ZED STYLE

As Zambia grapples with the onset of 8-hour load shedding, the government's call for citizens to embrace solar energy as an alternative has left many small businesses in a precarious position. With the high cost of solar panels, priced at over K30,000, most SMEs are struggling to afford the transition to renewable energy. The announcement of prolonged load shedding, that commenced yesterday on March 11, 2024, has casted a dark cloud over the local business landscape. For SMEs, the prospect of operating for only half of the day translates to a significant loss in revenue, especially during peak business hours. While the idea of harnessing solar energy appears promising, the reality is that the upfront cost of solar systems is prohibitive for many small businesses. The price tag of K30,000 for a solar system capable of powering electrical appliances presents a significant barrier for SMEs with limited financial resources. Additionally, most solar energy solutions cater to appliances ...

  In a recent revelation by the Financial Intelligence Centre (FIC), Zambia finds itself grappling with a staggering loss of $2.8 billion attributed to illicit financial flows during the fourth quarter of 2023. The FIC's report unveils a concerning trend, highlighting 450 suspected transactions linked to tax evasion, fraud, forgery, and money laundering, primarily involving foreign nationals.  A notable observation from the report is the modus operandi employed by these illicit actors. Newly established firms, often with Zambians listed as shareholders and directors, serve as fronts while foreign nationals retain control over bank accounts. This intricate web of deception is further compounded by the frequent changing of banks by these foreign actors, a tactic aimed at evading detection. The report exposes a troubling pattern where these entities inject substantial sums in dollars into Zambia's financial system under the guise of import payments, yet there is scant evidence of...

In a recent report released by the Auditor General, it was revealed that thirteen subsidiary companies of the Industrial Development Corporation (IDC) incurred significant losses totaling over K5.6 billion in 2022, with an additional K750 million reported in 2021. These staggering figures highlight a concerning trend that demands immediate attention. The magnitude of these losses cannot be understated. The funds lost could have been allocated to crucial development projects such as the completion of schools, university hostels, lecture rooms, and health facilities within a single year. It is imperative to emphasize that these figures have been verified by the Auditor General, lending credibility to the severity of the situation. The implications of such financial mismanagement are far-reaching and unacceptable. If left unchecked, the continuation of such practices risks perpetuating a culture of impunity within IDC subsidiaries. It is imperative that the IDC board and management take s...