct newspaper. This is all in an effort to install a puppet regime that will hand our resources to the imperialists to counter the PF nationalist agenda.

  5. I discover gold at my farm. Mine it and try to sell it, I am arrested by the police, why? That is what Trump meant when he said Africans were starving while seated on precious minerals

  6. KZ, corruption is another imperialist tactic to erode confidence in Africa’s leaders. While corruption exists, it is rogue individuals and not institutional like the Western propagandists want us to believe. That’s why Edgar Lungu believes in creating strong institutions to fight it and not targeting individuals like Mwanawasa.

  7. @State Capture: You discover gold at your farm, you are suppose to apply for a mining licence…

  8. Habazoka is 100% right. I can cite the privatization of zanaco which went to the Dutch against Bwalya chiti’s Zambezi consortium. Sale of luanshya mine to JW instead of a Zambian led consortium. Suffice to say, JW failed to run Luanshya mine and bolted. Non renewal of CEC Bulk Supply Agreement. We were told that Zambians will own the Gold deposits. But in the CGCZ JV, zccm-ih has 45% whilst Karma has 55%. Closure of The Post and Prime TV. Even in compounds we allow chain stores and Chinese shops killing local tuntembas. Sad, Really sad.

  9. This man smokes Marijuana and his qualification is ingenuine. Fake economist and I tell you, some people like Habazoka must be investigated when Bally takes over they are misleading people with fake qualification. His analysis aee weird. PF must go!

  10. @KZ, thank you for your honest on two last sentences. Would you say pls whom you refer the demon. With your learned reasoning how can you blame opposition, a person or whatever for lack of development and job creation. I guess you are married and have kid’s and blaming your wife that it’s not your kids. Just saying because deep down you know you are jealous of diaspora. Remember that American visa they denied you.

  11. The US dollar will remain the globally traded and accepted currency. USA is the richest country with tons of fine gold in their reserves seconded by European countries and Russia and China trailing behind. It can take Zambia 30 years of continuous mining of gold just to have 5 tons of fine gold. Habazoka must be truthful, there is no other currency which can replace the dollar currently, and perhaps nations can have bilateral or multilayer arrangements to have their currencies exchange within their set up.

  12. And I propose that the africa currency be called Africa. “How much is your car boi”? 1250 Africa (Af1250)

  13. Dr Habazoka I really give you a pat on your bag. You are point on sir. This is the way to go for Africa…. to be economically independent.

  14. Share the s.hit you are smoking. That’s the thinking of a PhD holder from a rural agricultural university in Russia. You would be lucky to find a taxi drivers job in Europe

  15. Ask what happened to Russia the country you studied from when they tried not to use the dollar. You ka $20bn economy will collapse over night

  16. I totally agree. All around the continent, African countries are reeling from the effects of political conflicts making them susceptible to foreign domination by monetary institutes and plunder of their resources by multinationals.

    Zambia can do a simple experiment: forget all about poltics for a year and concentrate on building the economy – then measure the GDP at the end of the year. I’m convinced that 10-20 years of arrested growth due to political infighting will have been recovered.

  17. You discover gold on your land; it is Government property.
    If they find weed on your land; it is your property and you go to jail for it.

    Governments don’t make sense.

  18. On point habaazoka please pulp some sense in the dull head of hh he is jealous of zambians who may surpass his wealth calling them corrupt yet they are hardworkin people like kz,who has so far delivered 2presidos, its true lets pump minerals in our reserves.

  19. Is this fat cat educated for real??

    What type of advice is that?

    It is similar to Trump telling people to drink bleach to cure corona.

    With people like him advising government, we have no hope in fixing the economy.

    This is too embarrassing.

  20. Meanwhile PF cadres are looting Gold and Mukula …then investigating themselves. Why do you entertain this fat Russian trained boy with his utterances.

  21. The advise is very very wrong and must be discarded with the words it deserves The Dr should have explained more on IMF immerse contributions to Zambia in the areas of Financial Capacity,Funding and other engagements Before there was the BRICs,which is a copy cut of the IMF and World Bank ,there was the IMF and the IMF will still retain its relevance and support to Zambia for a long-term because of its Balance sheet resources and value of membership Other institutions like the BRICs may fall but the IMF will still remain

    On the reserve currency the Dr should have explained more on the RESERVE currency and what it takes for a currency like the Zambia to be in the…

  22. in the global currency basket of SDRs as a reserve Currency We know that certain currencies despite being accepted into the SDRs have continued to be pegged against the USD or the GLOBAL reserve currency as it where So the Advise is wrong

    Well said on other local initiatives towards increasing the complexity of our economy to be more attractive and resilient like Sweden which is the most complex economy in the world for which we need to learn why at-least everything is exported and imported from there

  23. Our complexity in research knowledge and productive sectors must measure up to the likes of Japan and Sweden if our currency and reversals in FDI will occur positively to Zambia Yes its above political or ethnicity

    Fore example In 2017 Zambia exported $ 9.7 Billion against $ 8.5 Billion resulting in positive trade balance of $1.21 Billion Our GDP was $ 25.9B and our per capital $4.02k .The risks of moving aware from the reserve currency on the figures cannot be far from the truth

    We exported more raw materials than we refined and produced. Our exports in copper was for example $4.95 Billion ,refined copper was only $2.68 Billion USD,Cobalt was $233 million Tobacco $189…

  24. Nostradamus,
    Just what the hell does what Habaazoka said got to do with Barotseland? Further, Habazooka could easily be Tonga/Toka Leya so just where the does Barotseland come in? You god damn Katangese *****s have caused enough tribally bigoted damage to this country already through your vicious tribal fight directed against my Tongas and to try to bring the Loziz into this is nothing short of trying to dismember this country. Ifya bupuba muleke ba Kasai imwe fi.kala fyenu!

  25. ,Cobalt oxide and $712 Million and Petro chemicals $1 Billion and Kafue fertilisers $288 Million Our top countries of export was Switzerland $3.68 Billion, China $2.45 Billion, India $924 Million DRC $1.78 Billion ,SA 2.61 Billion and UAE $750 Million

    The top export destinations of Zambia are Switzerland ($3.64B), China ($1.45B), India ($924M), South Africa ($711M) and the Democratic Republic of the Congo ($497M). The top import origins are South Africa ($2.61B), the Democratic Republic of the Congo ($1.78B), China ($1.18B), Kuwait ($423M) and the United Arab Emirates ($313M). And UAE $750 Million

  26. @Madilu System. How can you say China is trailing behind USA, Europe and Russia. In terms of GDP the USA is first with $21.44 trillion, China $14.14 trillion, a distant third Japan $5.15 trillion, Germany $3.85 trillion, India $2.94 trillion and the UK $2.83.

    • Don’t take it out of context, I was referring to gold reserves and not GDP:

      Top 10 Countries with Largest Gold Reserves

      United States. Tonnes: 8,133.5. Percent of foreign reserves: 76.0 percent.
      Germany. Tonnes: 3,366.8. Percent of foreign reserves: 71.9 percent. …
      Italy. Tonnes: 2,451.8. Percent of foreign reserves: 67.4 percent. …
      France. Tonnes: 2,436.1. …
      Russia. Tonnes: 2,219.2. …
      China. Tonnes: 1,936.5. …
      Switzerland. Tonnes: 1,040.0. …
      Japan. Tonnes: 765.2.

  27. The top export destinations of Zambia are Switzerland ($3.64B), China ($1.45B), India ($924M), South Africa ($711M) and the Democratic Republic of the Congo ($497M). The top import origins are South Africa ($2.61B), the Democratic Republic of the Congo ($1.78B), China ($1.18B), Kuwait ($423M) and the United Arab Emirates ($313M). And UAE $750 Million

    Now compare the trade statistics with those countries in SDRs or those countries who countries are regional reserve currencies like the RAND There are ratings and acceptable measures to be admit ed into SDR currencies That is the point and to move to Zambia wil entail consolidating Zambians sectors and complexities then Our currency will be generally acceptable

    One of the…

  28. One of the qualities of the currency is therefore acceptability ,predictability and value Now that acceptability and value is a products of its trades and settlements in mostly commodities (that is to say valued exports )

    Begin to push the Kwacha as a currency of strength in the sub Sahara region then global and do some promotion to have its value noticed and used as a measure of trades The performance of the currency is like tomato on the market It must be marketed

  29. Dr Lubinda Habaazoka
    PhD Rostov State University of Economics
    World ranking of university (2020) : 6196

    University of Zambia
    World ranking (202) : 2229

    rest my case ……

  30. Sometimes he speaks from a well researched position but he should take time to review even a peer review or blind one He is good for Economic Association of Zambia

    He reads except that he speaks hard He is a Russian

  31. Madilu System – Do a bit of research before posting certain things: Kansanshi Mine produces more than 4 tons of Gold per year (the only mine that currently reports Gold production). So, I don’t know where your statistics of 5 tons of Gold taking Zambia 30 years to produce are coming from.

    • Let me educate my friend the 4tons gold you’re talking about is gold ore not fine gold. For you to get fine gold, it must go through processing and final is blast Furnace extraction to have what is called fine gold. Not what you hallucinating here ok.

  32. Gold is usually found alone or alloyed with mercury or silver, but can also be found in ores such as calaverite, sylvanite, nagyagite, petzite and krennerite. Most gold ore now comes from either open pit or underground mines. The ores sometimes contain as little as 5/100 of an ounce of gold per ton of rock. I hope this makes sense to you. Don’t respond with impulse alright.

  33. Lungu is too useless and is tracking and barring HH 24/7 ,

    Lungu is unable to keep an eye on Zambias wealth when he is not stealing he is fighting for his grip on power….

  34. Unit of measure is U.S. Dollars per Troy Ounce and the reference market is the London Bullion Market Association

  35. Conversion factor: 1 gram = 0.0321507465 troy ounces and 1 bar of gold will normally weigh 12.5kg but price (future) will normally fluctuate

  36. For now he is 100 % wrong He has missed to understand the correct sequencing of economic policy You cannot simply attain Reserve Currency or close out just like that when your economy is still not measurable but could grow to that He need to see the economic policy sequencing for Zambia since 1964 to date We have had the IMF in the rights and accumulation program me and the enhanced structural adjustments’ facility ,among st others towards building our global Financial presence.He has missed the point in that economic reforms are supposed to fundamentally change the country’s economic growth What is he saying will not

  37. @ Roy mudenda ,you must be bitter tribalist maggot.You even call your fellow zambian to be a Kantagese.Thats not very nice baddy. My advice to you is stay way from this blog if you are too bitter and probably look for a girl or ‘ihule’ to bring happiness into your disgusting life.If you want to stay own, my message is clear and simple, debate and contribute sensibly .Avoid using despising, dirty tribal hatred remarks .It is like you just hate your fellow zambian because of the tribe. Have some love in your black stovy heart. You did not apply to be born a tonga and neither did he apply to be born a bemba. I live with white people here in UK and one maybe Scottish, English ,Welsh or Irish but love and support each other. Pa zed ninshi baeba ati ba roy tukaneni insele because that…

  38. (Continued )
    Pa zed ninshi baeba ati ba roy tukaneni insele because that one is bemba .Shame on you my brother. No matter how educated you will be as an african you wont be like white people and not even in a million years time . They do differ in opinion but still support and love one another .So are Asians .Its only black people from the sub saharan africa that have tribal hatred instincts.Jelousy for one another and tribal hate is in your DNA @Roy Mudenda.

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