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Punishing electoral fraud
Punishing electoral fraud
It appears that
the Independent National Election Commission (INEC) under the
leadership of Attahiru Jega, has quietly started an in house
investigation into the conduct of some of its employees who are
suspected of aiding the fraud in the Ekiti State governorship election
re-run.
According to
reports, the commission has set up a three-man panel to investigate, in
the first place, the conduct of Ayoka Adebayo, the resident Electoral
Commissioner in Ondo State at the time of the elections. INEC is
believed to also be investigating the conduct of other electoral
officers particularly in areas where elections results have been
overturned or cancelled. The body is reported to have started, what is
believed to be the first phase of a house cleaning exercise to ensure
it does not go into next year’s polls with officers of questionable
integrity.
INEC certainly has
its work cut out. Recent electoral verdicts in Ekiti, Osun, Ondo, Edo
and Anambra States are an indication of wide spread problems during the
last elections, and it is right that INEC is trying to do what it can
to weed out staff with tainted credibility.
We at NEXT commend
INEC for this quietly taken but ultimately critical decision. It is
good that INEC set a precedent as we limber up for elections next year.
It is proper that INEC staff found to have colluded with election
riggers be booted out and not be given another chance to steal people’s
votes. It is also commendable that INEC is undertaking this
housekeeping exercise without making a song and dance about it. Far too
many times, public institutions announce grand plans, which ultimately
fail to materialize.
However, INEC’s
actions alone cannot guarantee the end of rigging, so we are also
recommending that the Judicial Commission borrow a leaf from INEC and
look into punishing members of the bench who are found guilty of
colluding with riggers. Earlier election tribunals had mixed results
and in some cases appeared to have sided with riggers. It is important
that if any wrongdoing took place, it be sanctioned.
The only way to know for sure is if the Judicial Commission begins a house cleaning exercise just like INEC.
But again, even
that will not be enough to push the final nail in the coffin of
riggers. We at NEXT believe we must also find means of sanctioning
those who benefit from rigged elections. It is not enough to hold
electoral officers and members of the judiciary to account, the
politicians who get into office as a result of fraudulent elections
must also be penalised.
So far the
National Assembly has refused to criminalise rigging. There are no
provisions in the new Electoral Act or the new Constitution for
punishing the principal beneficiaries of rigged elections. In other
words, we do not have a mechanism for indicting those who are most
likely to initiate the process of rigging. We at NEXT believe that the
law should be crafted along the same lines as the law dealing with
theft where both thieves and receivers of stolen goods, get punished.
The National
Assembly is still in the process of making amendments to the
Constitution. It is not too late for it to do right by Nigeria by
ensuring that this class of cheats gets their just desserts. We
recommend a ban from elective office for five years, for first time
offenders and a life ban for repeat offenders. This should be in
addition to efforts made to recover any benefits, monetary and
otherwise, the person has enjoyed as a result of sitting in a public
office illegally.
As long as
beneficiaries can walk away from rigged elections with no penalty, they
will continue to use their immense resources to tempt not only poorly
paid civil servants and electoral officers, but young disenfranchised
youths who they turn into political thugs. Our only hope of dealing a
deadly blow to electoral fraud and rigging is if everyone who takes
part in rigging faces severe sanctions.
The partisan mind
The partisan mind
Imagine, for a
moment, that George W. Bush had been president when the Transportation
Security Administration decided to let Thanksgiving travellers choose
between exposing their nether regions to a body scanner or enduring a
private security massage: Democrats would have been outraged at yet
another Bush-era assault on civil liberties; Liberal pundits would have
outdone one another comparing the TSA to this or that police state; and
Republicans would have leaped to the Bush administration’s defense,
while accusing liberals of going soft on terrorism.
But Barack Obama is
our president instead, so the body-scanner debate played out rather
differently. True, some conservatives invoked 9/11 to defend the TSA,
and some liberals denounced the measures as an affront to American
liberties. Such ideological consistency, though, was the exception;
mostly, the Bush-era script was read in reverse.
It was the populist
right that raged against body scans, and the Republican Party that
moved briskly to exploit the furor. It was a Democratic administration
that labored to justify the intrusive procedures, and the liberal
commentariat that leaped to their defense.
This role reversal
is a case study in the awesome power of the partisan mindset. Up to a
point, American politics reflects abiding philosophical divisions. But
people who follow politics closely – whether voters, activists or
pundits – are often partisans first and ideologues second. Instead of
assessing every policy on the merits, we tend to reverse-engineer the
arguments required to justify whatever our own side happens to be
doing. Our ideological convictions may be real enough, but our deepest
conviction is often that the other guys can’t be trusted.
How potent is the
psychology of partisanship? Potent enough to influence not only policy
views, but our perception of broader realities as well.
A majority of
Democrats spent the late 1980s convinced that inflation had risen under
Ronald Reagan, when it had really dropped precipitously. In 1996, a
majority of Republicans claimed that the deficit had increased under
Bill Clinton, when it had steadily shrunk instead. Late in the Bush
presidency, Republicans were twice as likely as similarly situated
Democrats to tell pollsters that the economy was performing well. In
every case, the external facts mattered less than how the person being
polled felt about the party in power.
This tendency is
vividly illustrated by our national security debates. In the 1990s,
many Democrats embraced Clinton’s wars of choice in the Balkans and
accepted his encroachments on civil liberties after the Oklahoma City
bombing, while many Republicans tilted noninterventionist and
libertarian. If Al Gore had been president on 9/11, this pattern might
have persisted, with conservatives resisting the Patriot Act the way
they’ve rallied against the TSA’s Rapiscan technology, and Vice
President Joe Lieberman prodding his fellow Democrats in a more
Cheney-esque direction on detainee policy.
But because a
Republican was president instead, conservative partisans suppressed
their libertarian impulses and accepted the logic of an open-ended war
on terror, while Democratic partisans took turns accusing the Bush
administration of shredding the Constitution.
Now that a Democrat
is in the White House, the pendulum is swinging back. In 2006, Gallup
asked the public whether the government posed an “immediate threat” to
Americans. Only 21 percent of Republicans agreed, versus 57 percent of
Democrats. In 2010, they asked again. This time, 21 percent of
Democrats said yes, compared with 66 percent of Republicans.
In other words,
millions of liberals can live with indefinite detention for accused
terrorists and intimate body scans for everyone else, so long as a
Democrat is overseeing them. And millions of conservatives find wartime
security measures vastly more frightening when they’re pushed by Janet
“Big Sis” Napolitano (as the Drudge Report calls her) rather than a
Republican like Tom Ridge.
Is there anything
good to be said about the partisan mindset? On an individual level, no.
It corrupts the intellect and poisons the wells of human sympathy.
Honor belongs to the people who resist partisanship’s pull, instead of
rowing with it.
But for the country
as a whole, partisanship does have one modest virtue. It guarantees
that even when there’s an elite consensus behind whatever the ruling
party wants to do (whether it’s invading Iraq or passing Obamacare),
there will always be a reasonably passionate opposition as well. Given
how much authority is concentrated in Washington, especially in the
executive branch, even a hypocritical and inconsistent opposition is
better than no opposition at all.
At the very least,
the power of partisanship means that there will always be someone
around, when Americans are standing spread-eagled and exposed in the
glare of Rapiscan, to speak up and say “enough!”
© 2010 New York Times News Service
S(H)IBBOLETH:What gender is your laughter?
S(H)IBBOLETH:What gender is your laughter?
With so much stress
in a country like Nigeria today, many people easily get edgy, snapping
at others over trivial issues, heckling and biting and tearing.
Obviously, the emotional lives of many people are in the kind of
trouble that constantly looks for ways of expression.
If you want to
make matters worse when someone is “boiling,” advise that person to
seek help from a psychiatrist. Who would agree with you if, during the
imbroglio that results, you start delivering a lecture on how what you
said was not what you meant? Definitely, madness is enjoyable when it
involves at least two people who cooperate.
Teasing is one of
the wonderful ways that human beings use discourse in softening the
seriousness of everyday struggles. Men tease women and women tease men.
But more than just being a matter of laughing at the other, it is a
great way of laughing with the other.
In my Igbo culture,
teasing the opposite sex does not attract extreme censure form the
guardians of political correctness, even when viewed through the lens
of modern gender consciousness, it is easy to read the expressions as
offensive.
A woman could turn to a man and say: “Go and shave your beard; it makes you look like a monster!”
And the man, without any feeling of hurt, would tell her: “You are jealous of my beard!”
And the woman would deny it flatly: “How can? I don’t belong to the zoo.”
And the man, smiling, would give it back to her: “When you women start telling the truth, you will start growing beards.”
And the woman, in mock annoyance, would cry out: “The truth is that we don’t want it!”
And the man would fire back: “Oh, I forgot that you women actually have beards, but at the wrong places.”
And the woman would laugh and playfully hit him with her fists or with any harmless object she is holding.
And to consolidate
his victory in this debate, the man would add: “You women want us to be
like you; that’s just what you want.”
Where else could
one still find this kind of cross- gender humorous exchange than in an
African rural community where, in spite of the so-much advertised
mistreatment of women, there exists some mutual understanding that this
kind of banter feeds community life? Women freely joke about men’s
sexual lives and weaknesses, and men do so too. They do not see this
kind of talk as being morally contaminating to the extent that they
would no longer be able to talk later with their Maker.
It is not all about
the body and sex: it could also be a focus on food and the kitchen.
Although in modern feminist agitation, cooking for the family is
sometimes viewed as one area of domestic life where the metaphorical
and literal enslavement of women is enacted in the patriarchal context,
men in local Nigerian environment reconfigure the kitchen as
“cheating,” using this play on the sound of “kitchen” to suggest the
woman’s conspiratorial posture. Articulating “kitchen” as “cheating” is
an invitation to laugh at a serious fear about what a woman could do
with, and in, the kitchen where she presides over the stomach of the
family, or over the stomach of her man.
Local Nigerian men,
in teasing women as being in their “cheating” instead of “kitchen”
confess to the enormous power that women wield as those in charge of
food preparation, not only because a woman may choose to eat the
choicest part of the food in the kitchen before serving it, but also
because she decides what quantity and quality to serve the man. She can
also decide to snuff out the life of her man by dropping a little
dangerous something in the egusi soup she is going to serve him, and
there goes Papa Ngozi, twitching and twisting like a worm as he joins
his ancestors!
When men tease
women about “being in the cheating”, they are actually crying in their
laughter, crying in their souls about the danger they have brought upon
their lives by insisting that cooking for the family is a woman’s task.
Perhaps, women recognise this cry of despair in men’s deconstruction of
“kitchen” and so some of them try to intensify the fear in their
responses, for instance saying, “Yes, the kitchen is my office. That is
where I sign my signature before you can eat any thing!” Or, by saying:
“You can return to the kitchen to burn your beard if you like; that
would perhaps teach you what a barbecue is like!”
The laughter in the
verbal hide-and-seek remains an essential part of a gendered tenor in
social interaction. It gives men and women the opportunity to play with
words, with their gender differences, and with hopes and fears.
Essentially, that act of playing with words with the gendered other
announces that a society that cannot laugh at its differences and
conflicts has not even got enough capacity to manage them.
Empower Nigerians, enough rhetoric
Empower Nigerians, enough rhetoric
When President
Jonathan assumed the office 7 months ago, most Nigerians including this
writer were willing to give him the benefit of the doubt. But as the
saying goes, “show me your advisers, and I’ll tell you what kind of
leader you are.”
Take the
“Honorable” Minister finance for example, I sent him three email
messages on my idea to create over 100,000 jobs for Nigerians. He got
all the mail, and read them, as confirmed by my outlook. He did not
even have the courtesy to respond.
Twenty-five years
ago, I had sent a graduate research idea to President Buhari, through
the Nigerian embassy, to encourage Nigeria to create a sovereign wealth
fund, buy refineries and retail gas stations in the U.S. This was my
initial reason for contacting Mr. Aganga to congratulate him for
encouraging the Nigerian government to start a sovereign wealth fund.
But I was disappointed in his failure to even respond.
I sent similar
letters to the minister of information, Mrs. Akunyili, about my idea to
create up to $6 billion of internally generated funds for Nigeria
without borrowing, and up till today, I have yet to receive a response.
At least, when I send similar suggestions to U.S administrators,
including those at the White House, I usually get a response.
My doubts about
the competence of the people that the president surrounds himself with,
were confirmed when Mr. Aganga said a few months ago that Nigeria’s
unemployment rate was 19.7%. I searched everywhere to find out where he
got his numbers from and I am still looking.
My contact with
the Nigerian minister of power has not been that positive either, since
Mr. President is his own minister of power, I would have thought that
the ministry would be more responsive. In the six months since we we’ve
been talking to Mr. President about generating power, China has built
over 36,000 megawatts of power for its people. It is one thing to write
slogans on the pages of Facebook, but Nigerians need electricity and
jobs.
A few days ago,
Mr. Aganga stated that Mr. Atiku has poor knowledge of the economy. Out
of the over 130 comments on the pages of Next, 90% challenged Mr.
Aganga’s explanation of the state of Nigeria’s economy. While most did
not side with Mr. Atiku, they all concluded that Nigeria’s economy is
heading in the wrong direction. So instead of the Jonathan government
coming up with concrete facts and plans, they think it is better to
keep slinging mud at others who criticize their rudderless ship.
Mr. Aganga claimed
that the government spent $5.6 billion on NIPP, yet Nigerians are still
in darkness. Yesterday, the Presidential adviser on power, Prof. Nnaji
stated that Nigeria aims for 20,000 megawatts of power in the next 10
years yet it takes China less than six months to build 20,000
megawatts.
The question is,
why would it take Nigeria 10 years? I am still awaiting a response to
the email I sent to Prof Nnaji six weeks ago regarding information on
his road map and the procedure required to obtain a power purchase
agreement with the Nigerian government. These are some of the questions
Nigerians should be asking when they go to the polls in 90 days, Can
President Jonathan solve Nigeria’s power problem and create jobs for
Nigerians
The lesson is that
Nigerians are no longer as gullible as the politicians assume. If the
president thinks he can win the election by throwing numbers around
instead of coming up with concrete plans on how to fix the economy,
provide electricity and create jobs, he may be surprised that Nigerians
would rather support someone else instead of a leader who has
surrounded himself with yes men and women who can’t even respond to
suggestions from Nigerians.
Show me your advisers, and I’ll show you what kind of leader you are.
Toyin Dawodu is
the Managing partner of Capital Investment Group and founder of Nigeria
Let There be light, a movement to create meaningful change in Nigeria.
toyin@capvestgroup.com
JP Morgan still managing Nigeria’s reserves
JP Morgan still managing Nigeria’s reserves
JP
Morgan, a United States investment banking and securities firm, has
said it is still managing $500 million of Nigeria’s foreign reserves,
in collaboration with Zenith Bank.
Tosin
Adewuyi, the bank’s senior country officer in Nigeria, said the
collaboration, which has been on since 2006, is still ongoing.
“Zenith
Bank Nigeria joint venture is still very much on. Nothing has changed
since then,” Mr. Adewuyi said at the sidelines of a workshop between
the Nigerian Stock Exchange, the London Stock Exchange, Thomson
Reuters, and JP Morgan, held yesterday in Lagos.
“The Central Bank, in October 2006, gave 14 Nigerian banks, with their international asset manager partners, $500 million each, totaling $7 billion, out of the country’s foreign reserves, to manage on behalf of the country
The
14 global asset managers and their local counterparts were Black Rock
and Union Bank; J.P. Morgan Chase and Zenith; HSBC and First Bank; BNP
Paribas and Intercontinental Bank; UBS and UBA; Credit Suisse and IBTC
Chartered Bank; Morgan Stanley and GTB; Fortis and Bank PHB; Investec
and Fidelity; ABN Amro and Access Bank; Cominvest and Oceanic Bank; ING
and Ecobank; Bank of New York and Stanbic Bank; and Crown Agents and
Diamond Bank.
Mr. Adewuyi said despite the drop in Nigeria’s foreign reserves, the arrangement still subsists.
Deepening presence
He added that JP Morgan may consider deepening its presence in the country.
“We view Nigeria as a key market for us in Africa. In Africa, pretty much Nigeria comes into number two,” he said.
He, however, said the bank is not considering buying into any of the rescued banks.
“While
we are not purchasing a local bank, we do have relationship with some
of them and helping to build capacity. We don’t run a retail bank in
Nigeria, at least not now. Not to say, in the next two or three years,
we don’t see that as a viable model. But so far, we support banks,
corporations, and government behind the scene internationally,” Mr.
Adewuyi said.
Ibukun
Adebayo, head of primary markets, Middle East, and Africa of the London
Stock Exchange (LSE), said it was collaborating with the Nigerian Stock
Exchange to enhance its development. He said the Stock Exchange has
performed as expected, considering the fallout of the global financial
crisis.
“The
Nigerian Stock Exchange is doing exactly what the London Stock Exchange
is doing, which is keeping interest in the market. We (LSE) get a lot
more support from our regulators. In the UK, we operate under a more
flexible environment. We don’t have rigid rules,” Mr. Adebayo said.
He said LSE operates under codes which need not be rigidly adhered to, provided there is proven effort to comply.
“That
flexible approach to regulation means that we have actually works very
well and that has attracted a number of investments,” he said.
He
explained that unlike Nigeria, investors in the UK capital market have
a responsibility to the companies in which they invest.
“We
have the investors’ stewardship code, which effectively means that
there is covenant between investors. We don’t want you here today and
gone tomorrow. You have to shadow a certain amount of dedication to a
company over a period of time,” Mr. Adebayo said.
This arrangement, he said, helped to mitigate the repatriation of
funds from the UK market during the global financial crisis in 2008.
Petrofac enters Nigeria with 15 pct stake in explorer
Petrofac enters Nigeria with 15 pct stake in explorer
Petrofac spends
$100 million on a 15 percent stake in Nigerian oil explorer, Seven
Energy, fulfilling the British oil and gas company’s long-term
ambitions to enter sub-Saharan Africa’s second-biggest economy.
Petrofac also has
an option to invest a further $52 million, should project milestones be
reached, bringing its interest up to 19.2 percent on a diluted basis,
while other investors have agreed to inject an additional $50 million
into Seven Energy.
“We see this as a
mutually beneficial transaction. Seven Energy has a lot of experience
in operating in Nigeria,” Petrofac’s CFO, Keith Roberts, told reporters
in a conference call.
“We’ve been
targeting for years to establish a much stronger (Nigerian) presence,
and we believe that this transaction and the broader alliance, and the
opportunity that gives us to both co-invest and co-develop with Seven
will help us progress our ambitions to develop a significant presence
in the country,” Mr. Roberts said.
Mr. Roberts noted
that the company had “significant fire power”, with a billion dollars
in cash on the balance sheet to fund any future acquisitions, but
declined to say whether the company was looking at any other specific
targets.
“Clearly, we need
to be comfortable with the opportunities, the returns, and the
associated risks. Let’s start with (this) before we think of anything
else,” he said.
Petrofac will
provide experienced personnel to help with the delivery of Seven
Energy’s key existing projects, and will be represented on its board
and management committees.
Shares in Petrofac were up 0.3 percent at 1,455 pence at 1313 GMT.
REUTERS
IMF wants Asset Company to be transparent
IMF wants Asset Company to be transparent
The International
Monetary Fund (IMF) wants full transparency and accountability in the
operations of the Asset Management Corporation of Nigeria (AMCON). In
its latest assessment of Nigeria, released on Wednesday, the IMF gave a
tacit approval to interventions in the banking industry, but expects
AMCON to establish clear criteria for eligible assets.
The IMF statement,
which was issued by its mission chief for Nigeria, Scott Rogers, states
that, “Recapitalizing the insolvent banks and returning them to private
hands as quickly as possible is critical,” the report stated, while
advocating accountability in AMCON operations and financial results.
AMCON was
established by the Central Bank of Nigeria (CBN) and the ministry of
finance, with the aim of absorbing bad loans in the books of banks.
The IMF assessment
report was released after a meeting with Olusegun Aganga, finance
minister; Lamido Sanusi, Central Bank governor; Shamsudeen Usman,
minister of national planning; as well as other senior government
officials and representatives of the private sector.
Transparency is crucial
Victor Ogiemwonyi,
managing director, Partnership Investment, an investment firm, said the
asset corporation needs to be transparent in order to sustain the
confidence of the market.
“They have to be. They know it is the most crucial thing for them to do,” Mr. Ogiemwonyi said.
In realisation of the import, the corporation has declared its criteria for accepting assets that will be taken over.
Razia Khan,
regional head of research, Africa Global Research, Standard Chartered,
London, said high interbank rates was in anticipation of AMCON.
“Interbank rates
are likely to remain elevated, a much-needed safeguard to ensure that
liquidity growth does not get out of hand once the AMCON’s activities
get underway,” Ms.Khan said.
The IMF team, while
supporting the recent increase in the monetary policy rate, recommended
that the CBN conducts monetary policy with a view to reducing inflation
to a single-digit level. According to the IMF, slower growth in credit
is not unexpected in the aftermath of the unsustainable credit growth
driven by equity-related lending.
“Efforts to boost
lending to small businesses should be promoted through targeted
reforms, such as an effective credit risk bureau, better collateral
execution and bankruptcy procedures, and improved land tenure system,”
it said.
The IMF added that
Nigeria needs to make better use of Open Market Operations (OMO) in
order to make its policy rate more effective. Open market operations
refer to the buying and selling of government securities in the open
market, in order to expand or contract the amount of money in the
banking system.
“Looking forward,
the IMF team emphasised the importance of developing a consistent
macroeconomic policy framework, with the fiscal and monetary
authorities working closely together to help achieve stability and
growth,” it further said.
Prevailing
stagnation of aggregate credit to private sector, according to IMF, is
expected, especially in the aftermath of the unsustainable credit
growth driven by equity-related lending.
“Efforts to boost lending to small businesses should be promoted
through targeted reforms, such as an effective credit risk bureau,
better collateral execution and bankruptcy procedures, and improved
land tenure system.”
Power sector assets not for strippers, says minister
Power sector assets not for strippers, says minister
The
Federal Government yesterday said the unbundling of the Power Holding
Company of Nigeria (PHCN) and the privatisation of the power sector was
not yet finalised because it does not want the company’s critical
assets to go into the wrong hands.
Nuhu
Wya, the minister of state for power, said at the 2010 ministerial
briefing in Abuja that despite the criticisms by the National Union of
Electricity Employees (NUEE) and the Nigeria Labour Congress (NLC), the
power sector privatization programme would proceed as planned.
Mr.
Way said that though the wounding down of the PHCN has continued to
elicit protests from the company workers and affiliates of the
organised labour, government is determined to go ahead with the plan
and complete the process by next year’s second quarter.
“Government
is determined to see the eventual privatization of the electricity
sector as planned. But the public must be assured of the federal
government’s commitment, to ensure that the sector’s resources do not
fall into the hands of asset strippers,” Mr. Wya said.
“The
power sector reform programme, which started in 2005, is well on the
way to completion. The Power Holding Company of Nigeria (PHCN) is
expected to be wound down by the second quarter of 2011, but government
would insist that the exercise is not in favour of those in government
that looted the $16 billion spent on the sector during the Obasanjo
regime. Selling the company to these people would only impoverish
Nigerians,” he declared.
Increased electricity supply
According
to the minister, despite challenges militating against the completion
of the privatisation process, the present administration has recorded
significant improvements in the level of electricity supply to
consumers since the beginning of the year.
Government,
he said, was searching for people who are not only financially vibrant,
but possess the ability to add value to what they are buying, adding
that with several other infrastructural challenges that the government
was facing, the search for foreign investors was unavoidable.
“The
consequence of not taking these decisions would be very colossal. As
long as the PHCN remains in the hands of the government, the country
will continue to be penny wise, pound foolish. If we will not fulfill
our responsibilities, we will continue to live in darkness. So, this
government is saying: enough is enough; let’s go the full length of the
reforms,” he said.
Hussein
Labo, PHCN chief executive officer, said the power sector reform was
inevitable, pointing out that individuals or groups that are against
the ongoing privatization process were either unproductive staff or
‘freeloaders’, who are not really interested in the progress of the
sector.
“There
are two groups of people who are against reforms in the power sector.
The first group is the unproductive members of staff who think when
that utility is reformed they will be out of work; while the second
group is people who enjoy certain benefits when the utility is under
private hands, and they believe they would not continue to enjoy such
benefits if the reform succeeds,” Mr. Labo declared.
Zambia’s November inflation slows on food prices
Zambia’s November inflation slows on food prices
Zambia’s annual
inflation slowed to 7.1 percent in November, due to easing food prices,
putting it on course to end 2010 well below the central bank’s year-end
target of 8 percent, data showed on Thursday.
Inflation slowed from 7.3 percent in October.
“The decline is
attributed to reductions in the cost of some food items,” the Central
Statistical Office (CSO) said in a statement.
Food inflation accounts for more than 50 percent of the CPI basket, and has eased partly due to a bumper maize harvest.
Central bank
governor, Caleb Fundanga, said this month that inflation was likely to
be below the year-end target of 8 percent in 2010, due to the higher
maize crop and expectations the exchange rate for Zambia’s kwacha
currency would be stable.
The kwacha has
gained about 10 percent against the dollar from a low in the second
quarter of the year, and was last trading at 4,730 to the dollar on
Thursday.
The CSO also said
Zambia’s trade account swung to a deficit in October for the first time
this year, recording a shortfall 451.5 billion kwacha versus a surplus
of 692 billion kwacha in September.
“The deficit was
largely due to imports of petroleum products and the appreciation of
the kwacha, which reduced our export earnings,” CSO acting director,
John Kalumbi, said.
Finance minister,
Situmbeko Musokotwane, said this month that Zambia was closely watching
its strengthening currency. The kwacha’s appreciation from early 2007
to mid-2008 hit export earnings.
REUTERS