Negotiate in groups, Kayula advises farmers
THE Centre for Trade Policy and Development (CTPD) has urged Government to provide a comprehensive update on the current level of public debt and debt management strategies.
The Centre says the General Public has continued to observe indicators of a tightening fiscal position such as loan defaults, increasing domestic arrears, and delays in financing Government and quasi-Government institutions.
CTPD Senior Researcher Bright Chizonde said the failure by Government to proactively disseminate information about debt management and challenges being faced had created an avenue for fake-news and general misinformation.
Mr Chizonde said CTPD believed that it was in the nation’s best interest for Government to share public debt information instead of reacting only after international or local whistle blowers disseminate such information.
He said the most recent official update concerning the level of public debt was provided in September 2019 during the presentation of the 2020 National Budget which estimated at the time that Zambia’s gross public debt stock was about US$ 17.6 billion, inclusive of both domestic arrears and publicly guaranteed debt, representing about 71 percent of GDP.
“Ever since, various local and international organisations have continued to present higher statistics such as the 91.6 percent of GDP forecast as at end of 2019, by the International Monetary Fund.
CTPD also takes note that Government is yet to reveal its new Medium Term Debt management Strategy (MTDS), for the period 2020 to 2022, following the expiry of 2017-2019 MTDS,” he said.
Mr Chizonde said the MTDS was critical for not only prudent debt management but also improved local and foreign investor and donor confidence.
He said CTPD was concerned that Government had also not shared with the public concerning the present value of Chinese debt, or the risk it poses to debt sustainability. In the absence of official information concerning the policy direction on public debt, the general public had been left to making deductions and insinuations on the basis of third-party information. “Most recently, it was reported that Government defaulted on a loan of US$ 1.4 million towards the African Development Bank, a position which was later confirmed.
The Government therefore seems to have adopted a strategy premised on confirming or refuting rumours, instead of sharing first-hand information,” he said.
Mr Chizonde therefore urged the Government to develop a proactive information sharing mechanism aimed at enhancing transparency and confidence.
Dr Kayula observed that it would easier for farmers to negotiate for better deals when they were in groups.
Dr Kayula who welcomed plans to set up the oil plant, said it was imperative that farmers got better deals from the company.
KRI Zambia is a private sector institution that promotes research innovation for farmers.
“There is need for them to be in very well organised groups so that they can write contracts with this company so that any breach of the contracts they can claim what belongs to them.
“If they go in as individuals, there is a possibility that they can be swindled and it will be very difficult for them to negotiate so the appeal is that they should work in groups that can easily negotiate for themselves,” Dr Kayula said in an interview.
An investment of US$5 million has been earmarked by Oil Castor, a Zimbabwean firm, to set up an oil processing plant in the country next month.
Dr Kayula said the processing plant would create a readily market for farmers oil seed.
THE Zambian Embassy in Stockholm has invited the business community in Sweden to take advantage of the numerous investment opportunities that have remained unexploited in Zambia.
Speaking to about 40 senior executives from top- ranking Swedish companies at the weekend, Charge D’ Affaires at the Zambian Embassy in Stockholm, Nicky Shabolyo, invited the entrepreneurs to exploit the potential in the Zambian energy, manufacturing, infrastructure, agriculture and tourism sectors.
Mr. Shabolyo was speaking on the theme: Green Cities and Sustainable Solutions at a seminar organised by the Sweden – Sub-Saharan Africa Chambers of Commerce (SSACC) in conjunction with the Swedish Ministry of Foreign Affairs.
The seminar is part of preparations for a business mission to Zambia in April this year which will be led by SSACC. Mr. Shabolyo said Zambia recognised that the companies represented at the event were among those which had helped Sweden become one of the dominant economies in the world and that Zambia was looking forward to collaboration with them to help bring about sustainable development.
“You’re the drivers of the Swedish economy. You’re the ones that have helped make the economy of this country what it is today. And we feel privileged this morning as this gives us an opportunity to position ourselves and hopefully get you to do to Zambia what you have done and continue to do to Sweden,” Mr. Shabolyo said.
The Embassy and SSACC are working on another seminar which will involve a more streamlined group of companies that will eventually travel to Zambia in April.
And Deputy Head of the Africa Department in the Swedish Ministry of Foreign Affairs, Fredrik Folkunger, who was impressed with the large turn-out of participants, encouraged the Swedish companies to take advantage of the opportunities that were available in Zambia.
And SSACC president, ÅsaJarskog urged the business community to make use of her organisation whenever they were planning to invest in Zambia as it had established an effective network which would help quicken the process of setting up investment in Zambia.
THE Zambia Institute of Charted Accountants (ZICA) has revised the direct entry route requirements for its members to expand the profession and to fill the demand and supply gap in the country.
This is in response to information that Zambia has a demand supply gap of over 3,000 professional accountants and 19,710 technician accountants.
According to the Zambia 2017 report prepared by the World Bank, there is urgent need to put in place smart and innovative measures to develop more accountants to fill the gap.
In response, ZICA chief executive officer, Bonna Kashinga, said the institute had introduced key educational reforms to increase the number of trained accountants to fill the demand and supply gap in the country.
Mr Kashinga said during a press briefing in Lusaka on Friday, the institute revised the direct entry route requirements for ZICA qualifications.
“The direct entry route was revised to also be in line with the entry requirements into any degree programme, which is now at five credits as required by the Higher Education Authority (HEA).
“We also introduced flexible payment options for student fees, digitalization of study materials and block release classes and multiple examinations sittings,” he said.
Mr Kashinga said the institute had recorded over 8,000 entries for December 2019 examination compared to 7,962 entries in June 2019.
This represents an increase of 6.7 percent over the examination entries that were recorded for the December 2019 examinations.
He said of the 8,496 entries for the December 2019 examination, 1,274 entries were absent from the examinations representing an absenteeism rate of 15 percent compared to 14 percent in June 2019.
“Of those present in the examinations, 5,056 entries were male candidates representing 70 percent of the entries while 2,166 entries were female candidates representing 30 percent of entries.