📍 Lusaka, Zambia – 18 March 2025
Dr. Lubinda Haabazoka, Economist and Immediate Past President of the Economics Association of Zambia, has issued a strong rebuttal to what he describes as an unfair attack by Mr. Thierry Charles, a minority shareholder in ZCCM-IH. The controversy stems from a memo released by Mr. Charles, which accused the Zambian government and the highly qualified Secretary to the Cabinet of undue interference in the affairs of ZCCM-IH.
🔥 “Government Influence is Expected – and Necessary!”
Dr. Haabazoka expressed shock over Mr. Charles’ surprise at government involvement in ZCCM-IH, stating that the company is majority-owned by the Zambian government, which means that government influence is both logical and necessary.
“I find it very surprising that Mr. Charles can be shocked that the government has influence over ZCCM-IH. This company is owned by the Zambian people through the government. It would be irresponsible for the government not to have a say in its operations,” Dr. Haabazoka stated.
He further emphasised that ZCCM-IH board members are representatives of the Zambian people. Their decisions should align with the interests of Zambian citizens, which are reflected through the government’s oversight.
“Every five years, we go to the polls to appraise the performance of our government representatives. It is not logical to expect unelected board members to make critical decisions affecting the wealth and future of Zambians without government input,” he added.
💼 Mopani Deal and Minority Shareholders
Dr. Haabazoka also questioned the contribution of minority shareholders in the Mopani transaction, highlighting that the financial and strategic responsibility largely rested on the government and Zambian taxpayers.
“When Mopani shares were given to ZCCM-IH, how much did the minority shareholders contribute? I missed that part and should be briefed,” he remarked.
👥 Leadership in Critical National Assets
Addressing calls for the President to step down as IDC board chairperson, Dr. Haabazoka made a compelling case for the head of state or a government representative to remain at the helm of such critical national assets.
“Who will represent Zambians in such critical companies if not someone directly elected by the people? When decisions are made, they must reflect the will of Zambians,” he asserted.
Dr. Haabazoka condemned any political victimisation within parastatals, noting that Zambians are protected under the constitution. However, he maintained that the government is justified in playing an active role in the governance of state-owned enterprises.
“I am very happy that the government does not sleep in this department and has a say in our companies!”
⚖️ Corporate Governance and Accountability
Dr. Haabazoka also criticised Mr. Charles’ previous attacks on Presidential advisors, including former press aide Amos Chanda. He argued that government oversight is critical in preventing agency problems in corporate governance, where minority shareholders could otherwise collude to undermine the interests of the majority shareholders — the Zambian people.
“It seems Mr. Charles is allergic to government checks and balances. In companies such as ZCCM-IH, government oversight is essential to protect national interests,” Dr. Haabazoka stressed.
🇿🇲 “Zambia Has Only Three Defenders!”
In closing, Dr. Haabazoka rejected Mr. Charles’ suggestion that he was defending Zambia or ZCCM-IH on behalf of Zambians:
“Mr. Charles should spare us from his press statements alleging that he defends Zambia or ZCCM-IH. Zambia only has three defenders: The Zambia Army, The Zambia Air Force, and The Zambia National Service!”
🚀 Dr. Haabazoka’s Strong Stand Gains Support Online
Dr. Haabazoka’s statement has already sparked strong reactions across social media platforms, with many Zambians backing his call for stronger government oversight in strategic national assets. His bold defence of the government’s role in ZCCM-IH governance is expected to resonate widely among Zambians who value national sovereignty and economic independence.
#Zambia #ZCCM #EconomicSovereignty #GovernmentOversight
