Gas and oil exploration company Tullow Oil Executives on 23 Nov. met with Zambia’s Head of State His Excellency Edgar Lungu during the Luapula expo. Vice President for Tullow Oil Tim O’hanlon told the President that the exploration company was on the verge of making a decisive move in Zambia. O’hanlon advised that Tullow was done with the initial stages of the oil and gas exploration along the rift valley area of lakes Mweruwantipa and Tanganyika respectively. Tullow will provide an update on the exploration findings by January 2018. In June 2016, Tullow announced that it has extended its East…
Author: The Editor
The mines Minister in Africa’s second largest copper producer, Zambia has given China Non Ferrous Metal Corporation – CNMC a 2 week ultimatum for a developmental plan for shaft 18 and 28. These shafts have been dormant for a decade and are currently flooded. This was established during a tour of the non operational units in Luanshya on 24 Nov. CNMC was granted 7 licenses of which only 4 are operational while the remaining 3 have been dormant for over a decade. “We would like to see your company develop to levels that will see exploitation of these licenses. These…
The local accounting institute in Africa’s copper producer, Zambia, has appointed Bonna Kashinga, a Harvard graduate to head its operations effective 01 January 2019. This was contained in a press release shared by the Office of the Chief Executive Officer at the Zambia Institute of Chartered Accountants – ZICA. Kashinga will take over from Hapenga Kabeta as Chief Executive Officer beginning of next year. Bonna Kashinga is a holder of the Master in Public Administration degree from Harvard University and an Edward S. Mason Fellow in Public Policy & Management from Harvard University. He also holds a Master of Science…
It is about a dry point of construction that sub Saharan Africa is on a recovery growth path post the commodity crash era. Crude slid to almost the teens in 2015 from records of $110/bbl. when copper traded shy of $5,000/MT on softer demand from China. Nations like Nigeria, Angola, Gabon issued bonds to plug fiscal deficits fueled by weak crude prices while DRC and Zambia were adversely impacted by weaker than usual red metal prices on the London Metal Exchange – LME. Drought exacerbated by El Niño weather depleted water in dams impacting hydro power generation capabilities for nations…
The Central Bank in Africa’s copper producer, Zambia, issued government paper worth K413 million ($35 million equivalent) in Thursday 22 Nov. treasury bill sale. The fortnight auction 43% underwater but recorded a bid cover of 55%. Strong appetite was observed in the 1-year tenor with K621 million in bids of the total K658 million accounting for 94% of the market appetite. Of these only K509 million were absorbed (in nominal terms) representing 98% of the total allocation (based on cash amounts paid. The primary interest rate curve edged higher 9bps to 23.15555% while midway in the 6 months and 9…
Africa’s tobacco exporter Malawi, will receive a 20 megawatt energy export assistance from its neighbor Zambia to aid plug a 200 megatwatt deficit. This was confirmed by Zambia’s Energy Minister Matthews Nkhuwa in an interview in Lusaka. Zambia’s power utility ZESCO earlier in August signed an agreement with Electricity Supply Corporation of Malawi (ESCOM) for the supply of 20 megawatts of electricity. Malawi is currently grappling with energy poverty following prolonged dry spells which have depleted its water bodies impacting hydro power generation. Zambia Africa’s copper producer has stepped in just like the old days of the Federation of Rhodesia…
Credit default spreads for Africa’s second largest copper producer, Zambia, rallied an average of 221bps as markets priced in an ounce of positive sentiment. Zambia’s calendar, between the 31 Oct to 14 Nov had key events to include: An article IV IMF mission team visit at which fruitful meetings were held with the MinFin; (05-09 Nov.) The MinFin released the Q3:18 fiscal performance brief revealing an updated external debt position; (06 Nov.) The World Bank IDA conference where the Head of State in his inaugural speech assured dollar bond holders and bilateral debt providers that the Southern African nation would…
Artificial intelligence (AI) is quickly becoming a critical component in how government, business and citizens defend themselves against cyber attacks. Starting with technology designed to automate specific manual tasks, and advancing to machine learning using increasingly complex systems to parse data, breakthroughs in deep learning capabilities will become an integral part of the security agenda. Much attention is paid to how these capabilities are helping to build a defence posture. But how enemies might harness AI to drive a new generation of attack vectors, and how the community might respond, is often overlooked. Ultimately, the real danger of AI lies…
Taxation is an avenue for government revenue to fund fiscal programs. Its compliance has for a long time been hampered by the hurdle of having to queue up to pay for the average citizen. In this digitization era, Barclays (the blue) and MTN (yellow) partnered with the Revenue Authority to provide a solution to enhance compliance. “Today we partner with MTN Zambia and the Zambia Revenue Authority (ZRA) in launching a mobile tax payment solution that will allow MTN Mobile Money subscribers to settle taxes on their mobile phones. This is in line with our commitment to offer convenient banking…
Credit growth in Africa’s copper and cobalt producer Zambia, tripled to 9.9% (Q3:18) from 2.9% (Q2:18), the Governors presentation revealed. Excluding government, credit grew by 14.3% (Q3:18) compared to a growth of 5.0% (Q2:18). However, growth in credit to government rose to 6.2% (Q3:18) from 1.3% in the preceding quarter. Private sector credit growth increased to 19.2% from 4.7% with growth in credit to households rising to 7.5% from 5.3%, the presentation revealed. Sustaining high growth in credit to private enterprises is critical to supporting strong private sector-led economic activity, the BOZ said.