ZED STYLE

The much-anticipated construction of the Lusaka-Ndola dual carriageway continues to face delays in funding, sparking growing concerns among the public. Originally slated to begin in 2020, the project remains on hold, leaving many disheartened. The Road Development Agency (RDA) has revealed that the official start of the Lusaka-Ndola dual carriageway is now expected in March, marking the latest extension granted to Macro Oceans Investment Limited, the contracted entity. Back in February 2023, the New Dawn Government inked a USD 577 million concession agreement with Macro-Ocean Investment Consortium for financing, constructing, operating, and maintaining the 327-kilometer Ndola-Lusaka Dual Carriage Way, along with rehabilitating the 45-kilometer Luanshya-Fisenge Masangano Road. Anthony Mulowa, the Acting Communications Manager for RDA, expressed optimism that Macro Oceans Investment Limited would secure funding within the stipulated timeframe for project commencement. However, Mulowa cou...

The audit report covering the financial years ending on December 31st, 2021, and 2022 sheds light on the financial performance of Mpulungu Harbour Corporation Limited ( MHCL ). Owned entirely by the Industrial Development Corporation (IDC), MHCL oversees Zambia's sole water-based port, playing a pivotal role in connecting the country to a regional market encompassing the Eastern Democratic Republic of Congo, Burundi, Western Tanzania, and extending to Rwanda and South Sudan. MHCL 's primary function involves facilitating the movement of cargo imported or exported through the Lake Tanganyika Transport Corridor. This encompasses a wide array of goods including cement, sugar, coal, various construction materials, as well as perishable items like poultry and fish. The report reveals a stark decline in MHCL 's profitability, with a staggering 93% reduction from over K4 million in 2021 to approximately K363 thousand in 2022. This significant downturn is primarily attributed to a ...

The Bank of Zambia's Micro, Small, and Medium Enterprises (MSME) Finance Survey report for 2022 has shed light on a concerning trend: 97 percent of MSMEs, primarily local enterprises, struggled to secure start-up capital from commercial banks and other lending institutions. The reasons behind this staggering failure rate are multifaceted, including high-interest rates, limited tailored financial products, and a lack of collateral, among other challenges. The MSME finance survey, conducted and released by the Bank of Zambia, revealed that only 3 percent of enterprises successfully sourced start-up capital from various sources, such as commercial banks, microfinance institutions, government initiatives, NGOs, and community-based financial institutions like saving groups. This leaves the vast majority, comprising 97 percent of MSMEs, with no choice but to seek start-up capital from family and friends. MSMEs, predominantly locally owned businesses, play a crucial role in driving econom...

An Austrian online betting brand, previously acquired by Entain Plc , has made headlines by announcing its departure from the Zambian market. The company cited a change in strategy at the group level, shifting its focus to high-growth markets. Bwin, a global sports betting platform, entered the Zambian market in late November 2022, attracted by the burgeoning online betting sector in the country. However, unconfirmed reports suggest that Zambia was merely a steppingstone for the company, leveraging the market for higher returns. Despite reportedly reaping substantial profits during its two-year tenure in Zambia, Bwin is now moving to reallocate its resources to other regions. In an exclusive interview, Bwin's Country Marketing Manager, Golden Ngandu, refuted claims of leaving due to any irregularities, such as tax evasion or profiteering at the expense of Zambians. Ngandu confirmed the company's strategic decision to exit the Zambian market and emphasized that notice had been g...

  In recent news, the Itezhi Tezhi Power Corporation (ITPC), an Independent Power Producer (IPP) based in Zambia, finds itself grappling with significant financial implications following a decision to write off a substantial portion of its debt owed by ZESCO, the state-owned power utility company. This move, amounting to approximately half a billion US dollars, has raised eyebrows and sparked discussions regarding the circumstances leading to such a decision. The ITPC, a 120MW hydropower project situated in the Kafue river basin, plays a vital role in supplying power to ZESCO. However, a prolonged period of dispute and negotiation resulted in the accumulation of a staggering $780 million debt owed by ZESCO to ITPC between 2016 and 2023. This contentious issue finally reached a resolution with ITPC agreeing to write off $453 million of the receivables owed by ZESCO. Victor Mapani, the Managing Director of ZESCO, confirmed this development, shedding light on the reduction of the debt...

  Airtel Africa has unveiled its latest offering, Airtel Africa Telesonic Limited (‘Telesonic’), a cutting-edge fibre bandwidth service aimed at meeting the escalating demand for wholesale data connectivity in Africa. Leveraging both ground fibre assets and submarine cable systems, Telesonic marks a significant milestone in Airtel Africa's commitment to driving digital transformation across the continent. The primary objective of this initiative is to establish local entities in strategic markets where Airtel Africa operates, tasked with overseeing all fibre assets and managing the operational aspects of the wholesale data business. The company anticipates a lasting positive impact on the African digital landscape as a result of these efforts. Segun Ogunsanya, the Group CEO of Airtel Africa, emphasized the company's dedication to addressing Africa's evolving digital needs through state-of-the-art fibre-optic solutions. By investing in robust and scalable infrastructure, Air...

In response to the growing concerns of drivers regarding their working conditions, YANGO , the international ride-hailing service, has unveiled a series of measures aimed at supporting partner drivers in Zambia. This move comes after months of thorough analysis of the evolving economic landscape in the Zambian market. Kabanda Chewe, the Country Manager of YANGO Zambia, revealed the initial support measures, marking the beginning of a comprehensive strategy designed to address the needs of drivers. One of the key measures announced is a significant increase in the cost per kilometer within the YANGO  tariff, with adjustments of up to 23% for drivers. Ms. Kabanda elaborated on the specifics of the tariff adjustments, noting that in economy mode, the cost per kilometer in urban areas would rise by 11%, while suburban rates would see a 22% increase. Similarly, in comfort mode, urban rates would increase by 12%, and suburban rates by 17%. For Comfort mode, urban and suburban rates woul...