Former Finance and National Planning Minister Ng’andu Magande has charged that the 6 percent annual economic growth is not strong enough.
Mr. Magande said to Qfm in an interview that government should have been seeking a stronger growth of 10 percent in order to accommodate Zambians.
The former minister has expressed sadness at the manner in which young people in the country are filling up the streets because of lack of employment despite attaining some level of education.
He has charged that the economy is not for an individual person and that there is need for government to identify categories of individuals that need development and intervention methods needed to put in place.
Mr. Magande says as the country’s economy grows, it must trickle down to the poor Zambians.
QFM
based on what magande? what are the bench marks? for our region? for our continent? the the third world? and for the world at large? give us statistics please so that we can follow your arguments…. ala!
I agree with Magande. For an HIPC 6 percent is fractional I is like minus 6 percent. We shd c growth in proper context not perceiving it nominally
Also, how about the quality of economic growth? Growth in GDP when the mining sector is in foreign hands is phantom growth.
Real growth is reflected in a rise in purchasing power for ordinary people – the real drivers behind a consumer driven economy. Not GDP.
How much did Magande and LPM grow theirs annually? Or is the something special now that should warrant a 10% growth rate? I dont seem to catch his drift. Someone please explain.
#4 Mutunza, what Magande is saying is according to how far our country has gone this time around growth was supposed to be 10% during the time of Magande, it was about the same 6%. We should be moving forward as a nation according to more investments that has taken place in the recent past. Unless they hasn’t been any investment then growth should remain at 6% And if growth was to be genuine then even the people who are poor should feel it too. During the time of Magande though there was still poverty a good percentage came out of poverty (about 14%). Now this time around how many have come out of poverty?
@5 justify what percentage of the poor came out of poverty during magande’s time as compared to now.dont be a cheap parrot.happy x-mas
# 5 you and Magande are pretenders. you see the problem with Magande is that he hoped to be a Finance Minister in perpetuity/infinitely. upto now Magande thinks he is the best Finance Minister Zambia has ever had. other countries in subsaharan afrika cant even register 2%. Zambia at least with 6 % is better than negative growth. we are moving ahead. its people like magande and his PF partners who continue to harangue donor confidence in ZED through such negative growth. what people aught to know is that as you traverse the zambia you will find that there is a lot of activity in nearly all sectors of the economy. Larfage couldnt have managed satisfying the market and hence the coming on the scene of nigerian company+zambezi portland it is a multiplier effect which includes mines viva RB
the face of lusaka is changing almost daily. people have disposable income to erect one or two structures. old business houses are being razed to pave way for modern ones. after five or so years the outlook of lusaka will change saave for unplanned settlements in kanyama misisi chibolya etc which are part and parcel of Sata’s legacy since 1st republic. the pamela politics which sata used against LPM is not relevant to and that vocabularly will definately not reasonate in many a voter. more children are likely to be enrolled in schools being constructed and more will progress to higher education give 84% progression rate at G7 this year. add this to the fact that teacher recruitment has never been any better than during RB ‘s time. Sata & FJT chased doctors but RB is able to talk with…
UPND president Hakainde Hichilema was corrupt for failing to account for US$12 million privatisation money…SAYS GK
the same doctors sata & FJT chased are the ones treating Kaseba at milpark hospital in SA. Sata as defacto VEEP to FJT . this brings me to the problem of hearts. Sata is heart fainted so is the wife. RB has already sounded the warning during address to parliament in Sept 2010 that the race for 2011 polls is not for heart fainted and this wasnt a joke. AS Zambians we dont want to have uprecedented presidential by-elections. Sata cannot cope wioth demands of plot one. We are trying to avoid a situation where Dr. Kasaba and Satana Wakantu die from excitement the very first time they use bedding facilities at Nkwazi House. Dont Kufyono
VIVA HH AND UPND MMD AND PF ALL CRYING FOR COALITION WITH U .POWERFUL MWEEEEEEEEEEEEEEEEEEEE
Magande you are sick in your head .Whatever you think you contributed to the zambian economy there civil servants who worked with you ,the same ones who worked with Penza(MHSRIP),Katele and some of them are still faithfully articulating very positive policies which are not highjacked by selfish people like you.I now appreciate your absence from the ministerial position .Zambia is blessed with better brains than you self seeking man .Give credit where it is due and the man on street will respect you.Zambia is moving forward for a change we are not spending money persuing Chiluba and others, majority of Zambians in rural areas especially have food on their tables thanks to sound agro policies of the current government.We do not need cheap politics.It is time work now!You power failure(PF).
Magande is an example of a lost soul. He’d probably be a good middle manager in some company, if he can keep his mouth quiet
I will burn all my zambian items items and refuse to support any government ever again if this useless man is allowed to darken the door of our country again.
He was a truely awful minister and does not deserve the millions of Kwacha he continues to gain through being a speaker wherever.I am pulling my hair right now grrrrrh
I wouldnt want him advising my hubby over our fortunes
Awful, Awful, Awful…
It gives me sad reading to see the majority of ignorant people commenting on what they don’t know. please keep quiet blogging does not mean you have to throw up every gabage on the blog. let some stories be discussed by people who understand the issues, economists or ask genuine questions and not just bring the ignorance and hatred that is uncalled for. @ Mushota # 13 what are u talking abt, which middle management, have u seen this guys CV? Have u worked for any international organisation? leave technical things to technoctrats
ati HH who is going to vote him?? southern province?
14 CV s nothing. You may have a PHD in african medicine , whatever you have, i wouldnt trust you to even treat my thumb
Stop belittling people in your comment. If you are as smart as you are trying to kid yourself, i am sure you will agree with me you wouldnt be here ranting like a prima donna. Joke Thanks
it is quite disgusting for aformer minister of finance to say the rubbish he is saying especially that he is an economist.mAGANDE DURING AN EAZ MEETING IN 2007 ARGUED BITTERLY WITH FATHER PETE HENRIOT CLAIMING THAT AS FAR AS MAGANDE WAS CONCERNED THERE WAS NO POVERTY IN ZAMBIA AND THAT ZAMBIA WAS DOING VERY WELL ECONOMICALLY ON A GROWTH RATE OF LESS THAN 5%. FATHE PETE ARGUED THAT WE NEEDED 10% GROWTH AND MAGNDE RESPONDED IT WAS A PIPEDREAM, SO WHAT HAS CHANGED NOW??? ZAMBIAN POLITICIANS MUST LEARN TO BE HONEST AND PRINCIPLED AND NOTJUST SAY THINGS FROM WITHOUT
I like where he says Identify individuals… Ths individual should be promising talented , honest enterprenures who can becomes a pillar of Zambian economy. We need more of EK to create employment for the private sector
This man has no facts, figures or projections to back up his proposal to grow the economy to 10% (you cannot tell whether the statement’s coming from a cadre or former Finance minister). Equally he criticizes the current growth rate of 6.6% with no basis. Why does the Zambian press like regurgitating mere statements without asking for back-up numbers? Policy positions need to be taken seriously so we can be guided.
What’s with the dodgy flag LT? I’m in the northwest of England.
Ghana’s economy is growing at a staggering 20%. What is your view in relation to what Magade has said?
#21 That is a good example. Unfortunately most Zambians are not serious. A growth rate of 6% does nothing to alleviate poverty. Zambia needs a minimum of 12% to start moving more and more people out of poverty. It is only at that rate when a middle class will start to emerge. Guys you need to stop throwing insults about and discuss issues seriously. Just because you don’t like the messenger does not mean you should not listen to the message. Countries like Zambia will continue to wallow in poverty unless they up their game.
(16 Mushota )
You never just stop going off-track. What the hell are you talking about. Who says Mangede would wish to advise you how your husband should ******** you. Do you ever think through before posting comments. Why bring in your husband…. It’s just too much my hubby this and that from you all the time.
Magande has a valid point, those of you who need an elementary breakdown of what the man is talking about let me d-u-m-b it down for you. When Magande joined LPM administration in 2003 the inflation rate was 21%; during his tenure he managed to bring down the inflation rate to its lowest in the history of the nation to 8.8% in 2007. 207 to 2008 when he was forced out of office by RB saw inflation rate start climbing again to its current rate of about 14%. For those who don’t understand inflation, it is how fast consumer price increase it often happens as the ZMK gets weaker, which means you cannot afford to buy as much as you used to. While it is true that during Magande time in office growth rate was infract on the order of 6%, such growth coupled with bringing down the inflation…
…such growth coupled with bringing down the inflation rate to 8.8% means Zambians could do more with their pay check.
For the current Minister and his MMD followers to suggest that a 6% growth rate coupled with an ever increasing inflation rate (currently at 14%) gives Zambians that same purchasing power has they had under Magande, is to confirm that the current Minister knows nothing about how the economy works or how to get us back on track. The sad thing in this country is that the current Government does not listen, and therefore live pipe piper will lead us all to ruins.
This ( Mushota 13) person is one embarrasing UFO. What can I say ?
#12 yaya says, it is people like you and your RB way of thinking why Zambians will never be able to lift themselves out of poverty. If you are here to blog about the facts let’s stick to the numbers and leave personal attacks and all that rubbish aside. For better or for worst MAGANDE is a progressive thinker that look and new and innovative ways to get the economy moving. Some ideas will work and others may not but the object is to implement multiple strategies to move the country forward. This government is looking at only growth rate which is one dimensional (based only on copper price),and temporary.
The only reason Zambia is seeing growth is because copper prices are once again up. This is not true growth and RB and his followers are just using those numbers to hoodwink the public because he (RB) knows that most Zambians do not understand how the economy works and which numbers are real and which are not. Put simply especially for you number 12, it does not matter how fast you bank account is growing if you spend more than you earn.
2008 I had ZMK 5,000,000.00 in the Bank; and I owed ZMK 0.00
2009 I deposited ZMK 100,000,000.00 in the bank but I spent ZMK 500,000,000.00
Now number 12 (yaya) and 13 (Mushota) am I better off in 2009 because I have more on deposit?
If you answer that I am better off in 2008 than in 2009 then you are actually agreeing with MAGANDE views and if you answer that I am better off in 2009 because I have more money in the bank then that will prove your ignorance regarding economic matters. If you do not reply, I will take that as a confirmation of you all are MMD mouthpieces or relatives of RB that is on the Blog just to talk trash. It is that mentality of personalize comments (#12 and #13) and insulting peoples’ good works why Zambia is now seeing violence in her politics. To you I say stay where you are because Zambia is better off without people such as yourselves that have nothing to contribute but venom.
Respect! catch you on the flip side…
@ 13- Mushota.. , treating your thumb?? i really didn’t understand why people were shooting your posts but now i know. Marrying or insinuating to be married to a scottish is nothing, we live with them here and they are not any special they are just like us we go to the same Universities and work for the same institutions and life goes on.
On the inflation and economic growth to a lay-man like myself what matters is the food that my money brings to the table, there is so much talk about economic growth but i don’t seem to see any change in people’s lives. lets be clear, the rising of copper prices shouldn’t be relied upon very much, its time for diversification coz soon or later the prices will go down
#26. Current inflation in Zambia is not 14%. Please check your facts. Going by your name, are you Jamaican?
#32 You are right. What matters to the lay man is what he can afford with his wages. However, growth rates are important to determine whether we will be better off or not. The sort of growth levels our politicians have been boasting about in this country are just enough to stop things from getting worse. Obviously the ‘Lusaka mafia’ are OK with that because they benefit. However, the rest of the country does not benefit to the same extent. We need far higher levels of economic activity to generate more employment and wealth. Our politicians are not honest, and this includes Magande unfortunately.
Magande is a serious joke.
Mushota @16 – is a cheat and a liar
One minute – she is married, the next she would want to have her honeymoon on the new hotel to be built in Livingstone. At other times, she has said she is engaged. What is so special about having a Scottish man? Are we suffering from an Identity Crisis or inferiority complex?
Just how much of Magande’s growth trickled to ordinary Zambians? What category of unemployed Zambians did he identify when he was minister of Finance?
The reason this guy will not be taken seriously is that when he was in office he did not listen to the zambian people but the IMF and the World bank just like his succesor is doing. They are all from the same school. As long as the IMF and World Bank say the economy is growing then it is an article of faith for these guys.
Magande for once please give us a break and let us hear from other more constructive voices. Tired of your loud noises!!!
#37, You’re right about our minister’s response tot he IMF & World Bank. Always borrowing and putting the nation into more bondage. Tax from the mines could have lifted this country from poverty. If Botswana has managed to do awy with IMF/World Bank loans, we should do awy with too many laons from these two institutions.
Peter Magande is a failed politician.
It is puzzling how we Zambians think.Magande i think had policies that always had the people of Zambia first let me give you a few achievements that actually brought some hope to many Zambians During his tenure.Chiluba found a Dollar at K100(1991) and left it at K5000(2001) fact.Magande found it at K5000 (2001) and left it at K3200(2008) .Musokotwane found it at K3200 within three months it was K5000 and now hovering around K4800.Chiluba found Mealie Meal at K11 and left it at K58000 .Magande found it at K58000 and left it at K32000 and now for Musokotwane it is K58000 .To me these things are real facts of some who is always think of better ways of putting money in the pocket not mere politics these are facts we saw and lived with.Can u imagine what u can do with a Dollar at K3200 ?!!!Hoo!
The economy will be deemed to have improved when the employment figures start being good to look at. Right now the employment figures are not good. Too many army of un-employment people. Even if I was to advertise for a post for a pay fon employee. 10,000 applicants wil flood through.
This shows How bad it is!!!!!!!