Bank of Zambia Governor Caleb Fundanga says the increase in the price of copper on the global market is an indication that the global economic situation is improving.
Dr. Fundanga says he is happy that copper prices are now improving because the trend is a positive indicator of global economic improvement.
He told ZANIS in Lusaka today that recent rise in copper prices on the global market is a strong signal that the global financial crisis is on the mend.
Dr. Fundanga however said there is need for Zambia to continue concentrating on producing more agricultural products and improve other sectors such as tourism.
He said there is also need to produce other products through harnessing various resources that the country is endowed with.
Dr. Fundanga said diversification of other sectors will prepare and help Zambia cushion the effects of the global economic crunch.
He said production of various products will also shield Zambia from suffering the effects of reduced copper prices in future.
Copper prices had in the recent past hit record low prices of less than US$2 000 from over US$8 000 per metric tone a year ago.
Prices have however shown an upward trend on the global market with a metric tone of the metal costing over US$4000.
ZANIS
Thats good, but the ordinary citizen saviziba ivo. Just wants food on the table. Lets translate the change into tangible results.
We have been preaching diversification since Kaunda and UNIP, ‘copper is a wasting asset, copper is a wasting asset.’ Decades have lapsed now with no signs of diversification.
so kapoko’s economy will even improve more.
wen are they going to diversify our economy kanshi?always wen copper prices rise they are happy but they forget that copper is a wasting asset.how many agriculture equipment can the money kapoko stole can buy,we have a lot of fertile land,rivers wich can be used 4 irrigation.
Thats good news………Agriculture, Tourism, effective tax collection, proper budgeting, etc and leaders please stop stealing for heavens sake and maybe we can get somewhere as a Nation.
But Copper prices have just plummeted! yangu!
When the price of copper was $8000 per metric tonne we were being asked to sacrifice even more for mother zambia.There was no tricle down effect of the high copper prices to be enjoyed by ordinary citizens.
When SATA raised this issues he was branded as being politiking and chasing away investors.Ba Caleb i dont share your happiness,all i want is food on the table of millions of suffering zambians.To hell with your analysis………..
Should have been worded better than placing the whole world’s economic uprise on Copper sales. The recession has nothing to do with copper sales it has to do with people’s attitudes towards spending. Am surprised someone like Mr Caleb Fundanga thinks such maybe this shows the calibur of professionals.
Ok This obviously is a contradiction because there is a headline that says, Copper prices plummet,’ but Fundanga says otherwise. Am confused………………
Why can’t we debate and discuss issues intellectually? Why do we focus on demeaning the intellectual capacity of people? You are questioning calibre of professionals like Fundanga, who are you and what have you achieved as an intellectual? You do not even have confidence to disclose your real name. What are you hiding?
Ethel, You sound as if you are in a bad mood today. Ninshi mama? Lets share. Also remember that we are not all intellectuals here. Let people express their opinions freely. Yashani iyo?
Ethel, Explain how such an ‘intellectual’ hired via patronage can make such a fundamental mistake? This shows a lack of serious ethics and professionalism because if Mr Fundaga was diligent he would have checked LME reports but as you know he didn’t .If you are too immature to stomach criticism just because you are linked to someone I suggest you visit the Hannah Montana website for individuals on your level
Ba Ethel ma temper yama kwela nga mu luck-nga!!! Ninshi mama panyeleza?????????? Cool down,learn to accomodate other bloggers views, ninshi iwe? What have you archieved yourself?
Waona manje Ethel? Nakuuza ine! Manje waona ati yenda kuli Hannah Montana!!! Baku chita buti mwandi!
I suggest we appoint a Diversification Tsar.
This office can coordinate diversification just like we have ERB for energy, ACC for corruption etc. We cannot be talking diversification for decades yet have little to show for it. We have not been serious. Give it as much focus as the fight against corruption. The donor community can be encouraged to support it, just like they support the health sector ref Ministry of Health. Diversification is just as important to Zambia.
my for now, but your “Dr. Fundanga however said there is need for Zambia to continue concentrating on producing more agricultural products and improve other sectors such as tourism. He said there is also need to produce other products through harnessing various resources that the country is endowed with.” must take a more serious stand in the lines of what Clive Chirwa (PhD, UK) has been writing about. There is no need for Zambia to sell all of its copper as a raw or semi-raw product. We need to make finished goods otherwise countries like BELGIUM without any serious natural resources will continue making our raw material copper and other metals into finished useful more expensive products. Let us invest seriously.
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Prevention is better …
Ethel,
Fine,we have heard your rantings,now since there are a lot of ladies going by that name,can you tell us your surname.