His face suffused with pride, President Hakainde Hichilema announced, to a packed Cape Town auditorium, a discovery in Zambia of truly historical proportions. Mr. Hichilema was speaking, via video link, to delegates of the 2024 edition of the Investing in African Mining Indaba at the Cape Town International Convention Centre (CTICC). This event was also special in that the opening day also marked the thirtieth anniversary of the Indaba. There was a pulpable air of expectation, detectable on the faces and in the body language of the attendees packed in the main hall for the opening ceremony. Many held onto their seats with bated breath, in eager and unabashed anticipation. “Kobold metals,” Mr. Hichilema announced, “Which uses pioneering Artificial Intelligence – AI – technology, has made significant progress in defining the orebody at its Ming’omba Project, following a $150m investment in 2022.” Read more: on Financial Insight
President Hakainde Hichilema has directed the Zambia Environmental Management Agency –ZEMA- and the Water Resources Management Authority –WARMA- to immediately approve all applications for the construction of dams across the country. President Hichilema says ZEMA and WARMA must ensure that all applications are approved so that government’s agenda to harvest water can be actualised. Speaking when he launched the harvest of early maize in the Mkushi Farm Block today, the President said the two regulators must take into account environmental regulations when approving. President Hichilema said the country needs to harvest water so that irrigation farming can be boosted. He said the current drought has taught the country that water harvesting should be a priority. Read more: ZNBC
Economist Yusuf Dodia says the Zambian Kwacha which is currently at K26 per dollar, is likely to strengthen to below K15 per 1USD after the full implementation of the export proceeds tracking framework which came into effect on January 1, 2024, as announced by the Bank of Zambia (BoZ). The export proceeds tracking framework compels all exporters to deposit their export earnings within 90 days of export in banks domiciled in Zambia. The Framework is intended to enhance the compilation of balance of payments statistics by expanding the coverage of external sector statistics, particularly relating to the capture of data on the utilization of export earnings and information on balances held abroad by resident enterprises. Speaking in an exclusive interview with the Zambian Business Times, Dodia explained that the full implementation of the framework would result in a significant increase in revenue for the country, with as much as K30 million US dollars coming in every day. Read more: Zambian Business Times
Government has assured the nation of its determination and commitment to relying on domestic revenue instead of borrowing to power economic growth. Finance and National Planning Minister, Dr Situmbeko Musokotwane, said government had continued to improve the tax administration so as to grow the contribution to over 90 percent of tax revenue. Musokotwane said this during the launch of the Smart Invoice System, an innovative tool envisaged to transform tax administration in the country. He said the tool would increase Zambia’s domestic revenue collection and further economic growth. “The Smart Invoice System is a significant milestone in government’s efforts to mordenize tax administration,” the minister stated. He added that the system was forged through a South-to-South cooperation between Zambia and Rwanda, signified by an existing agreement that was signed in April 2022. Read more: Zambia Monitor
Zambia has called for assistance from partners to support developing countries to increase investments in Artificial Intelligence (AI). Kawana said this on the sidelines of the 68th Session of the Commission on the Status of Women in New York, United States. He spoke on the role of AI in achieving food security and poverty alleviation. He acknowledged in a statement issued in Lusaka that AI was a power tool in transforming food systems and addressing the challenges of food security and poverty. “By investing in artificial intelligence solutions, we can create a safer, more nutritious and resilient food system that benefits everyone,” Kawana stated. Ministry of Information and Media Permanent Secretary, Thabo Kawana, also called for collaborative efforts for developing countries to make investments towards increasing the use of AI. Read more: Zambia Monitor
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