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Zambia Vs Guinea in Under-20 Nations Cup Tournament
President Edgar Lungu has congratulated the Junior Chipolopolo for the 1-0 victory against Guinea under-20 national team of the Group A opening match in the Africa Cup tournament played at National Heroes Stadium in Lusaka today.
The President is happy that the Zambia under-20 national team has started on a good note and encouraged them to even work extremely hard ahead of the upcoming matches.
President Lungu has urged Zambians that as host of the AFCON under-20 tournament, support should not only be provided to the Junior Chipolopolo but also to the visiting teams.
The President is confident that the Junior Chipolopolo will again make the country proud.
Chief Kambwali has challenged the eight Luapula Ministers currently serving in President Lungu’s Cabinet to unite and change the poverty levels of the Province by implementing more poverty reduction programmes in the Province.
Chief Kambwali thanked President Lungu for appointing eight Cabinet Minister from Luapula as a strategy of reducing the poverty levels which currently stand at 82 per cent in the Province.
The Chief said President Lungu has given Luapula people through the appointment of eight Ministers a test to see if they can use their privilege to serve in their ministerial portifilios to reduce the daunting poverty for the people of Luapula.
The traditional leader predicted that there might be no other chance for Luapula to have eight Ministers in one Cabinet if this opportunity is not used properly to develop the Province.
He emphasized that if this chance to develop Luapula eludes the region, then Luapula will continue to remain backwards for millenniums to come.
Chief Kambwali reminded the serving Ministers to focus on the campaign promise that the late President Sata made to the people of Nchelenge of building them a Science and Technology Institute.
He disclosed this when Luapula Province Permanent Secretary Dr. Buleti Nsemukila paid a courtesy call on him on Saturday.
The Chief said Government should consider providing vehicles for all the Chiefs in the Province to ease their movements when going for their medical attention and reviews including attending meetings in Mansa and travelling to Lusaka when need arises.
He said he is happy with the cadre of civil servants working in Nchelenge because they are dedicated to their work.
Luapula Province Permanent Secretary Dr. Buleti Nsemukila disclosed that the President is equally concerned about the 82 percent poverty levels in Luapula and the Province being the poorest in Zambia.
Dr. Nsemukila said that is the reason probably the President appointed more Ministers from Luapula in his Cabinet to see how best they can help him to improve the human economic and social development index for the Province by reducing the poverty in the region.
He confirmed that if Luapula will fail to develop, the President will not be in the blame but the blame will be squarely on the civil servants who are tasked to implement the Government policies that should improve the living conditions of the people.
The Permanent Secretary said it is the role of civil servants to push for the implementation of political promises for the people to see results for their benefit.
Recently President Lungu when addressing a public rally at Katungulu Primary School grounds in Nchelenge stated that he will from 2017 to 2021 focus on Luapula first because it is the poorest province in Zambia and then western Province to reduce poverty in the two provinces as they are still economically backwards.
Government has learnt with sadness the death of Mrs. Regina Chifunda Chiluba.
Mrs. Chiluba who was widow of the late Second Republican President Dr. Fredrick Chiluba died at UTH in Lusaka this on Sunday after battling with cancer.
Mrs. Chiluba was former Movement for Multiparty Democracy (MMD) National Women’s Chairperson.
Information and Broadcasting Service and Chief Government Spokesperson Kampampa Mulenga said she worked tireless to mobilise the party at all levels.
Ms Mulega conveyed Government’s heartfelt condolences to the bereaved family on the passing on of Mrs. Chiluba.
“We ask the Lord God almighty to strengthen the bereaved family during this trying period,” she said.
Why Banks ought to reduce lending rates drastically ……Zambian Banks’s margins highest in region, BOZ should consider capping
By Mwansa Prospery Chalwe
The Zambian economy will not recover quickly enough as long as Commercial banks continue charging unjustifiable and exorbitant lending rates. Zambia commercial Banks interest rates continue to be high despite improvements in other economic fundamentals. The finance Minister, Felix Mutati was recently quoted in the Zambia Daily mail of 18th February, 2017 that high interest rates are constraining private sector growth and the economy as a whole.
In the last twelve months or so, the major determinants of lending rates have all being going down but there has not been any significant change in the lending rates of the roughly eighteen Commercial banks in Zambia. Inflation rate has dropped from a high of 22.5% to 6.8%, the monetary policy rate has gone down from 15.5% to 14.0%, the Bank of Zambia Statutory reserve ratio has reduced from 18% to 15.5% and the government Treasury bill rates has reduced from a high of 27% to 21% in February,2017.
The Zambian private sector and households have borne the blunt of the high interest rates in the last couple of years resulting in massive repossessions of farms, vehicles, houses, reduction in disposable income of households with loans as loan and mortgage repayments have more than double. There have also been numerous closures of businesses resulting in loss of jobs. Private sector borrowing has declined tremendously in past few years due to high interest rates resulting in low economic activity. The so much talked about growth and diversification will remain a pipe dream in this economic environment of limited and expensive capital to expand or start up a business.
In order to put the argument that Zambian Commercial banks are overcharging its customers, risk considerations notwithstanding, we should consider two economies in the SADC regions – Botswana and South Africa- and ask questions as to why the interest rate margins are so high compared to these two countries. The margins for the purpose of this article are the difference between what the banks charges its customers and the four major determinants of lending rates: The risk free interest rates as represented by Government Treasury bills, Bank of Zambia Policy rate, the inflation rate and the term deposit rates paid to customers saving with banks.
The current average Commercial bank lending rate is about 44% but there are banks that have been charging as high as 48%. The current Government Treasury bill rate averages around 21% which means the premium on risk free rate is 23% which gives a margin of 109%. Zambian inflation has dropped from a high of 22.5% to 7% in January,2017 and this means that banks’ positive interest rates which is the difference between inflation and commercial bank lending rate is 33% which is 417% above inflation. The Bank of Zambia’s old policy rate was 15.5% (revised to 14% last week). The difference between the policy rate and what commercial banks are charging customers is 24.5% which is 158% above the old policy rate. Commercial Banks mobilize deposits from customers for onward lending and prime customers are currently being paid interest on their savings on average about 25% which gives the banks a margin of 76% above term deposit.
According to the latest information available, the average commercial Bank interest rates in South Africa is 10.5% and the inflation rate is 6.9% which gives a positive interest rate of 3.6% which is 52% above inflation compared to Zambian banks’ 417% above inflation. The South Africa Reserve Bank’s repo rate which is the equivalent our Bank of Zambia Policy rate is 7.0% which means commercial banks are charging 3.55% margin above the repo rate and compare this with our banks’ 24.5% above policy rate or 158% above the policy rate. The South African Government bond rates which we can compare with our Treasury bills though the latter is more short term than the former is 8.97%. Commercial banks are charging 1.53% above the risk free rate.
In Botswana, the average commercial Bank interest rates in is 7.5% , the inflation rate is 2.7% which gives a positive interest rate of 4.8% which is 177% above inflation compared to Zambian banks’ 417% above inflation. The Bank of Botswana prime rate which is the equivalent our Bank of Zambia Policy rate is 5.5% which means commercial banks are charging 2.0% margin above the prime rate and compare this with our banks’ 24.5% above policy rate or 158% above the policy rate. The Botswana Government bond rates which we can compare with our Treasury bills though the latter is more short term than the former is 8.0%. Commercial banks are charging 2.5% above the risk free rate.
In neighbouring Zimbabwe, where the economy is in tatters, the average lending rate has been averaging about 18%.The Zambia Daily Nation of February 23, 2017 quoting the Zimbabwe Daily News reported an outcry in Zimbabwe about the super profits made by banks whose profits had increased by 42% year on year t because of charging “unacceptable charges” and “extortionist fees”.
“The super profits announcement was immediately followed by an announcement by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya in his 2017 monetary policy statement that he had capped interest rates at 12% per annum from 18% and further reduced bank charges,” The Daily Nation reported.
Although we are liberalized economy, there is need to ensure that oligopoly and monopolistic tendencies are kept in check for the sake of the economy as a whole. It is rather disappointing that even after the Bank Of Zambia’s goodwill gesture of removing the capping of interest rates a few years ago to ensure economic stability and bank profitability, Commercial banks have abused the gesture by charging “extortionist” interest rates, fees and other bank charges. Zambian banks are giving a role deal to its customers. How does one, for example, justify a charge of K110 per page for a duplicate bank statement by one of the South African Banks as this writer was charged by his bank recently? In the light of the fact they are only about eighteen commercial banks in Zambia and most of them foreign owned, allegations by some observers that there is some collusion in interest rate pricing by our banks may have some credence.
The recent example in South Africa where banks were found by the Competition Commission to be involved in price fixing and market allocation regarding the South African rand and the US dollar since April 2015 is a case in point. The commission found that banks had a gentleman’s agreement dating back to at least 2007 to collude on prices for bids, offers and bid-offer spreads for spot trades on rand-to-dollar exchanges. This is a major red flag for Zambian regulators like Bank of Zambia and the Competition Commission of Zambia.
It is imperative that the Bank of Zambia should revisit the re-introduction of capping interest rates because Zambian Banks like those in Zimbabwe have failed to self regulate. This is also a lesson to Zambian government that multinationals including mines cannot be trusted to act in the best interests of the host country or the World economy as the 2008 financial crisis proved. They serve the interests of managers and shareholders. There is need to for reasonable regulation and oversight.
The Author is a former financial Advisor to Botswana Confederation of Commerce, Industry and Manpower (BOCCIM) under the USAID FINANCED Botswana Private Sector Development Project (BPED)- a Tripartite Project between the Government of Botswana, USAID and the Private Sector.
First Lady Esther Lungu and Mozambique First Lady Isaura Nyusi join women in dancing during the closing ceremony of the just ended Conference on ending child marriage and early pregnancies in Pemba City, Mozambique on Sunday,February 26,2017 -Picture by THOMAS NSAMA/STATEFirst Lady Esther Lungu has observed that child marriage derails the development of every nation as it involves both girls and boys who are the future leaders.
Mrs. Lungu however noted that much emphasis is on the girl child because the impact of child marriage is more traumatic on girls.
She said this is why more concerted efforts are needed to ensure that the vice is combated in order to give the girl child an opportunity to grow and contribute to the development of their respective communities and countries.
The First Lady made these remarks during her presentation on the activities that her office is undertaking to address child marriage and early pregnancies in Zambia at the official opening of the national conference on ending child marriage and early pregnancies in Pemba City in Mozambique.
Mrs. Lungu pointed out that among other activities, her office is working tirelessly to empower women especially in rural areas where child marriages and early pregnancies are more rampant in order to ensure that more girls in various households are sponsored in education.
Mrs. Lungu who expressed gratitude for being given a platform to share Zambia’s experiences and approaches in ending child marriage has since called for the two countries to work together to eliminate the vice in both countries.
And Ministry of Gender Permanent Secretary Edwidge Mutale says government is making tremendous efforts in ensuring that child marriage in Zambia is curbed by among others putting in place line ministries that have greatly contributed to fighting child marriages in the country.
She further disclosed that the Zambian government has procured a K65 million loan from the World Bank which will see 75,000 women in the country will be empowered and 14, 000 girls sent back to school.
The Permanent Secretary noted that the 75,000 women will be empowered because they are able to sustain the process by paying for other children within their various households.
And Mozambique First Lady Isaura Nyusi noted that her country is among countries in Africa that has a high prevalence of early marriages.
Mrs. Nyusi said the situation has prompted her to come up with a three years project aimed at eliminating child marriage and early pregnancies.
“According to our latest Demographic Health Survey 14% of girls between the ages of 20-24 got married before 15 years old while 48% of girls got married before the age of 18.
First Lady Esther Lungu and he Mozambique Counterpart Isaura Nyusi upon arrival at AVANI HOTEL for the on-going Conference on ending child marriage and early pregnancies in Pemba City, Mozambique on February 25,2017 -Picture by THOMAS NSAMA/STATE HOUSEFirst Lady Esther Lungu (L) with Mozambique First Lady Isaura Nyusi (C) at the on-going Conference on ending child marriage and early pregnancies in Pemba City, Mozambique on February 25,2017 -Picture by THOMAS NSAMA/STATE HOUSEFirst Lady Esther Lungu and Mozambique First Lady Isaura Nyusi join women in dancing during the closing ceremony of the just ended Conference on ending child marriage and early pregnancies in Pemba City, Mozambique on Sunday,February 26,2017 -Picture by THOMAS NSAMA/STATEDelegates following the proceedings of the on-going Conference on ending child marriage and early pregnancies in Pemba City, Mozambique on February 25,2017 -Picture by THOMAS NSAMA/STATE HOUSE
Zambia Vs Guinea in Under-20 Nations Cup Tournament
Hosts Zambia are in command of Group A after Mali and Egypt could only draw on match day one at the 2017 Under-20 Africa Cup of Nations.
Mali and Egypt played out to a 0-0 draw in the late kickoff at Heroes National Stadium in Lusaka on Sunday night.
The result leaves Zambia two points clear of the two teams heading into their penultimate Group A date with Mali on March 1 at the same venue in an 18h00 kickoff.
Guinea, who are bottom after losing 1-0 to Zambia, will play Egypt in the early kickoff at 15h00 on the same date.
FILE: President Lungu with First Lady Esther Lungu
President Edgar Lungu has said that he was deeply saddened by the passing away of late Second Republican President Mr Frederick Titus Jacob Chiluba’s widow Regina who died today after an illness.
In a statement released to the media today by State House, the President described Mrs Chiluba as a strong and supportive spouse who firmly stood by the late President.
President Lungu also extolled Mrs Chiluba’s tremendous contribution to the success of the Movement for Multiparty Democracy(MMD)particularly in mobilising the women to rally behind the former ruling party.
The President has extended his heartfelt condolences to the bereaved Chiluba and Chifunda families and urged them to find fortitude in the Almighty God as they mourn.
“Her passing away is not only a great loss to her family but also to the entire nation and particularly the womenfolk. On behalf of the Government and the people of the Republic of Zambia and indeed on my own behalf, we wish to extend our heartfelt condolences to the bereaved families. Our prayers and thoughts are with them during this difficult period. May her soul rest in eternal peace,” the President said.
Meanwhile, the President has regretted the passing away of Mr Errol Hickey, a pioneer in the development of Zambia’s first private radio broadcasting.
The President hailed Mr Hickey for his ingenuity and unwavering commitment to take radio broadcasting to the level that it is in the country today.
President Lungu has said Mr Hickey an icon in the media industry will not only be missed by the media fraternity but also the entire country.
The President has extended his profound condolences to the bereaved family and wished them God’s solace and strength as they go through this trying moment.
“On behalf of Government and the people of the Republic of Zambia and indeed on my own behalf, we commiserate with the bereaved family. May the Soul of Mr Hickey rest in peace,” the President said.
And Government has released the following statement
STATEMENT BY HON. KAMPAMBA MULENGA, MP, MINISTER OF INFORMATION AND BROADCASTING SERVICES AND CHIEF GOVERNMENT SPOKESPERSON ON THE DEATH OF MRS REGINA CHIFUNDA CHILUBA
Government has learnt with sadness the death of Mrs. Regina Chifunda Chiluba.
Mrs. Chiluba who was widow of the late Second Republican President Dr. Fredrick Chiluba died at UTH in Lusaka this afternoon after battling with cancer.
Mrs. Chiluba was former Movement for Multiparty Democracy (MMD) National Women’s Chairperson. She worked tireless to mobilise the party at all levels.
Government conveys heartfelt condolences to the bereaved family on the passing on of Mrs. Chiluba.
We ask the Lord God almighty to strengthen the bereaved family during this trying period.
Hon. Kampamba Mulenga, MP MINISTER OF INFORMATION AND BROADCASTING SERVICES AND CHIEF GOVERNMENT SPOKESPERSON
Zambia made a promising start on Sunday as 2017 U20 AFCON hosts after beating Guinea 1-0 in the tournament’s opening game at the National Heroes Stadium in Lusaka.
Beston Chambeshi’s side go top of Group A on 3 points until late Sunday night before Egypt and Mali clash in the other pool match of the doubleheader at Heroes Stadium.
Guinea threatened in the early stages of the match and Naby Bangoura missed a one-on-one chance with goalkeeper Mangani Banda in the 29th minute.
Edward Chilufya then thought he had the ball in the back of the net in the 39th minute but his goal was ruled out for offside.
The winner came just after the break through striker Patson Daka of Austrian club FC Liefering in the 48th minute.
Chilufya again had the back in the back of the net in stoppage time, and again, his goal was disallowed.
Zambia now turn their attention to Mali on March 1 at the same venue seeking a win that will send them to the semifinal finals.
Zambia Vs Guinea in Under-20 Nations Cup TournamentZambia Vs Guinea in Under-20 Nations Cup TournamentZambia Vs Guinea in Under-20 Nations Cup Tournament
The Government has learnt with regret the reported violence against Journalists in Lusaka’s Chawama Township yesterday.
Information and Broadcasting Services and Chief Government Spokesperson Kampampa Mulenga has condemned the violence that is reported to have occurred during a joint operation by the Zambia Police, Zambia Medical Regulatory Authority (ZAMRA) and Drug Enforcement Commission (DEC) to clamp down on illegal drug stores in the area.
Four Journalists from the Zambia National Broadcasting Corporation (ZNBC) and Muvi Television were yesterday beaten up and had their cameras damaged by some residents in Chawama as they filmed the operation.
Officers from DEC, ZAMRA and the police were also reported to have been beaten during the operation.
Ms Mulenga said the hooliganism and barbarism cannot be condoned in a democratic society.
“May I seize this opportunity to reiterate that the PF Government under the leadership of His Excellency the President Mr. Edgar Chagwa Lungu will not sit idle and allow the perpetrators of such crimes go unpunished,” Ms Mulenga said.
She has called upon all law enforcement agencies to ensure that they leave no stone unturned and bring all culprits behind these barbaric acts to book.
The Chief Government Spokesperson reiterated Government’s commitment to uphold and defend the rights of Journalists.
Ms Mulenga also reminded members of the public to always remember that Journalists need to be able to do their work without fear or intimidation.
She said Journalists have a responsibility to their audiences to gather news objectively and to report facts.
Widow of Zambia’s Second President Frederick Chiluba, Regina Chifunda Chiluba has died.
Family sources have confirmed that Regina Chiluba died at the University Teaching Hospital (UTH) at 12:30hrs on Sunday afternoon.
Government evacuated Mrs. Regina Chiluba to Apollo Hospital in hyderabad in India, in November 2016 reportedly battling cancer.
She however came back last week and was immediately admitted to the University Teaching Hospital as her condition was deemed terminal.
In 2002, the Ndola High Court divorced her marriage to Edward Mwanza.
She later officially married Frederick Chiluba.
At this stage Chiluba had divorced his wife of many years, Vera Tembo.
Regina spent most of her life with Chiluba in courts of law as Chiluba and herself were dragged into court on allegations of corruption by the Mwanawasa government.
In 2009, she was jailed by the Lusaka Magistrate for allegedly receiving government property but was later acquitted by the Lusaka High Court.
Chiluba died in 2010 from a heart condition he had suffered since 2006.
Regina is survived by her children Bwalya, Malama and Mando.
File:Police officers praying during the prayer day for defence forces personnel in Lusaka
The ‘practice’ of Christianity in Africa, is gradually on the verge of a wild goose chase. The more impressive the proliferation of churches (the credibility of which cannot be truly ascertained), the higher the population of indecisive religious tourists, who continuously fall victims of marketing hype!
The second coming of Christ as detailed in the Bible, is bound to happen only “when the Gospel has been preached to the WHOLE earth as a witness”. Why then is the first instinct of an African Pastor focused solely on erecting his core congregational base within the modernized towns and cities where the gospel have, and is still being preached? The other churches are not doing it right? Or perhaps, evangelizing primarily in the rural areas where poverty and idol worship is largely obtainable would not yield much financial patronage..
We just witness a recycling of church members from one denomination to another. The Pentecostal folks, snatching the members of their colleagues next door, while the Methodist and Baptist denominations, ripping-off what they can from the Catholic! (I once attended a church where a major prayer point was for other churches within the town to bow to theirs!).
Christians “winning the souls” of other Christians! Unnecessary and unhealthy competition among churches in Africa. It was never written of Apostle Paul aiming to win over Peter’s congregation, or Matthew prevailing over Luke despite their different scriptural accounts. If each of these Apostles were keen on enforcing their individual philosophies or erecting personal empires with the gospel as opposed to the other, who would have reached the unbelievers?
How many Muslims and Atheists can the average African church claim to have converted, as compared to the number of Christians they’ve won over from other churches? (with their fancy choirs & lavish buildings). How many of the BIG and revered churches (with giant net worth & audacious faith) are spreading to the Middle East and other volatile areas like North Korea for evangelism? Little or None right? With such humongous amount of faith they preach!
[pullquote]Some Pastors surround themselves with bodyguards or substantial amount of protocol teams. For what exactly?[/pullquote]
But why I ask? For fear of persecution? Oh! They’ve got families they love and care for, so it’s practically unwise to die for the gospel at this time. It’s more comfortable to preach about the great exploits of Apostles who died for the sake of the gospel, but when confronted with the same feat in real life, they rather not tread the same path (after all, wisdom is profitable to them that have it!).
Some Pastors surround themselves with bodyguards or substantial amount of protocol teams. For what exactly? To protect themselves from people? Or shield themselves from any impending form of persecution? The target of the gospel in Africa, now reverses from the originally intended evangelical spread of the gospel across borders, to the building of magnificent empires, otherwise nicknamed “building God a house”.
Every church now wants to ‘build God a house!’ (God is everywhere after all, so He’s big enough to live in all of them!). God doesn’t need a house! Even if He needed one, your architectural design doesn’t qualify! He needs you to dust off the materialism, and evangelize around the world!
If African churches can convert the vast resources invested in building and sustaining large congregations, into carrying out evangelical trips across villages (where voodoo is mostly practiced), and to nations that forbids Christianity (without fear of persecution, which is originally the main idea), we would be halfway towards receiving the second coming of Christ!
He died at a hospital in Lusaka on Sunday morning after a long battle with cancer.
Mr Hickey as Chairman of Radio Phoenix was respected by many for having pioneered commercial broadcasting in Zambia after founding Radio Phoenix in 1996 in the aftermath of Zambia’s return to multipartism.
A few years ago, Mr Hickey lost his wife Ursula to cancer.
He had given up control of Radio Phoenix two years ago as his health started failing and some private investors from Botswana bought shares in the radio station.
He also operated a Lodge, Sunset Villas and an events management company called Events.
Mr Hickey was born in Salisbury, in pre- independent Zimbabwe, but came to Zambia over 50 years ago.
George Lwandamina’s elusive wait for his first Dar-es-Salaam derby win continues after Young Africans were beaten away by 10-man Simba.
The result saw Lwandamina still without a win over archrivals Simba in two meetings since he took over in late December.
Simba rallied to beat Young Africans 2-1 after Zambia winger Aubrey Chirwa had put them 1-0 into the break from a 5th minute penalty spot.
Simba then lost Novatus Lufunga through a 55th minute red card but equalised 11 minutes later through Laudit Mavugo before Shiza Kichuya sealed the win for ten-man Simba in the 81st minute.
Young Africans defeat was also Lwandamina’s first in the Tanzanian league since his arrival three months ago.
Simba initially denied Lwandamina a win last January when they beat Young Africans 4-2 on post-match penalties in the Mapinduzi Cup semifinals in Zanzibar after the match had finished 0-0.
Simba now lead the table on 54 points from 23 games while Young Africans are 2nd on 49 points with a match in hand with overall seven rounds left to play.
Meanwhile, Young Africans will on March 11 hosts Zanaco in a 2017 CAF Champions League first round, first leg match in Dar-es-Salaam.