In his maiden letter to shareholders, State Counsel Eric Silwamba (the newly appointed board Chair of ZCCM Investment Holdings) expressed confidence in the management team of Pius Kasolo (CEO) and the group’s prospects going forward. Although new to the role, SC Silwamba takes over an investment group that is at a critical stage in its evolution.
The annual report was presented by the chairman on Friday 29th June at Southern Sun for the year ending March 2017. Despite the time lapse, his letter clearly captured some of the challenges that were faced in circa 2016 to 2017. From a global economic view, for example, he rightly pointed out that the global economy grew by 3.1% which reflected the reality of subdued growth in advanced economies. Furthermore, he identified the fragility of the Sub-Saharan African economy that had faced the brunt of lower than expected demand for commodities. Fortunately for the group, commodity copper have witnessed some improvement in prices or around 5 to 7.5%.
On the Zambian economic front, the SC cited two major factors that gravely impacted the economy. The first was declining copper prices and the second being low water levels. Regarding the former, global geopolitical reasons were responsible for the volatile that was observed post 2016. However, 2017 saw a significant upward trend in the copper price that is still evident in 2018…
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