Zambia’s House of Cards – Dr. Haabazoka’s Brutal Reality Check
Zambia is on the brink of economic collapse, and Dr. Lubinda Haabazoka, Director of the University of Zambia Graduate School of Business, did not mince his words in his latest speech. With sharp critiques and sobering truths, he laid bare the systemic failures that are holding the country back. His message was a damning indictment of the nation’s lack of direction and a desperate call for action.
Dr. Haabazoka began by highlighting Zambia’s origins as a patchwork of communities stitched together under colonial rule. “We exist not by choice but for survival,” he declared, underscoring the lack of unity and shared purpose that still plagues the country today. This disjointed beginning, he argued, reflects the current state of Zambia—adrift without a clear vision for its future.
Small and medium enterprises (SMEs) are the backbone of Zambia’s economy, contributing significantly to employment and tax revenues. Yet, instead of supporting them, the government suffocates these businesses with excessive regulations and punitive taxes.
“There are over 110,000 registered SMEs, but more than half fail under the weight of bureaucracy,” Dr. Haabazoka said. “We pay fees to regulators, but no services are provided in return.”
The irony is glaring: Zambia boasts of its entrepreneurial spirit, yet its policies do everything to discourage it. Meanwhile, foreign-owned corporations continue to exploit resources with impunity, reaping profits that should be building the nation.
Dr. Haabazoka turned his ire to Zambia’s banking system, describing it as a betrayal of the nation’s economic interests. “Over 80% of our bank assets are controlled by foreign nationals,” he stated, lamenting how Zambia’s wealth is siphoned abroad while citizens remain impoverished.
The mining sector is no better. “When I hear about mining investments, I cry,” he admitted. With 95% of the industry controlled by foreigners, Zambians remain spectators as their resources are extracted and exported.
Dr. Haabazoka dismantled the myth that foreign direct investment (FDI) is the solution to Zambia’s economic woes. He compared FDI to allowing someone else to impregnate your wife and being handed a token sum to care for the resulting child.
“FDI often leaves us indebted and dependent, not empowered,” he said. Rather than strengthening the nation, these investments often deepen inequality and exploitation, leaving Zambians with little to show for their natural wealth.
As the world races ahead with artificial intelligence and digital economies, Zambia remains stuck in the past. Dr. Haabazoka described a country clinging to outdated methods while failing to adapt to the technological revolution. “We’re using maps drawn 200 years ago,” he quipped, painting a grim picture of a nation unprepared for the future.
Perhaps the most alarming part of Dr. Haabazoka’s address was his stark warning about Zambia’s demographic future. With the population expected to hit 50 million by 2050, he questioned how the nation plans to sustain itself.
“We can’t even feed the 20 million we have now,” he said bluntly. With crumbling infrastructure, stagnant policies, and an economy unable to meet current demands, Zambia is hurtling toward a crisis.
Dr. Haabazoka’s speech was more than just a critique; it was a wake-up call. Zambia must face uncomfortable truths and make bold decisions to secure its future. Simplifying regulations, investing in local industries, embracing technology, and prioritizing self-reliance are no longer optional—they are essential.
“The question is not whether we want to exist,” Dr. Haabazoka concluded. “It’s whether we want to thrive.”
KUMWESU DEC 19, 2024
This guy is fake and incompetent economist. He aligned himself with pf but failed to advise them on economic matters. He likes being loud and saying nothing. Let him write a paper showing how the Zambian economy can be run better than now Our finance minister is seasoned economist with a track record as opposed to this pretender.
I wish Haabazoka’s so called brutal reality check was loudly and constantly sounded when Edgar Lungu and his ravenous PF was ferociously tearing this country’s economy apart like a pack of wild dogs on a surrounded Lechwe. But for all the time that Lubinda defected to PF and dined with them, he behaved like a quiet, patient vulture perched on a tree top, waiting for its turn to feast on the remains of the Lechwe carcass. So let him just give this essay to his students for academic purposes only, and stop buzzing around our ears with those monotonous poems. We have more serious matters to spend our energies on.