Economy

The Economy section of Zambia Reports brings you the latest economy news from both original on-the-ground reporters as well as aggregated sources.
  • K23 Million Mining Tax Collected Disappoints Mutesa

    Zambians for Empowerment and Development leader Fred Mutesa says it is very disappointing that government only collected K23 million taxes from four mining firms. Mutesa said government is on a blind chase as they are not even aware of how much is taxable from the mines and can’t therefore know when they are cheated. He said no one should be cheated that government is raking enough from the mines. “Firstly, government lacks the capacity to collect taxes and does not even know how much tax is due to them,” he said. “Paying something does not mean you are complying with  …More

  • Nkomeshya Denies Involvement in Corrupt Mining Deal

    Chieftainess Nkomeshya Mukamambo of Chongwe is making efforts to clear her name after a multi-million kwacha corruption scandal involving her daughter and a Chinese mining company was exposed recently. Last month, there was an expose in which her Royal Highness Chieftainess Nkomeshya is connected to a multi-million kwacha corrupt mining deal in her chiefdom. According to sources in Chongwe, the chieftainess has instructed her headmen to disassociate her royal Highness from the business deal. But investigations had shown that the chieftainess may have ties to the transactions through her daughter, Mainza Elizabeth, and the daughter’s husband, Lennard Kawanu. Nkomeshya has  …More

  • Chikwanda in New Fertiliser Scandal

    Dear Editor, kindly withhold my identity. As an employee within the ministry of agriculture I would like to bring to light developments that are transpiring within our ministry. As an online media forum I would like to appeal to all the relevant authorities to look into my matter below. With the hurdles encountered for the 2013/2014 farming season one would expect the powers that be to intervene to avert another failed season due to inconsistencies within the ministry. Over the years we’ve had to lament and see how food production has continued to spiral downwards with each passing season. For  …More

  • Hiring Thugs Will Not Reduce Meali-Meal Prices – Hichilema

    Opposition United Party for National Development, UPND, leader Hakainde Hichilema has vowed never to give in to rising levels of intimidation and threats on his life but continue speaking for Zambians. Hichilema was forced to abort a live radio programme in Ndola on Saturday and escaped through the roof at SUN FM. The cadres, carrying guns and machetes, were throwing stones at the radio station and were waiting to attack Hichilema. A chilling video of Hichilema’s escape was exclusively posted to social media by Zambia Reports and has triggered condemnation of the deteriorating situation in the country. “It will not  …More

  • Simataa Deepens Dispute with Mahtani

    Former Finance Bank director Simataa Simataa says he is ready to take on Lusaka businessman Rajan Mahtani, widely known within corporate circles as “money launderer-in-chief” so that the truth about illegal banking activities can be known. Mahtani is a well known crooked businessman who has used Finance Bank to defraud trillions of dollars from Zambian taxpayers. He has bought off a lot of Zambians including media houses such as The Post to hide his excessive dirty. He postures as a calm Christian with prominent membership at the affluent Miracle Life Church in Lusaka. He recently issued a claim to sue  …More

  • Kelvin Sampa Conning Businessmen with PF Name, Says Source

    Two foreign investors have warned the Patriotic Front (PF) against working with former Movement for Multiparty Democracy (MMD) member Kelvin Sampa because they risk tarnishing their name with Sampa’s bad deeds. The investors observed that there were some crooked Zambians who were conning businessmen out of money using the names of the president and political parties, promising access to State House The businessmen interviewed in Lusaka said there were several individuals, including Sampa, a local politician who now describes himself as a child rights activist, were using claims of political connections to hoodwink innocent people in business. “Sampa is a  …More

  • Simataa Dares Mahtani “I’m Not on Your Payroll”

    Former Finance bank executive Simataa Simataa has dared businessman and Finance Bank chairman Rajan Mahtani to go ahead and take legal action but be ready to stand the heat of the exposure of his alleged money laundering activities. Mathani is demanding K1 billion from Simataa for disclosing negative information in the Lusaka High Court contrary to an agreement he allegedly signed to keep quiet about the affairs of the bank after he left in 2007. Speaking to the Daily Nation, Simataa said he was not scared by threats from Mahtani because he was not on his pay roll and that  …More

  • Zambia Govt Investigates Unlicensed Mining by Chinese Operator

    Mines Minister Yamfwa Mukanga has said it is interested in the illegal mining activities currently being undertaken by a Chinese firm China Jiangsu International Limited, which is linked to Chietainess Nkomeshya’s daughter, Elizabeth. The minister said the government was interested in the matter because it does not encourage illegal mining activities in the country. He said the matter involving the Chinese firm and Chieftainess Nkomeshya companies and the legal owners of the prospecting land Vikram Investments Limited was before the courts. He said the government did not want to be seen to be commenting on matters there were before the  …More

  • Zambia Launches $1 Billion Eurobond

    Zambia has launched a US$1bn 10-year Eurobond at a final yield of 8.625%, according to government sources. The bond was oversubscribed by US$4.25bn, much lower than last time. Zambia began marketing the bond at 8.75%-8.875% earlier on Monday. Barclays and Deutsche Bank are the lead managers. (Source: Wall Street Journal) As this is a 10 year bond, Zambia will be paying interest of 8.625% or $86m per year for the next 10 years. It will then need to pay back the final $1bn in 2024. Zambia is currently paying around $42m interest annually on its first Eurobond of $750m. It  …More

  • Zambia’s Currency Not Gaining Amidst New Measure

    Zambia’s currency has continued wallowing on the extreme end of depreciation despite government’s attempt to revoke two Statutory Instruments considered to have contributed to its sharp free-fall. The kwacha is still trading between K6 and K6.5 to $1 across the country. This has prompted the Private Sector Development Association (PSDA) to urge Government to put in place measures that will allow the kwacha to become stable on a longer term basis. The Kwacha has weakened despite Government’s move to inject US$ 178 million foreign reserves in the economy and the subsequent revocation of statutory Instruments (SIs) 33 and 55. That  …More

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