ZED STYLE

The recent remarks by the Swedish Ambassador to Zambia, Johan Hallenborg, regarding corruption in the country have sparked apprehension among investors, prompting Financial Analyst Moses Mwale to express his worries about the potential fallout on investor confidence. Ambassador Hallenborg disclosed that Swedish companies were hesitant to invest in Zambia, citing concerns over perceived corruption. In response, government officials challenged the ambassador to provide specific evidence supporting these claims. Moses Mwale, a financial analyst, noted that the credibility of the Swedish Ambassador's statements doesn't necessarily require verification. Mwale emphasized that when the ambassador speaks, it carries weight within the international community, potentially impacting investor confidence in Zambia. Mwale highlighted the potential consequence of this situation, pointing out that it could lead to an increase in country risk. Investors, when deciding where to allocate their fu...

Economist Yusuf Dodia has issued a cautionary message regarding Zambia's economic stability, emphasizing that the country must address the root causes to pave the way for increased economic growth. Dodia highlighted the importance of aligning the ambitious goals set in the 2024 National Budget with the prevailing economic realities. He observed that approximately 15 percent of the budget relies on foreign funding and financing, while domestic financing, sourced through borrowing from the local economy via treasury bills and bonds, constitutes around 20 to 30 percent. This, according to Dodia, underscores the inadequacy of the Zambia Revenue Authority's (ZRA) resource mobilization target to cover the entire budget. In 2023, the ZRA aimed to collect about K110 billion, yet the 2024 budget has surged to almost K180 billion, leaving a considerable shortfall of approximately K70 to K80 billion in the national budget. The economist pointed out that the nation currently exerts less co...

Tensions flared at Kitwe's Garden Court Hotel as eight Mine-Worker Unions found themselves on the brink of a confrontation this morning. The catalyst for the near altercation was an accusation leveled by five unions against the remaining three, alleging hypocrisy and the creation of divisions within the industry. Following a media briefing led by Kelvin Namunji, the President of the Miners and Allied Workers Union, and four other unions, Joseph Chewe, President of the Mine Workers Union of Zambia, and Saul Simujika, President of the National Union of Miners and Allied Workers, entered the scene to vehemently deny the accusations made during the briefing. The dispute revolved around the disownment of a recent press statement issued by the three mine-worker unions in question – MUZ, NUMAW, and UMUZ. The accusers claimed that these unions were working in isolation and making misleading comments to the media about Mopani and Konkola Copper Mines-KCM. As tensions escalated, Levi Chimfwe...

In a bid to spur economic growth, President Hakainde Hichilema is championing the need for Zambians to value and respect investors. Recognizing the pivotal role investors play in driving economic development and creating employment opportunities, the President addressed the issue during the inauguration of Zambian Breweries' newly upgraded $80 million plant in Lusaka. President Hichilema expressed concern over the tendency to label investors as imperialists, condemning such characterization as both unfair and counterproductive to the nation's progress. He emphasized the crucial role of attracting more investment to fuel job creation and stimulate overall economic growth. Highlighting the economic expansion as a top priority for the UPND New Dawn Government, President Hichilema stated, "Economic growth is one of our critical agendas, and that can only come through investments." He urged citizens to move away from stereotypes and recognize the positive impact investment...

Access Bank Zambia Limited has officially completed the acquisition of African Banking Corporation Zambia Limited, known as Atlas Mara Zambia, following the successful procurement of all required regulatory approvals. This development signifies that Atlas Mara is now a fully owned subsidiary of Access Bank Zambia. During the merger announcement in Lusaka today, Lishala Situmbeko, the Chief Executive Officer of Access Bank Zambia Limited, expressed that upon the conclusion of the merger, the consolidated entities are poised to emerge as one of Zambia's top five banks by revenue, aiming to secure a position in the top three by 2027. Situmbeko emphasized that the amalgamation of these two esteemed businesses will establish a more robust and competitive financial institution, playing a pivotal role in contributing to Zambia's economic recovery. He elaborated on the benefits for corporate customers, highlighting advantages such as an expanded combined balance sheet, a wider internat...