Politics

Zambia’s Hichilema wants respect for foreign investors

Published

12 months ago

January 11, 2024

Zambian President, Hakainde Hichilema, has called for respect for foreign investors by locals, stressing their crucial role in bringing investment, creating jobs, and fostering economic growth.

Speaking at the US$80 million upgraded plant’s commissioning ceremony at Zambian Breweries in Lusaka, President Hichilema made the call and reaffirmed his government’s commitment to luring more investment for economic growth and job creation.

The president criticised certain politicians for unfairly labelling investors as imperialists, stating that those derogatory terms undercut the cooperative efforts necessary to expand the economy.

President Hichilema expressed gratitude to Zambian Breweries for their out-grower programme, which has helped thousands of cassava farmers in the province of Luapula. He praised the company’s extension services and mentioned how they helped small-scale farmers become more capable.

The president emphasised that prudent policies that promote investment were closely linked to economic growth. He noted the significance of such investments for small and medium-sized businesses in terms of opening doors and creating jobs.

Michelle Kilpin, the country director of Zambian Breweries PLC, who was present at the occasion, pledged the company’s continued investment and support of economic expansion.

One of the numerous benefits of FDI is its contribution to the funding of economic investment projects since it is a non-debt source of development finance. It raises the host nation’s level of technological advancement, which can have a significant impact on the process of economic development.

Zambia’s main source of FDI is China. Zambia received approximately 191.5 million US dollars in FDI per year from China as of 2022. The amount of Chinese FDI that left Zambia at its peak in 2021 was approximately 582.8 million USD. According to Statista, “Chinese outward FDI flows to Zambia peaked at around 582.8 million U.S. dollars in 2021.”

Related Topics:Featured President Hakainde Hichilema Zambia

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Politics

Burkina Faso releases 4 French spies after Moroccan intervention

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

In a diplomatic spat over their imprisonment, France and Morocco announced Thursday that four French nationals detained in Burkina Faso for a year had been freed after mediation from Morocco.

They were spies, according to a prior statement made by the director of France’s foreign intelligence organisation, the DGSE.

A request for comment was not answered by the DGSE or a representative of the French military, which is in charge of the agency.

Since December 2023, they have been held in Ouagadougou.

President Emmanuel Macron hailed King Mohammed of Morocco on Wednesday for his intervention, “which made possible the liberation of our four countrymen who had been held in Burkina Faso for a year,” according to a statement from the French administration.

King Mohammed and President Ibrahim Traore of Burkina Faso were also commended by Morocco’s foreign ministry, which stated that “this humanitarian act” was made possible by their positive bilateral ties.

In October, France made peace with Morocco, one of its former protectorates, after three years of hostilities between Paris and Rabat stoked by immigration concerns and the disputed Western Sahara region.

Morocco offers Burkina Faso and other military-ruled Sahel republics Atlantic trade.

However, France’s relations with former West and Central African colonies, such as Burkina Faso, remain difficult. In Ouagadougou, French troops and diplomats were ejected, the defence attache and ambassador were asked to depart, and certain French media were suspended.

The military junta that took control in 2022 in Burkina Faso has been criticized by international rights groups for cracking down on free expression and harassing dissidents to handle a security crisis precipitated by Al Qaeda and Islamic State extremists.

Politics

Ghana: President-elect Mahama appoints anti-corruption team

Published

4 days ago

December 19, 2024

Ifeoluwa Dada

According to a statement released by his transition team on Wednesday, Ghana’s President-elect, John Dramani Mahama, has designated an anti-corruption committee to investigate allegations of wrongdoing.

When he takes office next month, Mahama, the leading opposition candidate in the presidential election held on December 7 and who received almost 56% of the vote, has pledged to reclaim the proceeds of corruption and hold those responsible for it accountable.

In anticipation, an anti-graft squad has been established. The parliament’s Committee on Assurances, which has previously raised suspicions of governmental corruption, is chaired by MP Samuel Okudzeto Ablakwah.

An investigative journalist, a private attorney, a former auditor general, and a former police officer with experience in high-profile robbery cases make up the other three members.

After looking into alleged financial irregularities that took place during the previous administration, Daniel Dumelovo, the former auditor general, was fired.

Recovering lost assets and fighting corruption were two of Mahama’s main campaign pledges.

“He intends to hit the ground running on these commitments,” the statement said.

Eight years after leaving office, former President Mahama is back to head the West African country. Despite not being personally contaminated, he faced criticism during his 2012–2016 administration due to claims of political corruption.