Stability or Spin? The ZCCM-IH Question
President Hakainde Hichilema’s assurance that ZCCM-IH is in a stronger and more credible position is a welcome message of reform. The consistent production of audited financials is, undoubtedly, a necessary step forward. However, a closer examination of the facts on the ground and arising from the high-profile resignation of former chairperson Dolika Banda suggests that the narrative of a fully stable and reformed institution may be premature. Recent events may indicate a situation more complex than the government’s public statements suggest.
The departure of a key leader like Dolika Banda is a significant event that should not be dismissed as a minor setback. A chairperson’s resignation, especially one with a strong track record, signals deeper issues within the organization. Instead of indicating stability, it is a sign of a leadership vacuum and fundamental disagreements over strategy and governance. Such a high-profile exit raises questions about whether the reforms are truly aligned with the vision of the institution’s top management. Her resignation risks undermining the very confidence and stability the president aims to project to investors and the public.
While the production of consistent audited financials is a positive development, it is essential to recognize this for what it is: a basic requirement for any publicly listed company. It is a fundamental element of good governance that should have been in place all along. Framing this as a monumental achievement risks downplaying the severity of the past failures and the long road ahead. Merely meeting a basic standard does not automatically qualify as a complete turnaround. The company must demonstrate tangible, long-term performance improvements beyond just administrative compliance to truly prove its newfound strength.
The president’s comments can be viewed as an effort to manage public perception rather than a simple statement of fact. His call for the public to “play an active role” and his warning against “political noise” may be an attempt to deflect criticism and downplay valid concerns. The focus on “restoring confidence” itself implies that confidence was severely damaged in the first place. The government’s message appears to be a strategic effort to shift the public conversation away from the difficult questions raised by the leadership change and toward a more positive, but potentially incomplete, picture of reform.
While the government’s intention to reform ZCCM-IH is commendable, the true state of the institution remains uncertain. The narrative of newfound strength is challenged by the reality of a significant leadership change and the fact that its greatest proclaimed achievement is simply meeting a basic governance standard. The Zambian public and investors must look beyond the official messaging and critically assess the events on the ground. The path to true stability for ZCCM-IH requires more than just words; it requires a clear, cohesive, and unchallenged leadership that can deliver tangible results.
The Struggle Continues
Sensio Banda
Former Member of Parliament
Kasenengwa Constituency
Eastern Province
This is basically nonsense especially coming from Sensio Banda, a failed Former Member of Parliament
Kasenengwa Constituency! Clearly, Sensio Banda does not understand how the Corporate world works. He even overrates Dolika Banda’s experience without looking at her CV.
To be very honest, Dolika Banda didnt even qualify to lead ZCCM-IH in the first place and I don’t still understand the basis of her appointment to that role but my suspicion is because of the Rupiah Banda connection. Dolika has never worked for a mine understand the nature of that Business and internal politics of mining entities. But from without, she found herself at the top of a huge conglomerate without a clue of what she was doing.
Even during privatization, Chiluba had to swallow his pride and reverted to Francis Kaunda (MHSRIP) who had the experience and knowledge of managing mines. Compare Francis Kaunda to Dolika!
Like any other, the performance of mines needs regular financials because they provide the basis of sound financial decisions. Now that Dolika couldn’t produce regular financials, one is left with many questions, what was the basis of her decisions? Pulling figures from the thin air wouldn’t do! I dont think Sensio Banda knows the value of financials and he is not the only one! This is why most Parastatals in Zambia fail and yet it is the most important ingredient in Corporate Governance.
Sensio Banda, please stop seeing everything using your tribe. Dolika was not up to the job and wasn’t even suitable for that role at ZCCM-IH. Success is made up of many aspects. Even if you were to measure it in terms of regular financials, ZCCM-IH is still better off today because your Dolika couldn’t produce those regular financials. Now that we have the numbers, we can make even more improvements based on the numbers.
Unlike politics in which you also failed dismally, corporate success is not an event gut a accumulation of interconnected processes leading to a position at any particular time. Regular Financials are one such process in a series.