Katondo Street Journal Nov 2015

Economic and Financial Commentary Vol. 1, Issue 5 November 2015 Lusaka, Zambia

Yes I said it: Job losses in the mines may not be such a bad thing for Zambia

At a time when thousands of miners are threatened with job

losses, this is probably not the kind of headline that the

miners, the labour movement or the politicians would want

to hear.

Full story on page 4.

News on the streetZimbabwe to ban electric water heaters to save

power: Zimbabwe is to ban the use of electric water

heaters and require all newly built properties to use solar

power, as it tries to tackle big power shortages. Existing

electric heaters - or geysers - will be phased out over the

next five years. This will save up to 400 megawatts of

electricity - equivalent to the output of an electrical

power plant.

IMF cuts global growth forecasts: The International

Monetary Fund cut its global growth forecasts, citing weak

commodity prices and a slowdown in China. The Fund,

whose annual meeting were held in Peru during the s

second week of October 2015, forecast that the world

economy would grow at 3.1 percent this year and by 3.6

percent in 2016. Both new forecasts are 0.2 percentage

point below its July forecast.

Chikwanda to cut budget deficit to 3.8% of GDP: On

9th October, 2015, Zambia's Finance Minister Alexander

Chikwanda presented a K53.1 billion budget for 2016. This

is 14% higher than the 2015 budget of K46.7 billion. The

budget proposes major cuts to non-wage expenditures to

help contain the budget deficit from an estimated 6.9% of

GDP in 2015 to 3.8% of GDP in 2016.

A trinity of deficits: Economics Association of Zambia

President Dr. Chrispin Mpuka has charged that the

country is currently facing a trinity of deficits. Speaking at

the Zambia Institute of Chartered Accountants organised

post-budget discussion on the impact of the national

budget on economic and social development on 9th October

2015, Dr Mpuka said “We have had a budget deficit, we have

had a current account deficit and finally, we have power

deficit. So, there are three deficits that hit us in one year”.

COVER STORY ......................................................................................................................................................................

The Business Highway01

INSIDE THIS ISSUEWord on the street: Demystifying Katondo StreetMy Two Cents: Diversification through industrialisationChikwandanomics: The 2016 Budget at a glance

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Word From The Editor

It is with great pleasure that I present to you the

rebranded Katondo Street Journal – the first under the

partnership with the Bulletin and Record. We are

excited about this partnership which brings mutual benefits

to both institutions.

This edition comes at a time when the Minister of Finance

has just given his 2016 Budget Speech. We have therefore

dedicated a significant portion of this edition to discuss the

ramifications of the 2016 budget on the economy, and you.

We also look at the one of the buzzwords in the budget:

“Diversification, diversification and diversification”. Our

cover story is laced with the diversification theme.

Additionally, Herryman Moono discusses the diversification

story and how it relates to industrialisation and economic

growth.

Since the beginning of the third quarter, Zambia has been

plunged into its worst electricity crisis, with load shedding of

up to 8 hours per day for both households and industry.

Renowned economist Dr. Mushiba Nyamazana estimates

that load shedding will at the minimum cost 16% of Gross

Domestic Product. In this issue, we feature a budding

entrepreneur who is offering alternative energy solutions.

We look forward to your feedback. God bless.

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Who We Are

Katondo Street Journal (KSJ) is named after Katondo

Street, a thoroughfare in the Central Business

District of Lusaka.

What We Are About

At KSJ, we cover business and financial analytics in

Zambia. We focus on the people, innovations and

ideas behind Zambia's most dynamic and

entrepreneurial companies. We also analyse business

and financial data to inform decision making by

business leaders.

Our tag-line “The Business Highway” provides a fast-

paced route for businesses to showcase, network and

grow.

KSJ's is Economic & Financial Commentary

distributed to subscribers by e-mail and is now

available on www.ksj.co.zm.

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Editor-in-Chief:

Aisha Nalishebo

Photography, Production & Distribution:

Humphrey Zimba

Analytics:

Herryman Moono

Special Projects:

Frazier Mulilo

Design:

Xel Creations

Publishing:

Radical Media House

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For advertising and other

enquiries please email:

[email protected]

[email protected]

Aisha Nalishebo

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Katondo Street Journal

The Business Highway 02

Cover StoryWhy job losses in the mines may not be such a bad thing

At a time when thousands of miners are threatened

with job losses, it is probably a lynchable offence to

say that the job losses may not be such a bad thing

for the country. Before I face the guillotine and the wrath of

the Mines Minister Hon. Christopher Yaluma (below, who is

not smiling) and his counterpart at the Ministry of Labour

and Social Security, the unions and the miners themselves,

you need to hear me out.

Let us put the mining job losses into perspective. Of course,

job losses will always be an emotive issue, especially for the

individuals and families directly involved. Glencore

announced in September that it would cut over 4,000 of its

20,000 strong work force at Mopani in Kitwe. With an

output of about 110,000 metric tonnes of copper per

annum, Mopani contributes about 15% of total copper

output in the country. With an average household size of 5,

the loss of over 4,000 jobs will not only affect the miners but

16,000 other people who are their direct dependents.

“… Job losses will always be an emotive

issue, especially for the individuals and

families directly involved.”

However, the losses are inevitable due to lower copper

prices, the infamous load-shedding (which by the way is

making me write furiously before the laptop battery goes

dead as there has been no power for the last few hours) and

the still lingering problem of VAT refunds for exporting

firms.

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The commodity boom in the last decade brought about

increases in the number of jobs in the mining and related

industries. Additionally, a number of previously unskilled or

semi-skilled workers have now become skilled in these

occupations. So a loss of a job in the mining sector is

definitely not the end of the world.

According to the 2012 Labour Force Survey, nearly two-

thirds of the workers in the mining sector were plant and

machine operators (29%), craft and related trades workers

(17%) and elementary occupations (19%). The current boom

in residential and civil construction means that the skills

acquired in the mining sector can be transferred to the

construction and transport sectors. The Ministry of Local

Government and Housing projects a deficit of 3 million

housing units by 2030. Coupled with this, the Road

Development Agency (RDA) recently signed a contract

worth US$493 million with China Henan International

Cooperation Group for the construction and rehabilitation

of 406 km urban roads in the Copperbelt Province, a move

expected to create about 1,000 jobs. I bet you my last 50

Kwacha that foreigners will see these opportunities and take

advantage while we will be fighting with the mining houses

to reinstate the miners.

Our seasoned economic analysts need not only pay attention

to the price of copper at the London Metal Exchange (LME),

but also watch the copper inventories, especially in China,

the world's largest consumer of our chief export, at the

Shanghai Futures Exchange (SHFE). Falling copper

inventory is generally regarded as a positive signal. Copper

moving out of warehouses means that copper supply in the

market is lower when compared to the demand.

Conversely, copper inventory goes up in the warehouses

when supply exceeds demand. Glencore's announced 18-

month closure of some of its operations in Zambia and the

Democratic Republic of Congo (DRC) will obviously reduce

the output and subsequent supply of copper from Africa's

top two largest copper producers. Let's face it: the current

low global demand for copper means that most of our

copper is not being bought anyway or it is being bought and

stock-piled for future use. Evidence suggests that bonded

copper stocks have surged over the last few months.

The constrained supply may bring down the inventories in

the Chinese warehouses. This may just perhaps eventually

increase demand which will push up the price of copper. We

see this happening sooner rather than later. Before we

know it, the prices will be back to the levels we have been

used to lately and the miners will be back in their jobs –

that is if the miners with their newly acquired skills do not

decide to become self-employed working in residential and

civil construction or the transport sector or better yet, form

companies and become suppliers of goods and services to

their former employers.

Yes, I said it! Job losses in the mining sector may not be

such a bad thing. Now I am ready to be lynched

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WORD PLAY

PERUSE TEMPORALWhat you think it means:

“to look over in a casual or cursory manner.”

What it actually means:

“to read (something), typically in a

thorough or careful way”

What you think it means:

“temporary; lasting for only a limited

period of time; not permanent..”

What it actually means:

“relating to worldly as opposed

to spiritual affairs; secular.”

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CHIKWANDANOMICS: The 2016 Budget at a Glance

Increased Income:

Increased Payments:

Reduced Fiscal Decit:

In billions of Kwacha

Proposed budget2016, ZMW 42.7

Approved budget2015, ZMW 36.3

Proposed budget2016, ZMW 53.1

Approved budget2015, ZMW 46.7

Proposed budget 2016, ZMW 7.8

Approved budget 2015, ZMW 8.6

Spending

as % of GDP

Revenue as

% of GDP

Deficit as

% of GDP

Domestic

Borrowing

as % of GDP

25.8 20.4 3.8 1.2

2016 Fiscal Targets


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What most of the money will be spent on

Personal emoluments

ZMW19.1bn

9.3% of GDP

Non-financial assets

(including roads)

ZMW10.7bn

5.2% of GDP

Interest payments

ZMW7.2bn

(o/w Eurobonds

ZMW2.6bn)

3.5% of GDP

Where most of the money will come from

Income taxes

ZMW14.3bn

9.3% of GDP

Non-tax revenue

(including mineral royalty)

ZMW10.7bn

5.7% of GDP

Value Added Tax

ZMW10.7bn

4.8% of GDP


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The good:

US$50 million set aside

for sinking fund

The bad:

PAYE remains

unchanged

The really bad:

Customs duty rate on

cars increased to 30%

What it means What it means What it means

Government has set aside US$50

million for the newly established

sinking fund for servicing the three

Eurobonds.

No change has been made to the exempt

threshold. It remains at ZMW3 000 per

month for the 2016 fiscal year.

It is proposed to increase the customs

duty rate to 30% on all motor vehicles

with the exception of buses, truck,

ambulances, prison vans and hearses.

The government has made one giant

step with regard to prudent debt

management by setting aside some

money that will be used to pay off the

Eurobond debt when it becomes due in

2022, 2024, 2025, 2026 and 2027.

Given the current economic challenges,

we did not anticipate any relief as far as

t h i s t a x t y p e i s c o n c e r n e d a s

government needs every ngwee it can

get to finance the budget. The rising

cost of living means that the real

incomes have been eroded over the last

year.

Aside from grappling with the effects of

the depreciating Kwacha, we will have

to contend with increased customs duty

on motor vehicles. We expect a further

reduction in the importation of motor

vehicles and subsequently reduced

customs duty.

My Two Cents...Diversification through Industrialisation:

Following the recent economic challenges that has faced the

country, the issue of diversification has come back on the

national agenda. In his Budget speech address to the nation

on 9th October 2015, Finance Minister Hon. Alexander

Chikwanda outlined several measures meant to accelerate

the diversification of the economy.

The recognition of the need to diversify Zambia's economy

from its over-dependence on a single industry – Copper

mining - is not new, but has a long history starting with the

UNIP government in the 1970s. For many years since the

drastic fall in Copper prices and the rise in oil prices in the

1970s, the diversification 'song' has been sung by successive

governments – mostly in periods of low copper prices which

lead to reduced forex and subsequent currency depreciation.

Expectedly, the reduction in Copper prices in 2015 which has

led to a massive depreciation of the currency has reignited

the 'diversification song'. Indeed, the current government, as

with successive governments has proposals and ideas for

diversifying the economy to reduce dependency on Copper,

generate new forms of wealth and create new forms of

employment.

Diversification will, however, require a new policy area that

must be enhanced. That policy area is industrialisation.

Diversification cannot be sustained, nor is it feasible,

without growth in industrial capabilities of Zambia.

Zambia's diversification efforts can only be successful if

augmented by industrial development through the

enhancement of small to medium scale manufacturing of

consumption commodities that are currently being

imported.

Does Zambia have reasons to be optimistic about her

industrialisation path? According to a recent study by the

International Growth Centre Zambia, yes. The study finds

positive trends in terms of contribution to GDP growth,

employment, investment and export performance. In

terms of employment, for example, job creation in the

manufacturing sector has increased fourfold from 55,600

people in 2005 to 216,700 people in 2012.

The study particularly noted that Zambia's Non-

Traditional Exports performed very well: these are fast-

growing, directed at regional markets, and there is a small

but growing share of value-added products. Apart from

copper semi-fabricates, these consist of cement, animal

fodder, milling products, essential oils, iron and steel

products, among others. The number of small and medium

firms involved in exporting to the region is also growing.

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The Future of Zambian Growth

By Herryman Moono


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The low-hanging fruits for Zambia's industrialisation can be

found in the agro-processing sector. Food and beverages is

the largest component of household consumption in Zambia,

and in most of the region. The rise of the urban middle class

is driving consumption of processed foods and beverages.

Zambia's agricultural potential means that there are very

substantial opportunities for it to meet regional demand if

this potential is matched with investments in agro-

processing.

On the import side, the largest contributors to Zambia's food

imports are fish, dairy, bakery products, prepared fruits and

vegetables, and miscellaneous edible preparations. Who is

seizing these market opportunities? Sadly, mainly South

African producers and, increasingly, Asia and Latin

American ones.

Zambia is receiving increasing levels of foreign and domestic

investment in agricultural production of such products as

soybean, wheat, poultry and sugar. And, Zambia is already a

competitive exporter of vegetables and milling products.

Domestic urban and rural demand for processed foods

nevertheless is increasingly structured around supermarket

retail chains. This requires a tailored strategy which

understands supermarkets' procurement strategies and

design, together with buyers and suppliers, an effective

supplier upgrading programme. This is important both for

competing with imports and penetrating regional export

markets.

Zambia's low-cost production basis for cane sugar and

soybean makes downstream processors potentially

competitive in the domestic and regional markets for sugar

confectionery and other sugar-based products, animal

fodder and broiler meat. The pricing strategies of upstream

firms involved in sugar and animal feed production however

have hampered the competitiveness of local downstream

industries. Addressing competition concerns in the

upstream stages of the value chain is therefore a priority for

Zambia's agro-processing industrial strategy. Moreover,

reducing transport costs to regional urban centres could

turn Zambia into the regional supply hub for animal fodder,

meeting the burgeoning inputs demand from the poultry

industry across the region.

The Zambian government's industrial strategy has

prioritised engineering products. The study highlights that

the mining sector can open up a sizeable market for Zambian

manufacturers. Currently, local sourcing of equipment and

other mining inputs is low. However, the DRC offers

Zambian suppliers an opportunity to reach larger economies

of scale for activities which have been unviable for the

domestic market (for example re-conditioning of

equipment). Already, re-exports of mining equipment to the

DRC figure among Zambia's top export products. The other

key regional partner in this regard is South Africa, which is

the hub for mining-related capital equipment and services

to the region. In designing its local content policy, Zambia

should consider leveraging cooperation with the region,

and in particular, with South Africa, tapping into its

capabilities and competences, and the DRC, which could

turn Zambia into a sub-regional hub for higher value added

activities. The region should feature in a broader strategy

for the engineering sector which aims, among others, at

increasing sub-contracting opportunities and relaxing

skills and capital constraints.

In conclusion, to advance the industrialisation

agenda, three key issues deserve attention:

Linkage development strategies are critical to facilitate

entry and competitiveness into the mining and

supermarkets value chains. Government needs to

tackle factors such as access to credit and a national

quality assurance system, and work with buyers and

suppliers to develop effective supplier development

programmes.

The region has become the largest destination market

for Zambia's non-traditional exports. Free Trade Areas

under COMESA and SADC are important, but it is

time to focus on regional industrial cooperation

programmes that strengthen Zambia's position in the

regional market.

Low l eve l s o f compet i t i on undermine the

competitiveness of downstream activities. There is

evidence that this is a problem in the cement, sugar,

and poultry industries. Industrial policy needs to

ensure the competitive supply of raw materials and

intermediate inputs to downstream and diversified

activities.

Zambia's industrialisation is increasingly gaining

momentum, on the back of renewed policy efforts and

investment from domestic, regional and global players. In

this context, it is particularly important for Zambia's

industrial strategy to focus on implementation and develop

effective upgrading programmes, adopt a regional

perspective, and deal with difficult competition issues.

Herryman is the Secretary General of the Economics

Association of Zambia

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Entrepreneur of the MonthRodney Hammad Chibeka

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Rodney is a budding young entrepreneur behind the Power

Buddy brand of plug-and-go electrical inverters and solar

panels. A web designer by training, Rodney has seen the

opportunity brought about by the country's worst energy

crisis and ventured into providing alternative power

solutions. If you do not like the noise and fumes from

electrical generators, Power Buddy is your solution.

Katondo Street Journal: When did you set up Power

Buddy Zambia Limited?

Rodney Hammad Chibeka: The Company was set up

early 2014 in Chongwe.

KSJ: What exactly does your company do?

RHC: Power Buddy Zambia are energy consultants and

solution providers. By assessing companies and households'

power requirements, we offer solutions to bridge power

outages, based on solar, wind and hybrid in combination

with battery banks. We specialise in off-grid solutions,

whereby ZESCO connections are not present.

KSJ: What motivated you to get into alternative power

sources?

RHC: Power Buddy went into alternative power because of

the challenges for mostly remote and rural areas where

there is no power grid. This got considerably strengthened

by the current power deficit, which will be with us for a

considerable time to come.

KSJ: Are your products locally manufactured or they are

imported? If imported, which country are you importing

from?

RHC: We assemble all our products locally in our

workshop in Chongwe. We do import certain parts - made

to our specifications - from Europe, India and China. For

instance , our batter ies come from India , our

charger/inverters come from The Netherlands, while all

solar panels are now manufactured in China.

KSJ: As you mentioned earlier, we also think that this

energy crisis will be with us for a long time and as a country

we will never be the same as we are going to have to reduce

our dependence on hydropower. The Minister of Finance

recently announced measures in the 2016 Budget to

encourage entrepreneurs like you who provide alternative

power solutions. What do you think about the measures?

RHC: The measures as announced in the 2016 budget are

well-intentioned but I am sorry to say are very time-

consuming and are focussed on foreign investors. It will

take at least two years before the first projects will help

mitigate the current issues. This is quite unfortunate, as

there are many short-term opportunities to alleviate the

problems; it is a pity that the government only looks over

the borders while there is substantial expertise available

among Zambians. Power Buddy has designed a 1 MW solar

plant which can be installed and connected to the ZESCO

grid in less than 3 months!

KSJ: Really?

RHC: Yes, we have. A dozen or even hundreds of such plants

will make a real difference, and this can be put in place

before the year end. So far the Ministry has not responded to

our proposals. Every day of waiting means another outage...

KSJ: Interesting... Your work is impacting the lives of many

people who do not like gen sets. Where do you see yourselves

five years from now? Ever considered setting up a

manufacturing plant?

RHC: Power Buddy will work tirelessly to

alleviate power problems of companies and

ordinary citizens all over the country. Five

years from now, the power deficit should be

a thing of the past - but without decisive

action now it might take much longer.

Therefore, Power Buddy recommends that

Zambians should take the matter into their

own hands and go off-grid. Our workshop

in Chongwe is growing every day, and there

are plans to build our own plant for the

manufacture of wind turbines, solar

panels, charge controllers and inverters.

We are looking into crowd-sourcing in

order to raise the funding required. Maybe

KSJ can help here?

KSJ: Fat chance, my brother. We are a small start-up

[chuckle]. Where are you found? How do people who want

your products get in touch with you?

RHC: Power Buddy has a workshop in Chongwe, where we

assemble our products and have a display of systems,

including wind turbines and hybrids. For further

enquiries, contact either Rodney or Martin:

Rodney 0953747117 & 0979020024 (Lusaka)

Martin 0955770862 & 0967770860 (Chongwe)

Email: [email protected]

KSJ: Thanks a lot for talking to us. This is much

appreciated. ....................................................


FACTS & STATS:Imports of electric generating sets and rotary converters (US$'000)

Electric gen-sets are mostly imported from China, India and South Africa. There was a general increase in imports of gensets

from US$57 million in 2013 to US$99 million in 2014. Following the electricity crisis which started mid-2015, the demand for

gensets has increased even further.

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Demystifying Katondo Street

Word on the Street:

“You look familiar”, said John Banda (not his real name),

when I met him on Katondo Street. He looked like someone I

had met before, but I could not place him.

Through a third party, I had arranged to meet John to give

me the lowdown on the history of Katondo Street. We had

arranged to meet in front of the Lusaka City Council library.

No exact time was agreed upon because, as he said, he was

not exactly sure what my motive was. He wasn't there when I

arrived, armed with just pen and paper. I called him on his

mobile phone and he said he was doing some transactions at

Farmers' House, so he would meet me in the next 15

minutes. As I waited for him, I couldn't help but notice the

predatory alertness of the men idling around Katondo

Street. Being a newbie, the suspicious stares made me

uneasy but I was determined to wait it out and get my

interview and demystify perhaps the most infamous street

in Zambia, known for shady fast dealings.

Some old men who knew my contact came and asked me

what exactly I wanted and they even tried to help me by

divulging some answers. However each one left abruptly

during their story-telling and stood at a distance. If I hadn't

had my annual shower that morning, I would have thought

they couldn't stand my body odour!

After ten minutes, John came – he was five minutes early.

John is a seasoned second generation veteran trader who has

been on Katondo Street since 1969. His family was originally

from Kenya. After the usual exchange of pleasantries, I

asked him why everyone looked at me suspiciously. He told

me they were trying to figure me out,

whether I was buying or selling, or

whether I was a government 'spy'.

History of Katondo Street

Trading on Katondo Street actually

started in the middle of Cairo Road, the

main street in the Central Business

District of the City of Lusaka, as a curios

market.

“The curios business started about the

time the trees currently lining the

middle of Cairo Road were just knee-

high” John quipped as he stooped and

put his right hand on his knee to depict

the height of the trees. The trees lining

Cairo Road are now over 10 metres tall.

Curios were imported from East Africa, mostly from

Kenya. Tourists would flock to the middle of Cairo Road

and pay for the curios in foreign currencies. The curio

traders amassed enough foreign currencies which they

started selling to the Indian traders who needed it to

finance their imports. Due to foreign exchange restrictions

at the time, most of the traders slowly abandoned the

curios business and went into the more lucrative foreign

currency exchange market. This was the birth of the

foreign currency 'black market', as it came to be known. As

they were trading illegally, the traders were 'chased' from

Cairo Road. So they moved to Lusaka Hotel. Due to the

continued 'battles' with the authorities, they later moved to

Kulima Tower, Stanley Bar and presently, they now occupy

the whole stretch of Katondo Street. The foreign currency

business thrived for decades until the liberalisation of the

foreign currency market around 1994. This effectively got

most of the traders out of business. Due to their resilience,

the traders evolved and began trading in other

commodities such as cars, phones, cameras and laptops.

“You said you have been on Katondo Street since 1969.

Why that long?” I asked, as some of the people I talked to

earlier came back and were trying to listen to our

conversation.

John explained that Katondo Street can be likened to a

commodities exchange market. Most of the traders do not

do their actual transactions from Katondo Street, it just

serves as a meeting point for transactions and for business

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networking. Over the years, he has built a large network of

clients who, when they want to do business with him, would

come to the street. If he does not come to Katondo Street, he

would lose out on a lot of business and contacts. That is why

he has been there that long, and feels part of the street. He

has no kind words for the city authorities who put up a street

sign that says “Katondo Road” instead of Katondo Street.

If you want to sell your laptop, for example, you approach

one of the traders from Katondo Street who will find buyers

for you. If, on the other hand, you want to buy something,

anything, you would go to Katondo Street. While the

relationships built with the traders are based on trust,

trickery still exists especially with the newcomers. The older

folk like John dare not risk losing their hard-earned

reputation and business contacts. As it is from Katondo

Street that they have managed to finance their children's

education, feed their families and diversify into other

businesses. Most of the traders lining the street have

businesses elsewhere: they trade in motor vehicle spare

parts, buying and selling of maize during the maize

marketing season, etc. With no traders association, everyone

trades individually.

“Now I remember you”, John said, with a twinkle in his eyes,

after I finally jolted his memory by asking about a man who

used to trade on Katondo Street some time back. “You came

here once to play pool with your Ethiopian friend. About 10

years ago”. I could not believe how sharp the man's memory

was. I last went to Katondo Street in 2005 or 2006, and, true

to his word, I did play pool for a couple of hours, with a friend

of mine who is Zambian but is always mistaken for an

Ethiopian. To vividly remember a single incident that

happened ten years ago is an amazing feat, a desirable trait

for traders on Katondo Street.

Parallels with Wall Street

The history of Katondo Street has characteristics that

mirror that of Wall Street in New York, USA when 24 men

met under a buttonwood tree in 1792 and banded together

through the 'Buttonwood Agreement' to control the

securities trading. These men in New York had founded

what was to become the New York Stock Exchange in 1817

which is located at 11 Wall Street in Lower Manhattan,

New York. The New York Stock Exchange has become the

world's largest stock exchange by market capitalization

with average daily trading approximately US$169 billion

in 2013.

Unlike Wall Street, Katondo Street has neither cartels nor

traders association – everyone trades individually. It

remains an informal commodities exchange market. Had

the traders on Katondo Street been as organized as those

24 men on Wall Street, things may have been different by

now. We would perhaps have had a thriving and private-

sector-led Katondo Commodities Exchange, way before the

Lusaka Stock Exchange came into existence in 1994, as

well as banks and other financial intermediaries formed by

the resilient street-smart and business savvy individuals

who line Katondo Street.

BOMA IYANGANEPO

HOUSE FOR RENT

I am not sure if I would be interested in renting a house with three bad rooms... Boma iyanganepo.

Katondo Street Journal Nov 2015

Economy & Finance

Transcript of Katondo Street Journal Nov 2015