In a recent statement, the Policy Monitoring and Research Centre (PMRC) has forecasted a robust economic growth for Zambia, projecting a growth rate exceeding 4 percent in 2024. The positive outlook is attributed to continued policy reforms, higher global copper prices, and increased market confidence resulting from ongoing fiscal consolidation measures. Sydney Mwamba, the Executive Director of PMRC, expressed optimism about Zambia’s economic prospects in the coming year. He highlighted the positive impact of higher copper prices on the nation’s economy, a significant factor given Zambia’s reliance on copper as a key export. Read more: Lusaka Times
The Zambia Development Agency (ZDA) has marked the culmination of 2023 by announcing an impressive achievement in the realm of investment, with nearly US$40 billion worth of committed investments and over 160,000 jobs stemming from 379 investment projects. During the end-of-year Media Briefing in Lusaka, ZDA Board Chairperson Professor Biemba Maliti attributed this substantial success to the exemplary leadership of President Hakainde Hichilema. Professor Maliti highlighted that President Hichilema’s strategic engagement with global leaders and investors had opened doors, making Zambia an attractive destination for investments. Read more: Lusaka Times
Tax levy on mobile money transactions has today Monday been activated as announced by Finance and National Planning Minister, Situmbeko Musokotwane, in his 2024 national budget presentation. Musokotwane, on September 29, 2023, announced introduction of a levy of between eight ngwee and K1.80 on the transaction value for person-to person mobile money transfers. He proposed the fee structure of between K1 to K150, 0.08 Ngwee, above K150 to K300, 0, 10 Ngwee, above K300 to K500, 0.20 Ngwee and above K500 to K1,000, 0.50 Ngwee. The other range was above K1,000 to K3,000, 0.80, above K3,000 to K5,000, K1.00, above K5000 to K10,000, K1.50 and above K10,000, K1.80. Other taxes which had become effective include, increasing specific excise duty on non-alcoholic beverages to 60 ngwee per litre from 30 ngwee per litre. Read more: Zambia Monitor
The Energy Regulations Board (ERB) has for three consecutive price reviews maintained the fuel price citing stability on the international front. Speaking during the monthly price review in Lusaka on Sunday, ERB Board Chairperson, Reynolds Bowa, said despite the local currency depreciating significantly, the January price would remain unchanged on account of declining oil prices due to a number of factors. “Therefore, petrol would be sold at K29.98 per litre, K29.96 per litre for diesel and K20.44 for kerosene, while Jet A-1 will remain the same at K29.29 per litre,” Bowa said. He said the decline was caused by weak oil demand and Angola’s decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) among others. Read more: Zambia Monitor
Zambia’s traditional exports earnings have risen to K11.2 billion in November from K9.3 billion the previous month. This represents an increase in terms of traditional exports earnings by 20.7 percent. Zambia’s traditional exports comprise mainly of Copper and cobalt. According to the country’s statistic agency, export earnings from refined copper rose to K11.1 billion in November from K9.2 billion previous month. In terms of percentage, Zambia Statistical Agency (ZamStats) Statistician General, Mulenga Musepa, said this increased by 20.9 percent. Musepa added that copper export volumes during the month increased by 15.0 percent to 62,200 metric tonnes in November from 54, 100 metric tonnes in October 2023. Read more: Zambia Monitor |
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