An Economic Analyst Yusuf Dodia says a rise in copper prices is good news for a commodity-driven country like Zambia as there will be more foreign currency.
Mr Dodia said more foreign exchange will translate into an appreciation of the Kwacha when it makes imports cheaper, thereby, translating into lower overall prices.
Mr Dodia told ZANIS in an interview that the increase in copper prices will also generate resources that will help to service the debt crisis the country is facing and replicate in capital infrastructure development.
“Copper prices have now reached high levels of around US$8000 a ton ,that means the mining industry in 2021 is likely to export million tons of copper representing US$ 8 billion of export earnings,” Mr Dodia explained.
Mr Dodia stressed that export earnings will be a mechanism for the Government to collect enough taxes from tax payers that will help to finance the 2021 budget.
And Lubinda Habazooka said the increase of copper prices on the London Metal exchange is sweat for Zambia.
“Mines are going to scale up productions that can translate into further jobs being created,” Mr Habazooka.
Copper which is Zambia’s main source of export revenue rose to US$8, 169 a ton on the LME hitting its highest level last recorded in February 2013.
Good to hear this
Thank you ba dodia. It is always a pleasure to engage with this learned man as he has a love for our country. He gives constructive advice and solutions. We wish the angry upnd diasporans could emulate his behaviour. We thank you and will take this on board.
Iwe ka Kaizar, are you the spokesperson of UPND. Can you constipate UPND for some time please
Thank you for being a Patriotic Zambian Mr Dodia.
We need such people who have the heart for Zambia for our country to develop.
Mwanawasa was a great president. The only bad thing he ever did was to sell Konkola mine to that evil Vedanta Anil Argawal. By any means necessarily, in the rise of Africans, that mine needs to be owned by Zambians with intelligence.
Yes… The high copper prices should bring us some good revenue
Let’s take advantage of this …
“Mr Dodia said more foreign exchange will translate into an appreciation of the Kwacha when it makes imports cheaper, thereby, translating into lower overall prices”
BWANA DODIA THERE IS A FALLACY IN YOUR ASSERTION.
YOU SEE, THE ZAMBIAN GOVERNMENT HAS ZERO CONTROL ON THE FOREX EARNED BY THE MINING COMPANIES BECAUSE THEY HAVE CARTE BLANCHE CONTROL ON THE FOREX AND ONLY COME TO THE MARKET TO BUY KWACHA TO SETTLE LOCAL SALARIES AND TAXES AND NOT TO SUPPORT THE PLUMETTING KWACHA.
THE REST OF FOREX IS STASHED AWAY IN THEIR COUNTRIES OF ORIGIN OR WHEREVER THEY WISH TO BANK IT..
THAT IS WHY GOVERNMENT SHOULD IMMEDIATELY INTRODUCE AN SI TO FORCE THESE MINING COMPANIES TO SUPPORT THE KWACHA BY FOR EXAMPLE RETAIN 25% OF THE FOREX BY BUYING THE KWACHA AT SAY 14 KWACHA PER DOLLAR. OVER…
“Mr Dodia said more foreign exchange will translate into an appreciation of the Kwacha when it makes imports cheaper, thereby, translating into lower overall prices”
BWANA DODIA THERE IS A FALLACY IN YOUR ASSERTION.
YOU SEE, THE ZAMBIAN GOVERNMENT HAS ZERO CONTROL ON THE FOREX EARNED BY THE MINING COMPANIES BECAUSE THEY HAVE CARTE BLANCHE CONTROL ON THE FOREX AND ONLY COME TO THE MARKET TO BUY KWACHA TO SETTLE LOCAL SALARIES AND TAXES AND NOT TO SUPPORT THE PLUMETTING KWACHA.
THE REST OF FOREX IS STASHED AWAY IN THEIR COUNTRIES OF ORIGIN OR WHEREVER THEY WISH TO BANK IT..
THAT IS WHY GOVERNMENT SHOULD IMMEDIATELY INTRODUCE AN SI TO FORCE THESE MINING COMPANIES TO SUPPORT THE KWACHA BY FOR EXAMPLE RETAIN 25% OF THE FOREX BY BUYING THE KWACHA AT SAY 14 KWACHA PER DOLLAR. OVER…
Kcm can do better with the reforms being undertaken, but on kwacha a lot is to be done to improve it