Finance and National Planning Minister, Situmbeko Musokotwane, has expressed optimism that Zambia can generate about US$30 million annually in export revenue once the country reaches its target of producing three million tonnes of copper.

Speaking at the recent Economics Association of Zambia (EAZ) national economic summit in Lusaka, Musokotwane outlined the government’s plans for the mining sector.

Musokotwane projected that Zambia would produce around one million tonnes of copper by 2027, supported by favorable policies in the mining sector.

He explained that with the current market prices, producing three million tonnes of copper could yield approximately $30 million per year in export revenue.

“Beyond this, we are encouraging value addition. The mines must start making certain quantities of copper available for value addition locally,” Musokotwane said.

Read more: Musokotwane challenges economic experts to be credible, unbiased

He said the temporary challenges of drought should not be confused with the overall performance of the economy, asserting that the country’s economy would be the strongest ever in the next two to three years.

Musokotwane noted that Zambia’s copper production had stagnated between 600,000 and 800,000 tonnes per year over the past 60 years due to a lack of investment in the mining sector.

However, he highlighted that the government had implemented various policies to encourage increased production, aiming for an ambitious target of three million tonnes of copper.

“The issue of drought is temporary and mining is a long-term investment. The impact will start to set in over the next two to three years, but we will already see benefits starting next year,” Musokotwane stated.

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Former Lusaka Province Minister, Bowman Lusambo, and his wife, Nancy Manase, will call 15 witnesses in their defence against 10 criminal counts, including concealing property suspected to be proceeds of crime, tax evasion and conspiracy to defraud.

Lusaka Magistrate Faides Hamaundu found the couple with a case to answer on Monday, stating that the prosecution had made a prima facie case against them.

The defence, represented by counsel Emmanuel Phiri, informed the court they will present 15 witnesses to solidify their defence when proceedings begin on August 14.

Read More: Lusambo, ex-Lusaka minister, Lusambo, wife face arrest for failure to appear in court

The couple is accused of possessing properties suspected to be proceeds of crime, including a single-storey four-bedroom house and an incomplete block of six flats in Chamba Valley, Lusaka.

These properties were allegedly acquired between May 1, 2015, and December 31, 2021, in Lusaka, jointly with other unknown persons.

The prosecution alleged that Lusambo and his wife concealed these properties, reasonably suspected to be proceeds of crime, and also evaded tax payments.

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President Hakainde Hichilema has said one of the challenges he is currently facing is to get government workers to do their job.

In reference to delay by chiefs to get their monthly allowances on time, Hichilema wondered why it was difficult for public workers to issue the funds at the right time.

The Head of State was speaking when he met 26 chiefs at Senior Chief Shakumbila’s palace in Shibuyunji District on Sunday.

Read more: President Hichilema reaffirms stance against corruption

“I have issued instructions that those allowances must be paid on time. When public service workers get paid, traditional leaders must be paid as well.

“Why should there be a difference? But one of the challenges I am facing is getting government workers to do their job. This is not a complicated issue, so we will work on that anomaly,” he said.

Hichilema, therefore, issued a directive to ensure that all chiefs were getting their allowances at the same time as public service workers receive their monthly salaries.

Hichilema said he had been informed of the delay in the chiefs’ allowances and assured them that the anomaly would be corrected. “I have been made aware that your allowances have been delayed. It is not correct.

Actually, we should be talking about increasing your allowances, not delaying the small allowances,” he said.

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The African Development Bank Group (AfDB) president, Akinwumi Adesina, has reportedly outlined the Bank’s successes in mobilising financial resources for the continent’s development needs.

Adesina highlighted in a statement issued on Sunday that the Bank’s recent general capital has increased from US$201 billion to US$318 billion, as approved by the Board of Governors during its annual meetings in Nairobi last May.

The approval would enable Africa’s only AAA-rated financial institution to preserve its status and meet the continent’s urgent and increasing development needs.

He said this when addressing Heads of State and government at the sixth Mid-Year Coordination Meeting of the African Union (AU) on Saturday in Ghana.

Read more: AfDB says Zambia needs $3.5 billion annually for its structural transformation

Other highlights included joint efforts by the AfDB and the Inter-American Development Bank in developing a new financial model that enables the International Monetary Fund’s Special Drawing Rights to be channelled through multilateral development banks.

“I am delighted to inform you that following over two years of work, supported by the advocacy of the African Union, we succeeded,” Adesina told the meeting, attended by several Heads of State and government and representatives of regional economic communities.

“By so doing, we created a new asset class for investors globally. The hybrid capital will be leveraged four times to allow the Bank to boost its lending capacity,” Adesina said.

He also briefed the leaders about the progress the Bank is making in spearheading global efforts to ensure Africa’s natural wealth is taken into consideration as a measure of Gross Domestic Product.

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In case you missed them, here are our top 10 stories of the week:

1. Socialist Party (SP) President, Dr. Fred M’membe, has alleged that President Hakainde Hichilema is presiding over the most corrupt regime in the history of Zambia. Read more…

2. Situmbeko Musokotwane, Finance and National Planning Minister, has announced that Zambia will not achieve the more than five percent growth target set for in 2024 due to drought. Read more…

3. Zambia’s annual inflation rate has surged to 15.4 percent in July 2024 due to price movements of food items. Read more…

Read more: Govt probes medicine agency, as anti-graft board sacked. See our top 10 stories of the week

4. The Anti-Corruption Commission (ACC) has confirmed that Livingstone Mayor, Constance Muleabai, is under investigation for alleged corrupt practices. Read more….

5. Chief Resident Magistrate, Davies Chibwili, has cautioned society against hero-worshipping individuals involved in criminal activities. Read more…

6. Konkola Copper Mines (KCM) is no longer in liquidation following the termination of proceedings initiated by ZCCM-IH in the Lusaka High Court. Read more…

7. The Millennium Challenge Corporation (MCC) has awarded Zambia a compact of US$458 million, following more than US$377 million in previous grant funding. Read more…

8. Former Kawambwa Member of Parliament, Nickson Chilangwa, and Pambashe MP Ronald Chitotela have filed a notice of intention to appeal their recent convictions and sentences handed down by the Kawambwa Magistrate Court. Read more…

9.The Zambia Police Service has arrested a first-year medical student at the University of Zambia (UNZA) for allegedly staging his own kidnapping and demanding a ransom of K80,000 from his father. Read more…

10. Guntilla Muleya, the newly appointed Director-General of the Independent Broadcasting Authority (IBA), has been found dead with gunshot wounds in Lusaka’s Njolwe area. Read more…

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Chief Resident Magistrate, Davies Chibwili, has cautioned society against hero-worshipping individuals involved in criminal activities.

Magistrate Chibwili made this statement while sentencing Francis Muchemwa, a Patriotic Front cadre known as “Commander 2,” to three years of imprisonment with hard labor.

Muchemwa was also fined K141,400 to be paid to ZESCO Limited as restitution for obtaining pecuniary advantage by false pretense.

His two companies were fined K200,000 each.

Muchemwa and his companies, Friltech Networks Zambia Limited and Altitude Properties Limited, faced 10 counts of possessing property suspected to be proceeds of crime.

The state prosecution team included Chawezi Nalwenga, Daniel Ngwira, and Annie Bento, while Handson Talanti of the Legal Aid Board represented the defense.

Muchemwa was charged alone in counts one and two regarding properties L/26392/M and L/26395/M in Silverest.

In counts three and four, he was charged with Friltech for properties L/28477/M/H and L/28477/M/J in Silverest. Counts five and six involved two FAW trucks.

In counts seven and ten, Muchemwa and another individual were charged with failing to comply with income tax regulations.

They were acquitted at the no-case-to-answer stage, as was Muchemwa in count eight for tax evasion.

However, in count nine, he was found guilty of obtaining K141,400 in subsistence allowance from Zesco without undertaking official trips.

The prosecution called 13 witnesses to prove the properties were proceeds of crime.

The property surveyor valued the accused’s properties at K10,800,000, while Muchemwa’s total known earnings amounted to K4.1 million, showing a significant disparity.

Muchemwa claimed his revenue was legally earned but failed to provide documentary evidence.

Read More: Muchemwa to know fate July 26, as court concludes hearing on charges of corrupt enrichment

The court found Muchemwa guilty on counts one to seven. Magistrate Chibwili stressed the seriousness of the offenses and the need for deterrent sentences.

Muchemwa received three years of imprisonment for each count, with some counts also carrying fines, all to be served concurrently. The court ordered the K141,400 fine to be paid to Zesco as restitution.

Magistrate Chibwili emphasized: “Our society must stop hero-worshipping. It is time we send a message that only legitimate actions will stand and that crime does not pay.”

The state applied for the forfeiture of properties under the Forfeiture of Proceeds of Crime Act No. 19 of 2010. The court reserved its ruling on the forfeiture application until Monday.

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The Anti-Corruption Commission (ACC) has confirmed that Livingstone Mayor, Constance Muleabai, is under investigation for alleged corrupt practices.

ACC Deputy Director General, Monica Mwansa, announced that the investigation had concluded and the Commission was analysing the gathered information to determine the next steps.

“I wish to indicate that the Commission has been conducting investigations against the Mayor of Livingstone, Ms. Constance Muleabai, on alleged corrupt practices,” Mwansa said during the 2nd Quarter media briefing in Lusaka on Thursday.

Mwansa assured the public that despite recent leadership changes, the Commission’s operations remained unaffected.

“Investigations have been ongoing, we have been prosecuting cases, educating the public on the dangers of corruption and conducting corruption prevention activities as usual,” she said.

In this case, Muleabai is a caused of receiving K180,000 from the owner of Zam Nuka Farm Limited as a bribe to facilitate the cancellation of property rates that has accumulated to over K300,000 among other allegations.

She acknowledged the resignation of Director-General Thom Trevor Shamakamba and the dissolution of the Board of Commissioners as disheartening events.

However, Mwansa restated the Commission’s commitment to its strategic plan and guiding principles.

During the quarter, the Commission received 361 reports of suspected corruption.

Read More: ACC seeks forfeiture of trucks traced to former PF cadre’s company, Altitude Properties

Of these, 152 were non-corruption-related and outside the Commission’s mandate, with advice provided on how to proceed.

The remaining 209 reports contained elements of corruption, leading to 170 authorised investigations and 39 reports deemed insufficient for investigation.

By the end of the quarter, the Commission had made twelve arrests, secured six convictions and had 87 cases before the courts.

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Zambia’s annual inflation rate has surged to 15.4 percent in July 2024 due to price movements of food items.

This is as the country recorded K1.4 billion trade surplus.

Read more: Zambia’s inflation rate rises to 14.7% in May, trade surplus hits K2.4 billion

Giving an overview of the country’s statistics, Zambia Statistical Agency (ZamStats) Statistician General, Goodson Sinyenga, stated that the annual inflation for July, 2024 increased to 15.4 percent from 15.2 percent recorded in July, 2024.

This meant that on average, prices of goods and services increased by 15.4 percent between July 2023 and July, 2024.

Addressing journalists in Lusaka on Thursday, Sinyenga said that annual food inflation for July, 2024 was recorded at 17.4 percent compared to 16.8 percent the previous month.

This, he said, meant on average prices of food items increased by 17.4 percent between July, 2023 and July, 2024.

Sinyenga noted that the outturn was mainly attributed to increase in price movements of bread and cereals, (breakfast & roller mealie meal, rice, bun, fritters, cassava meal) fish, vegetables, fruits, eggs, cooking oil and sugar.

He said annual non-food inflation for July 2024 was recorded at 12.6 percent compared to 13.0 percent.

This development was mainly attributed to decrease in prices of non-food items such as Major household appliances, pharmaceutical products, fuel and passenger transport by air

Sinyenga pointed out that of the overall 15.4 percent annual inflation, the food and non-alcoholic beverage group contributed 10.1 percentage points, while non-food group accounted for 5.3 percentage points.

“Of the 5.3 percentage points, transport contributed the highest at 1.6 percentage points followed by housing, water, electricity, gas and other fuels at 1.3 percentage points, furnishings, household equipment and routine household maintenance, and clothing and footwear at 0.8 and 0.6 percentage points, respectively,” he said.

Sinyenga added that the rest of the non-food group accounted for the remaining 1.0 percentage points.

He indicated that Lusaka province contributed the highest at 3.8 percentage points to the overall annual inflation of 15.4 percent in July, 2024.

Copperbelt, Sinyenga said, contributed 3.3 percentage points.

He said Central and Southern provinces contributed 2.1 and 1.9 percentage points respectively, while North-western province had the lowest contribution of 0.5 percentage points.

On trade, Sinyenga reported that trade for the period January to June 2024 was K262.4 billion, while that of 2023 for the same period was K200.5 billion, representing a 30.9 percent increase in the cumulative total trade earnings.

“The total value of exports via all modes of transport for the month of January to June 2024 was K135.1 billion. Road transport accounted for highest value at K125.5 billion representing 92.9 percent,” he said.

The total value of imports via all modes of transport for the month of January to June was K127.3 billion.

Sinyenga said road transport was the highest at K70.6 billion representing 55.5 percent followed by air transport at K7.7 billion.

He added that rail transport was third at K0.3 billion accounting for 0.2 percent of the total import bill.

Other modes of transport, Sinyenga noted accounted for K48.8 billion.

In terms of volumes, he said a total of 3.7 million tonnes of imports were recorded for the month of January to June 2024, of which road transport accounted for 2.0 million tonnes, representing the highest share at 52.9 percent.

Sinyenga said railway transport accounted for 47.8 thousand tonnes, representing a share of 1.3 percent in the period under review.

He added that Zambia recorded a trade surplus of K1.4 billion in June, 2024 compared to a surplus of K3.0 billion in May 2024.

“Exports mainly comprising domestically produced goods, decreased by 9.1 percent to K24.7 billion in June 2024 from K27.1 billion in May 2024,” Sinyenga noted.

This was mainly on account of 11.4 and 34.2 percent decreases in export earnings from Intermediate goods and Capital goods, respectively.

Imports decreased by 3.5 percent to K23.3 billion in June 2024 from K24.2 billion in May 2024.

Sinyenga said this was mainly as a result of 14.7 and 5.3 percent decrease in import bills of intermediate goods and capital goods, respectively.

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Guntilla Muleya, the newly appointed Director-General of the Independent Broadcasting Authority (IBA), has been found dead with gunshot wounds in Lusaka’s Njolwe area.

Police Spokesperson, Rae Hamoonga, reported that Muleya’s body was discovered with two bullet wounds, one on the back and one on the head. A closer examination revealed a deep bullet wound on his forehead. Two bullet cartridges were recovered at the scene.

Read more: At least 50 bodies pulled from mud after southern Ethiopia landslide

Hamoonga stated that Woodlands Police Station received a report on July 24, 2024, at approximately 10:30 hours from a concerned citizen. The reporter had observed a vehicle, possibly a Pajero, with its doors open and heard two gunshots on the night of July 23, 2024.

The following morning, he discovered Muleya’s body while heading to work. The police promptly visited the scene at Palabana NAPSA Housing along the gravel road. An identity card found in Muleya’s pocket confirmed his identity as the IBA Director-General. A murder investigation has been launched, and further updates will be provided as the investigation progresses.

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Situmbeko Musokotwane, Finance and National Planning Minister, has announced that Zambia will not achieve the more than five percent growth target set for in 2024 due to drought.

Speaking during the mid-year budget review performance in Lusaka on Wednesday, Musokotwane noted that 2024 had been challenging primarily because of the drought.

He explained that while the country had previously faced challenges such as COVID-19 and cholera, these were largely behind them, but that the drought has had a more profound impact on the economy.

Read more: Finance Minister, Musokotwane, presents K41.9 billion revised budget, as govt targets most vulnerable

“The main factor for this is the drought,” Musokotwane said.

He said they had anticipated that the economy would grow by more than five percent after four percent last year.

“However, due to the drought, the expected growth has now been reduced to 2.3 percent,” Musokotwane said.

He added that the economy had shown an upward trajectory since 2022, with modest growth that year followed by fairly strong growth in 2023.

However, the drought has hindered the expected strong growth for 2024.

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