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President Hichilema Leads Unveiling of Julius Nyerere Statue at AU Headquarters

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President Hichilema Leads Unveiling of Julius Nyerere Statue at AU Headquarters

The Southern African Development Community (SADC) has unveiled a striking three-meter-tall statue at the African Union Headquarters in Addis Ababa, Ethiopia, in honor of Tanzania’s Founding President, Julius Kambarage Nyerere.

President Hakainde Hichilema, serving in his capacity as Chairman of the SADC Organ on Politics, Defense, and Security Cooperation, led the unveiling ceremony, marking a significant moment in African history.

In his address, President Hichilema emphasized the statue’s significance as a reminder of President Nyerere’s immense contributions to the liberation struggles of numerous African nations. He stressed the importance of honoring such noble leaders to preserve their legacy and inspire future generations.

Tanzanian President Samia Suluhu Hassan, also the incoming Chairperson of the SADC Organ on Defense and Politics, paid tribute to President Nyerere’s visionary leadership and dedication to fostering unity and development across Africa.

SADC Executive Secretary Elias Magosi highlighted the statue’s role in commemorating President Nyerere’s commitment to continental peace and security, serving as a timeless reminder for present and future generations.

African Union Commission Chairperson Moussa Faki echoed sentiments of President Nyerere’s pivotal role as an iconic Pan-Africanist, emphasizing his instrumental contribution to the establishment of the Organization of African Unity (OAU) in 1963.

The Julius Nyerere statue, erected in front of the Julius Nyerere Peace and Security Building commissioned in 2016, stands as a testament to his enduring legacy and dedication to African unity and progress.

Among the esteemed figures commemorated at the AU Headquarters are Emperor Haile Selassie of Ethiopia and Ghana’s Founding President, Kwame Nkrumah, underscoring their pivotal roles in shaping Africa’s history and future.

SADC resolved in 2020 to erect statues for all nine SADC founding fathers, including Zambia’s Founding President, Kenneth Kaunda, at the SADC Headquarters in Botswana.

The unveiling ceremony was attended by various Heads of States and Prime Ministers, signifying a collective acknowledgment of President Nyerere’s profound impact on Africa’s collective journey towards peace, unity, and prosperity.

Patriotic Front MP commends President Hichilema for visionary leadership

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Patriotic Front MP commends President Hichilema for visionary leadership

Leader of the Opposition in Parliament Robert Chabinga has praised President Hakainde Hichilema for his visionary leadership.Mr. Chabinga who is also Patriotic Front Mafinga Member of Parliament acknowledged that Mr. Hakainde Hichilema is a visionary leader and continues to offer clarity to his administration’s policies.

“The President has a vision, he is steadfast and wants benefits for this country. The president has employed remedial measures to salvage the economy. All must admit seeing visible infrastructure progress thus far. I support the President’s clarion call for an agricultural revolution. Agriculture has the potential to turn around the economy of this country,” he said.

He also acknowledged projects in the Mining and Energy sector as well transformation programmes in the agricultural sector.
He charged that President Hichilema has taught him that one can practice politics with integrity.
Mr. Chabinga was speaking during a media briefing in Lusaka.

He said he is optimistic that parliamentary debates will remain informative, constructive and in a manner that will preserve the decorum of the house.

“It is my hope that the opposition and the United Party for National Development (UPND) administration will work together and discuss issues of national development in a way that will preserve the decorum of the house,” he added.

He advised parliamentarians not to get advice from people that are outside parliament, adding that the core value of parliament is to represent the people of this country.

He also said the Emolument Commission should either be repealed as its administration is interfering with the autonomy of the legislature and the judiciary or it should be amended to only apply to officers in the executive.

“From time immemorial, the conditions of service of legislatures have been determined by the standing orders committee in consultation with the executive in order to have uniformity of benefits with other constitutional office holders. This must be expeditiously dealt with to address perceived doubt impacting the country’s governance vis-a-vi separation of power,” he added.

He said among the constitutional reforms of note is Article 52 (6) which is potentially an electoral crisis in waiting.
“It allows the Electoral Commission of Zambia to cancel an election in the event of a candidate’s resignation, disqualification or death. If left unchecked, the Act has the potential to harm our democratic credentials. This is because it is left open to manipulation and abuse by political actors thereby introducing uncertainty into the electoral system, especially at Presidential and Parliamentary levels. It also potentially triggers unwarranted wastage of government resources,” he said.

Bwalya is a warrior; please embrace him!

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Bwalya is a warrior; please embrace him!

In our political discourse which is always never short of drama; one of the highlights of the previous week is obviously the ‘transition’ of former Catholic priest, Frank Bwalya from his brief retirement from politics to the ruling, United Party for National Development. This occurred during the official opening of the party’s National Secretariat graced by no other than the Republican president, Hakainde Hichilema!

Although this latest development has been warmly welcomed by some within and outside the party, others haven’t been so kind in describing his next political expedition. “Njala yamunyokola! He’s a political prostitute! This man used to disparage the president not so long ago….” You hear them complain to the heavens!

What do we make of this?

Bane….. it’s not said politics creates strange bedfellows for nothing. There’re no permanent friends or enemies in politics, they say. Only an armature in politics would choose to completely insulate themselves from this reality!

There are always a few lessons that those misguided individuals making noise in the blogs can learn from this. During the time of MMD in power, Willie Nsanda, a hefty individual with gigantic hands, once stormed Radio Icengelo where opposition Patriotic Front party leader, Micheal Sata, was featuring on a live interview, roughed him up and tore up his woolen jacket……not some cheap cotton material from Kamwala!

What followed next? In a matter of time, Nsanda ended up not only being a closest confidant of the King Cobra, but one of the ‘gate keepers’ at State House as well! We can cite another interesting example. If we may give another example; when Sata was breathing heavily on President Rupiah Banda neck on his quest to take over from him, his Home Affairs Minister, Lameck Mangani, assured him he had gathered enough evidence Sata was a foreigner and that the police would be arresting him soon. Of course, that was just a question of hot air as Mangani would eventually fell out of favour with his boss. What happened next? He ended up being one of the party stalwarts in Sata’s party and a Minister for that matter!

Why are we saying all this?

Ignore Bwalya at your own peril as the ex priest is a warrior……a mover and shaker, an effective mobiliser, a great communicator, spin doctor at heart…..a frontline person! Which political party wouldn’t want to have such an asset within their ranks? Ba UPND, please embrace Bwalya.

At a time when the opposition has gone full throttle spewing propaganda aimed at painting a negative image of the President and his government; UPND urgently needs someone with the calibre of Bwalya not only to quench off the fire or diffuse propaganda, but mobilising party support as well.

Bwalya says he’s joining UPND to work; this is the man who is not afraid to feature on live or phone-in programmes; deploy him to the Copperbelt and the Northern regions to explain party policies, let him venture into the shanties to mobilise support. One other added advantage is that the former priest has been a PF member and has also briefly flirted with the Socialist party before; he therefore knows their weaknesses and where to hit them where it hurts the most!

Welcome aboard a Walya, as the Easterners would say.

Prince Bill M. Kaping’a
Political/Social Analyst

Rampant Power Leave Eagles Flightless

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Rampant Power Leave Eagles Flightless

Power Dynamos coach Osward Mutapa began his reign on a roaring note on Sunday with a memorable 4-0 away win over Green Eagles in Choma.

Mutapa left Nkwazi to join Power in January where he replaced Mwenya Chipepo who quit in early November.

Back to the game, Power punished Eagles for a poor defensive display when Andy Boyeli, Linos Mwakwaza Jnr and Austin Muwowo scored with the latter banging in a brace at Independence Stadium.

The first goal came in the 3rd minute when Boyeli intercepted a poor pass by Shapi Chikondi to fire in a looping long-range volley.

Then an unmarked Makwaza made it two-nil in the 37th minute when he fired in Muwowo’s corner that took a deflection on its way in.

Muwowo turned from provider to scorer in the 43rd minute after Boyeli rolled the ball into his path and the striker accelerated to beat two Eagles defenders and goalkeeper Rodwell Mulungushi.

He completed his brace in the 64th minute slotting in a simple tap-in on the far post in a totally unmarked position after being at the end of Joshua Mutale’s cross after the latter easily outpaced halftime substitute Martin Zulu.

Power now breaks clear at number three on 36 points, four points behind second-placed Zesco United and is five adrift of Red Arrows.

Eagles stay put at number five on 32 points, one point behind Nkwazi.

Meanwhile, Power’s victory is a huge boost ahead this this weekend’s big away Copperbelt derby against Zesco who drew 1-1 away at Konkola Blades on Saturday.

President Hichilema Engages with Africa50 on Infrastructure Investment at AU Summit

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President Hichilema Engages with Africa50 on Infrastructure Investment at AU Summit

On the sidelines of the African Union (AU) Summit today, President Hakainde Hichilema met with the delegation from ‘Africa50’, a pan-African investment platform aimed at addressing the continent’s critical infrastructure funding needs for economic advancement.

Led by CEO Alain Ebobissé and his team, the meeting provided an opportunity for President Hichilema to express Zambia’s keen interest in exploring opportunities within Africa50, particularly in sectors such as Food and Energy Security. These sectors have been significantly impacted by the ongoing drought affecting Zambia and the wider region.

President Hichilema emphasized the importance of infrastructure development in alignment with Zambia’s economic agenda, stressing the role it plays in fostering sustainable growth and development. He underscored the urgency of addressing the challenges faced by sectors vital to the country’s stability and prosperity.

Furthermore, President Hichilema urged Africa50 to prioritize projects within their international portfolio that align with Zambia’s local priorities and are time-sensitive. This proactive approach seeks to ensure that investment efforts are directed towards initiatives that address immediate needs and contribute to long-term socio-economic progress.

The engagement between President Hichilema and Africa50 reflects Zambia’s commitment to leveraging partnerships and investment opportunities to overcome challenges and drive inclusive growth across the nation.

As Zambia continues to navigate the impacts of the drought and other economic challenges, collaborations with entities like Africa50 are crucial in catalyzing sustainable development and fostering resilience in key sectors.

Relief Maize Distributed

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Relief Maize Distributed

The Disaster Management and Mitigation Unit (DMMU) has started the distribution of relief maize in Chipangali District of Eastern Province.District Commissioner, Paul Sakala, says 5, 700 by 50 kilogram bags of white maize will be distributed to all the eight wards in Chipangali Constituency.

Mr Sakala was speaking when he flagged off the distribution of the staple food at Nyiombo village in Sisinje ward of Chipangali Constituency.

He said 80 percent, representing 4, 560 by 50-kilogram bags would be given as food for work where members of the community through their traditional leaders would identify what to work on before they were given the maize.

Mr Sakala noted that the remaining 20 percent which represented 1, 140 by 50 kilogram bags, would be for vulnerable people who included the aged, widows, orphans, female and child headed households and people with disabilities.

“Looking at the situation on the ground, it is as a result of what we experienced last farming season when most farmers cultivated cash crops such as soya beans at the expense of maize which is the staple food,’’ he said.

Mr Sakala observed that through DMMU, President Hakainde Hichilema directed that maize from the Food Reserve Agency (FRA) storage sheds in the district be distributed to people that had been hit by hunger.

Paramount Chief Gawa Undi’s induna, Loza Phiri, thanked the government for the gesture.Mr Phiri also urged the government not to relent in assisting people especially with the prolonged dry spell that affected the area.
He further told the community to be vigilant during the sharing of the maize so that families did not get more than what was expected of them in order to allow for more people to benefit.

“When a person tastes something, he develops a desire to continue eating and he will ask when the next consignment of food will come. This is the reason why we are asking you to continue remembering us when we are found in this situation,” Mr Phiri said.
Meanwhile, one of the recipients, Vainess Phiri, 62 said the relief maize was timely as it would reduce hunger in their homes.
Ms Phiri said people were worried about how they were going to survive if the government did not provide the relief maize.

Message For Today:No weapon formed against you shall prosper

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Message For Today:No weapon formed against you shall prosper

Today’s Scripture

“No weapon formed against you shall prosper…”
Isaiah 54:17, NKJV

When the Enemy Roars

Friend, we all have things that come against us—things that are frightening, things we don’t understand. Sometimes it seems everything is going well, and then the unexpected happens. But the Scripture says, “No weapon formed against you will prosper.” That means that no matter what the enemy tries to throw at you, God has the final say.

In Jeremiah 5, God says, “I made the sand a boundary for the sea, an everlasting barrier it cannot cross. The waves may roll, but they cannot prevail; they may roar, but they cannot cross it.” Though the ocean may be a billion times bigger and more powerful than the sand, because of God, the sand will not be overpowered.

When the enemy roars at you like waves roaring at the beach, roar back at him. When thoughts roar, “This is the end,” roar back, “The Most High God is my protector. He goes before me and behind me. I will not fear.” Don’t let the enemy have the last roar. God’s promises will prevail. Now tell the ocean to go back.

A Prayer for Today

“Father, thank You for Your divine protection. Thank You that when the enemy roars, I can roar back. I believe You have a hedge of protection around me. You are fighting my battles, and no weapon formed against me will prosper. In Jesus’ Name, Amen.”

PS Hamaundu Counsel PR practitioners

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PS Hamaundu Counsel PR practitioners

LOCAL Government and Rural Development Permanent Secretary – Administration, Mr.
Maambo Hamaundu, has appealed to Public Relations (PR) and Communication
practitioners in Zambia to uphold the highest standards of professionalism and ethical
conduct in a quest to build credibility and public confidence in their organisations.
Mr Hamaundu said it is important for PR and Communication practitioners to maintain
professional conduct and build trust with their employers, clients, colleagues and the
public.

He said ethical and professional responsibility underscore the importance of maintaining
transparency, honesty and integrity in communication practices.
Mr Hamaundu was speaking in Lusaka on Friday, February 16, 2024, at Legacy Resort
when he officially opened a two-day Continuous Professional Development (CPD)
Training on Ethics and Professional Responsibility in PR.

More than 70 PR and Communication Specialists across Zambia attended the Training
which was hosted by the Zambia Institute of Public Relations and Communication
(ZIPRC) in partnership with University of Zambia (UNZA).

Mr Hamaundu said ethical conduct is more critical in today’s fast paced and
interconnected world where information spreads rapidly across various channels.
“As PR and Communication practitioners in Zambia, you must uphold the highest
standards of professionalism and ethical conduct in your communication endeavors for
the betterment of society and the nation at large,” Mr Hamaundu said.

He also reiterated his call for PR practitioners in local authorities to enhance the
dissemination of accurate and balanced information to the public.

Mr Hamaundu said communicators are cardinal as they are the ears and faces of
different institutions in the country.  

He said effective communication serves as a catalyst for social cohesion, economic
growth and good governance.

Mr Hamaundu said PR and Communication play a pivotal role in engaging citizens,
fostering community participation and promoting sustainable development initiatives.
Speaking at the same event, ZIPRC Vice President Mwiika Malindima said the Training
is a milestone in the Institute’s ongoing commitment to enhance the standards of the
profession.

Mr Malindima said ethics and professional responsibility are key pillars of the PR and
Communication profession.

He thanked the Government of the Republic of Zambia for its unwavering support to
ZIPRC and its commitment to advancing the field of PR and Communication in the
country.

ZIPRC Registrar and Chief Executive Officer, Nimon Muleya, thanked facilitators and
attendees for supporting the first CPD.

First Quantum’s Copper Mining Horror in Panama After Supreme Court Grants Protesters Request to Shutdown the Mine

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First Quantum’s Copper Mining Horror in Panama After Supreme Court Grants Protesters Request to Shutdown the Mine

 

Panama has been the scene of intense protests and violence sparked by widespread outrage against a Canadian mining company’s operations in the country, as reported by CTV Television Station in Canada. The controversy centered on the Cobra mine, owned by First Quantum Minerals, a Canadian firm, which became the target of Panamanian protestors due to allegations of environmental damage, corruption, and unfulfilled promises.

The conflict escalated as the Panamanian government extended First Quantum’s mining contract for an additional 20 years, igniting further public fury. Demonstrations led by a diverse coalition, including environmentalists, indigenous leaders, and students, paralyzed the country, causing significant economic disruption and drawing international attention.

As the situation deteriorated, violent clashes between protestors and police became commonplace, with the latter employing tear gas and rubber bullets against demonstrators. The standoff culminated in a landmark decision by the Panamanian Supreme Court, which ruled the mining contract unconstitutional and led to the government announcing the mine’s closure.

This victory for protestors, however, raises questions about the future of the mine’s employees and the environmental implications of abruptly halting operations. The report sheds light on the broader issues of foreign investment, resource exploitation, and the need for a balanced approach to economic development and environmental protection.

First Quantum Minerals has a global footprint with operations and projects in several countries and these include:

  • Zambia: One of First Quantum’s most significant operations is in Zambia, where it operates the Kansanshi copper-gold mine, the largest copper mine in Africa, and the Sentinel copper mine. Zambia is a crucial location for First Quantum, contributing a significant portion of its copper production.
  • Mauritania: In Mauritania, First Quantum operates the Guelb Moghrein copper-gold mine. This mine is significant for both copper and by-product gold production.
  • Finland: The company operates the Pyhäsalmi copper-zinc mine in Finland, one of the oldest mines in the country, though its operations were nearing the end of their expected life span as of the last update.
  • Australia: First Quantum has the Ravensthorpe nickel-cobalt mine in Western Australia, which has had a history of operational challenges but remains an important part of their portfolio.
  • Turkey: The Çayeli mine in Turkey is another base for First Quantum’s operations, primarily producing copper and zinc.
  • Peru: First Quantum is developing the Haquira copper project in Peru, expected to be a significant copper production site once operational.

Arrows Go Top, Nkana Beat MUZA, Mighty Rout Zanaco

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Arrows Go Top, Nkana Beat MUZA, Mighty Rout Zanaco

The 2023/2024 FAZ Super League season resumed from the month-long 2023 AFCON break with Red Arrows going top after swapping places with Zesco United.

The 2021/2022 champions opened a one-point lead after beating Trident away in Solwezi on Saturday afternoon through a 30th-minute goal by Saddam Phiri.

Arrows moved to 41 points from 21 games played after former leaders Zesco United on the same date failed to hold on to their lead away at Konkola Blades in Chililambomwe.

Eswatini defender Lindo Mkhonta put Zesco ahead in the 41st minute.

But that lead lasted until the 77th minute when Castrol Kiakotela found the back of the net to grab a point for Blades to see the Chililabombwe club breathe a sigh of relief after losing the first leg 3-0 away in Ndola last September.

Defending champions Power Dynamos who are third and tied on 33 points with fourth-placed Nkwazi are only in action on Sunday when they visit Green Eagles.

Meanwhile, struggling giants Nkana made a small step in their giant fight to avoid relegation when they collected their debut away win over FC MUZA in Mazabuka.

New boy Christopher Itaka scored in the 64th minute to put Nkana at 22 points but they stay put at third from bottom at number 16 with fourteen games left to save their souls.

And there was another important result at Shinde Stadium in Mufulira where Mighty Mufulira Wanderers humbled Zanaco 5-0 in a match Evans Chisenga and Patson Kwataine scored braces for the nine-time champions.

Chisenga struck in the 2nd minute, Clive Biyeta made it two-nil in the 30th minute and Kwataine added struck twice before the break in the 34th and 45th minutes.

Chisenga completed his brace in the 49th minute.
Mighty are 8th on after avenging the 1-0 away loss they suffered in Lusaka last September.

They have 28 points, one more than Zanaco who are 10th.

MTN/FAZ SUPER LEAGUE
WEEK 21
17/02/2024
Napsa Stars 1-Kabwe Warriors 0
Nkwazi 2-Green Buffaloes 1
Prison Leopards 2-Kansanshi Dynamos 1
Mufulira Wanderers 5-Zanaco 0
Forest Rangers 2-Mutondo Stars 1
MUZA 0-Nkana 1
Trident 0-Red Arrows 1
Konkola Blades 1-Zesco United 1
18/02/2024
Green Eagles-Power Dynamos

President Hichilema arrives in Ethiopia ahead to AU Summit

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President Hichilema arrives in Ethiopia ahead to AU Summit

President Hakainde Hichilema has arrived in Addis Ababa, Ethiopia to attend the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union.

The plane carrying the President touched down at Bole International Airport at exactly 18:30 hours local time.

He was received by Ethiopia’s Foreign Minister for Agriculture Girma Amente, Zambia’s Acting Foreign Affairs Minister Mulambo Haimbe and Zambia’s Ambassador to Ethiopia Rose Sakala.

The summit which officially opens on Saturday, February 17th, is being held under the theme “Educate an African Fit for the 21st Century, Building Resilient Education Systems for Increased Access to Inclusive, Lifelong, Quality, and Relevant Learning in Africa”.

While in Ethiopia, President Hichilema is expected to attend several meetings, to include the Heads of State and Government Dialogue on Establishing African Union Financial Institutions, as well as the meeting of the Committee of African Heads of State and Government on climate change.

President Hichilema is also expected to hold strategic bilateral meetings on matters of mutual interest, for the benefit of the Zambian people.

The summit has been preceded by the 44th Ordinary Session of the Executive Council, which is the Session of Ministers of the African Union, which commenced on February 14 and closed on February 15, 2024.

The President is accompanied to Ethiopia by Minister of Education Douglas Syakalima, Minister of Technology and Science, Felix Mutati, Minister of Information and Media Cornelius Mweetwa, Minister of Commerce Trade and Industry Chipoka Mulenga and Minister of Health Sylvia Masebo.

The President is expected back in the country after concluding is engagements in Ethiopia.

Putin Critic Alexei Navalny, 47, Dies In Arctic Circle Jail

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Putin Critic Alexei Navalny, 47, Dies In Arctic Circle Jail

Alexei Navalny, Russia’s prominent opposition figure and a relentless critic of President Vladimir Putin, has tragically passed away in a jail located in the Arctic Circle, as confirmed by the prison service.

Navalny, widely regarded as Putin’s most vocal adversary, was serving a 19-year prison sentence on charges widely denounced as politically motivated. He had been transferred to one of Russia’s harshest penal colonies late last year.

The prison service in the Yamalo-Nenets district reported that Navalny had suddenly fallen ill after a walk on Friday. Despite immediate efforts by emergency medical personnel to resuscitate him, Navalny lost consciousness and was pronounced dead. The exact cause of his death is currently under investigation.

The shocking news comes just a day after Navalny was last seen during a court hearing via video link, appearing in good health and high spirits.

Navalny’s mother, upon hearing the news, expressed disbelief, stating, “We saw him in prison on 12th [February], in a meeting. He was alive, healthy, and happy.”

Following the announcement of Navalny’s death, international leaders and organizations swiftly condemned the incident, emphasizing Navalny’s courage in standing up against Russian authorities.

France characterized Navalny’s death as the result of his resistance against Russian “oppression,” while Norway’s foreign minister held Russian authorities accountable for the tragedy.

US Secretary of State Antony Blinken, speaking from Munich, labeled Navalny’s death as indicative of the “weakness and rot” within Putin’s regime, placing responsibility squarely on Russia.

In response to the outcry, Dmitry Peskov, Putin’s spokesman, stated that the president had been informed of Navalny’s death and emphasized the need for medical professionals to determine the cause.

UK Foreign Minister David Cameron condemned Putin’s regime, underscoring the severity of Navalny’s demise as a stark reminder of the oppressive nature of the Russian government.

Zambian Swimmer Mia Phiri Breaks National Record at World Aquatics Championships

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Zambian Swimmer Mia Phiri Breaks National Record at World Aquatics Championships

Mia Phiri, the rising star in Zambian swimming, has made headlines once again by setting a new national record in the 50m backstroke event at the ongoing World Aquatics Championships in Doha.

Phiri’s outstanding performance earned her the 5th position, clocking an impressive time of 29.61 seconds, surpassing her previous personal best of 30.17 seconds. Her remarkable achievement not only showcases her exceptional talent but also highlights her relentless dedication to the sport.

Raphael Mulenga, the Secretary General of the National Olympic Committee of Zambia (NOCZ), extended his heartfelt congratulations to Phiri on behalf of the organization. Mulenga praised Phiri for her extraordinary accomplishment, emphasizing her unwavering commitment, talent, and perseverance.

In his statement, Mulenga emphasized that Phiri has not only made history but has also become a symbol of pride for Zambia on the international stage. Her stellar performance serves as inspiration for aspiring athletes across the country, highlighting the potential and talent within Zambia’s sports community.

Phiri’s success at the World Aquatics Championships underscores the growing prominence of Zambian athletes on the global stage and reaffirms the country’s commitment to nurturing sporting excellence.

As Mia Phiri continues to make waves in the world of swimming, all eyes are on her future endeavors, with expectations running high for even greater achievements on the international stage.

Kwacha Surges Against Major Currencies on Foreign Exchange Market

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Kwacha Surges Against Major Currencies on Foreign Exchange Market

The Kwacha has staged an impressive rally on the foreign exchange market, reaching K23.46 after weeks of trading at levels exceeding K26 and K27. A survey conducted by the Zambia National Broadcasting Corporation (ZNBC) across various bureaus confirmed that the dollar was being bought at K23 and sold at K23.46.

Market analysts and economists have pointed to governmental and central bank interventions as key drivers behind this sudden appreciation.

Ronald Mwanza, the Chief Executive Officer of the Bankers Association of Zambia (BAZ), attributed the Kwacha’s appreciation to recent actions taken by both the government and the central bank. Mwanza specifically highlighted the increase in the statutory reserve ratio, explaining that the government’s decision to raise this ratio was in response to sustained high demand for foreign exchange. This move, according to Mwanza, has effectively tightened liquidity in the market and supported the Kwacha’s upward trajectory.

Economist Noel Nkoma echoed Mwanza’s sentiments, emphasizing the fiscal measures implemented by the government. Nkoma noted that the government’s decision to withdraw excess liquidity from commercial banks has created space for the Kwacha to strengthen further.

The recent surge in the Kwacha comes on the heels of the Bank of Zambia’s decision earlier this month to raise the statutory reserve ratio from 17 percent to 26 percent, which came into effect on February 5th. This move signaled a proactive approach by authorities to address the challenges posed by high demand for foreign currency.

The sudden turnaround in the Kwacha’s fortunes has been met with optimism among market participants and stakeholders, who view it as a positive development for Zambia’s economy. However, analysts caution that sustained efforts will be required to maintain this momentum and ensure stability in the foreign exchange market.

As the Kwacha continues its upward trajectory, attention now turns to the effectiveness of ongoing fiscal and monetary measures in supporting its gains and fostering economic growth in Zambia.

KCM Provisional Liquidator Corrects Misleading Media Report by Diamond TV

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KCM Provisional Liquidator Corrects Misleading Media Report by Diamond TV

Celine Nair, the Official Receiver and Provisional Liquidator for Konkola Copper Mines Plc (KCM), has moved to clarify a recent report aired by Diamond Television news bulletin on 15th February 2024. Nair emphasized that the report contained inaccuracies and selectively presented information from an ongoing court matter.

Nair asserted that she had not issued any official statement regarding the transitional matters concerning KCM, particularly concerning the resolution between the government and Vedanta Resources Limited. The current focus is on the implementation of the Scheme of Arrangement, which aims to facilitate Vedanta’s complete takeover of KCM.

Addressing the ongoing process, Nair highlighted that the transition to Vedanta’s ownership is proceeding through a court-monitored procedure. She reassured stakeholders that once finalized, all creditors would be duly compensated in accordance with the agreed scheme.

Nair informed creditors to ensure their records are updated, as meetings will soon commence for verification and payment processes. She noted Vedanta’s contribution of $25 million as bridging finance to support KCM’s short-term operations.

In light of these developments, Nair urged stakeholders not to panic, emphasizing collaboration between the government, Vedanta Resources Limited, and KCM management to ensure a smooth transition.

Regarding the Diamond TV report, Nair criticized its misleading headline and stressed the importance of accurate reporting, especially considering the efforts to revitalize Zambia’s mining sector. She cautioned the public against adopting the narrative of KCM’s imminent closure.

Shapi Shachinda, General Manager Corporate Affairs, issued this statement on behalf of KCM, underlining the commitment of all parties involved to facilitate Vedanta’s full takeover of KCM and restore stability to the mining industry.

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