Bank of Zambia Officially Launched 50th Anniversary Celebrations

The Bank of Zambia (BoZ) officially launched its 50th Anniversary Celebrations at a dinner that was held at a Hotel Intercontinental in Lusaka, Zambia on 6 August 2014.  The event which was hosted by the Governor of the Bank of Zambia, Dr Michael Gondwe also saw the launch of a book entitled “50 Years of Central Banking” as well as a commemorative coin to mark the golden jubilee. The theme for the Bank of Zambia’s jubilee celebrations is “50 Years of Central Banking: Repositioning for the Future”.   

The anniversary launch was attended by over 400 guests.  These included Mr Alexander Chikwanda, the Zambia Minister of Finance, officials from various Zambia government ministries, central bank Governors and other officials from the SADC region, former Governors of the Bank of Zambia, some former and some current employees of BoZ as well as members of the diplomatic community . MEFMI was represented at the august event by its Executive Director, Dr Caleb Fundanga.  Dr Fundanga is a former Governor who served BoZ from 2002 to 2011. 

In his official remarks, Dr Gondwe expressed his gratitude to former and current employees of the Bank. He stated that the Bank will continue to play its critical role including that of ensuring financial stability for the benefit of Zambia.  He said despite the recent global financial economic crisis, the Bank had managed to maintain the country’s inflation rate at single digit over the last four years.  He attributed this achievement to the Bank’s ability to keep pulse on domestic and global economic developments. 

The guest of honour at the launch dinner was Mr Jean Luis Ekra, the President of the Africa Export and Important Bank. In his key note address, Mr Ekra implored central bankers to take full advantage of the region’s partnership and strong ties with China, in order to ensure that the continent achieves full economic and financial integration. Mr Ekra emphasised the need for Africa to tap into the financial resource base offered by China.  He said the vibrant Chinese capital markets should be fully explored by Africa in order to mobilize resources through joint ventures with Chinese enterprises.  According to Mr. Ekra, such joint ventures would enable the African enterprises to acquire new skills and benefit from transfer of technologies from the Chinese firms.

The official launch dinner was followed by a symposium which was held at Taj Pamodzi hotel in Lusaka Zambia on 7 August 2014.  At the symposium which was opened by the Minister of Finance, BoZ launched a book titled, “Zambia; Building Prosperity form Resource Wealth”.  Mr Chikwanda commended the Bank for documenting the key challenges and opportunities that currently face Zambian policy makers.  The book which was edited by Professor Chris Adams and PaulCollier of University of Oxford and Dr Gondwe is obtainable from BoZ offices in Ndola and Lusaka.

The symposium was attended by some central bank Governors from the SADC region.  It afforded the executives an opportunity to share on critical information that affects economic development for the SADC region.  Presentations were made on various topics by high level officials including the former Governor of the Bank of Zambia, Dr Zulu and the Governor of the Bank of Tanzania, Prof. Benno Ndulu. Dr Fundanga chaired the morning proceedings of the symposium.