By Nawa Mutumweno – The Zambian financial sector was not adversely affected by the global financial crisis mainly due to the limited integration of the sector into the international markets. Most banks remained adequately capitalized during the turbulent economic blues. The stability enjoyed in the financial sector was also attributed to the Central Bank’s enhanced vigilance and interaction with the domestic financial system to ensure that there was strict adherence to its supervisory guidelines. Primarily, the objective of the monetary policy in 2009 was to achieve an end-year inflation target of 10 percent. The Bank of Zambia (BoZ) identified the... Continue Reading
By Nawa Mutumweno – Zambia’s mining sector recorded a marked slow down in the period 2008 – 09 in the wake of the global economic crisis which led to reduced copper prices coupled with the closure of certain mining operations. The worst of the credit crunch seems to have passed with the country’s mining industry set for revival, evidenced by resumption of operations in mining firms that had gone on ‘production leave’ and new investments in the offing. A rise in copper prices was recorded on the world market during the first half of 2009 and most mining companies started... Continue Reading
By Nawa Mutumweno – Zambia’s dream of attaining 1 000 000 tonnes of copper production per annum is about to come true. Vedanta Resources’ Konkola Copper Mines (KCM) is the straight path through which the country intends to drive forward to this beckoning destination. One major milestone on the company’s operational terrain has been the official commissioning of the mid-shaft loading at No.4 Shaft of the Konkola Deep Mining Project (KDMP) on April 20, 2010, marking a major step towards the mining giant’s vision to increase its copper production to 500 000 tonnes annually by 2011. “Commencement of the mid... Continue Reading
By Nawa Mutumweno – To many a critic, Nitrogen Chemicals of Zambia Limited (NCZ) is a corporate has-been that should be disposed into the dust bin of history. To many economic analysts, sympathizers and the public at large, NCZ is a viable entity if only a dosage of investment of the right proportion is administered. Perhaps there is no other company in Zambia whose operations crosscut various facets of economic activity. NCZ has a bearing on the mining, agriculture and industrial sectors of the economy.. Established in 1970, with Japanese assistance (Kobe Steel), to supply ammonium nitrate explosive grade to... Continue Reading
By Nawa Mutumweno Economic Overview Under the backdrop of economic resilience, the Government has decided to focus on, inter alia, the following principles in 2010:- – To overcome the current dip in economic growth and restore GDP growth to the pre-crisis trend levels of about 6% – To continue with the economic diversification programme – To continue the poverty alleviation measures – Continue to pursue business-friendly macroeconmic policies – Protect key social expenditures in sectors, such as education, health and road infrastructure – Continue to support the domestic growth drivers of Mining, Construction, Agriculture, Tourism and Wholesale and Retail Trade... Continue Reading
