SOCIALIST PARTY CALLS FOR ACCOUNTABILITY…as Loadshedding Hits Bank of Zambia

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SOCIALIST PARTY CALLS FOR ACCOUNTABILITY

…as Loadshedding Hits Bank of Zambia

Petauke… Wednesday January 22, 2025

The Socialist Party (SP) has expressed deep concern over the recent power outage at the Bank of Zambia (BoZ), describing it as a grave reflection of Zambia’s worsening energy crisis.



In a statement, SP President Dr Fred M’membe highlighted the critical nature of the incident, which occurred on January 16, 2025, disrupting interbank fund transfers and raising serious questions about the country’s preparedness to manage key infrastructure under such conditions.


Dr M’membe labeled the power disruption at the Central Bank as a “serious and sensitive security issue” and criticized the government for failing to shield vital institutions from the impact of loadshedding.

He questioned how dire the situation must become before the nation demands accountability from those entrusted with managing the country’s affairs.


“The business community is already depressed because loadshedding has enormously impacted almost all sectors such as mining, agriculture, tourism, manufacturing, the commercial property industry, and so on and so forth,” Dr M’membe stated.


“This has subsequently contributed to inflationary pressures owing to interruptions in the supply chain. Therefore, cutting power or loadshedding the Central Bank and creating disruptions of inter-banking fund transfers is double disadvantage for the business sector.”


Dr M’membe further cautioned that continued negligence in addressing Zambia’s energy crisis could have devastating effects on the financial sector and the broader economy.

He urged the government and ZESCO to recognize the potential risks power outages pose to financial stability and to prioritize safeguarding sensitive institutions like the Bank of Zambia.



The Socialist Party leader also called for robust contingency measures at the Central Bank, emphasizing the need for reliable backup power systems to ensure uninterrupted financial operations.

He stressed that the Bank of Zambia must take proactive steps to guarantee the continuous provision of financial services, even during periods of loadshedding.


Dr M’membe urged the country to reject mediocrity and commit to securing Zambia’s financial systems.

He stated that the government and key institutions must act decisively to mitigate the impact of loadshedding and protect the nation’s economy from further deterioration.

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