Fred M'membe

Zambia can fund mines recapitalisation
…without having to borrow or seeking foreign partners says Dr Fred Mmembe

23rd June 2022

Dr Fred Mmembe has debunked the UPND government myth that only foreign partners can revitalise the dilapidated mining sector in Zambia saying the much talked about investment or so-called unlicking can be achieved using local funds and partners.
Dr Mmembe also restated that Zambians could only start getting real benefits from the copper mines in the country after it increases its stake in the mines instead of the paltry shares it currently holds.

“The money for increasing shareholding and revitalising the mines is available in the local pension funds such as NAPSA,” Dr Mmembe said, “you don’t need to agonise to raise a meagre US$50,000 or US$100,000 (about K1,7million) its all here sitting in pension funds.”
The Socialist party President was contributing to a panel discussion at a “sold out” Leadership Conference Foundation (LCF) held at the Pamodzi Hotel on Wednesday.

“All these so-called investors who are basically capitalist who come here don’t use their own money they get the funding from pension funds abroad. We can use the same model here in Zambia without so called investors instead of using pension funds money to build shopping Malls.

The well attended LCF conference, the first since 2014 was attended by heavy hitters from Zambia´s various walks of life such as Ambassador Emmanuel Mwamba, Dr Jay Sharma the owner of Jewel of Africa, economist Trevor Simumba, former cabinet minister hon Bob Sichinga, Hot FM owner Oscar Chavula, Ambassador Anthony Mukwita, businessman Cleophas Phiri, Economist Dr Neo Simutanyi and others such as Dr Claver Musumuli.

The general agreement at the conference was that Zambia was being taken for a ride by the UPND administration that seems hell bent on pawning the country’s vast mineral resources to foreigners instead of increasing shareholding in them to benefit the majority poor Zambians.

And Dr Sichinga said it was a pity Zambia keeps passing around a “begging bowl” for debt relief from the IMF and others when the money can be obtained locally taxing the mines more or increasing shareholding.

Dr Mmembe also reemphasized that Zambia under President Hakainde Hichilema is being ruled by “a Puppet government” that is serving western whims and not Zambian interests.

Source: Leadership Conference Foundation


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