Lusaka mayor wants Zambia to be an off-shore haven

PF is wrong to condemn Hakainde Hichilema, let us become an Off-shore destination -Lusaka Mayor

Lusaka-Thursday 30th November 2017

Lusaka Mayor Wilson Kalumba has castigated people  condemning opposition UPND leader, Hakainde Hichilema for allegedly investing his wealth in offshore accounts or tax havens, as commenting out of ignorance.

Kalumba  says offshore accounts are a highly lucrative and investment opportunity for a country like Zambia.

He said the country had qualities of peace , security, stability and well developed ICT and Banking sector to anchor an offshore banking industry.

Known for his ineptness and strange civic initiatives like e-graves and reclaiming of land where ZESCO poles lay, Kalumba says Zambia should instead use its geographical central position to become a regional financial offshore nerve centre.

He cited Mauritius, Cayman Islands and the Bahamas as countries that have drawn huge foreign investments in being holders of offshore accounts.

He called on Bank of Zambia and government to help create a legal framework that will support confidentiality and trust laws to protect high level wealth.

Kalumba is a financial expert that has worked for reputable companies and organizations including PriceWaterHouse, Bank of Zambia and the IMF in Washington.

The Mayor who usually speaks like the fish out of water, wrote;

His worship the Mayor of Greater City of Lusaka Wilson Kalumba writes;

“Following the revelations made by the Paradise Papers, Zambia should consider becoming an offshore destination.”

“Zambia needs to introduce off- shore banking and financial services to attract both local and foreign investments.”

“We have an enabling environment among them: political stability,international connectivity such as by phone and internet and air travel.”

“what we don’t have is effective trust law and administration and high-level of financial confidentiality which is needed for wealth protection.”

“So instead of condemning those with offshore bank accounts,let us explore the potential of making Zambia an offshore financial centre and join the likes of Dubai, Cayman Island,Mauritius etc”

COMMENTS

WORDPRESS: 2
  • comment-avatar
    Mr. Information 6 days

    Aba zoona balishishita. So what you are saying is money should be leaked out of Zambia instead of circling withing the economy benefiting Zambia. That money leaked out will be benefiting those economies because they will be using it instead of the Zambian government. If we have tourists who bring forex to the country, that money goes towards a hotel stay, they pay for food, entertainment among other things. Hotels will pay for produce from our farmers and also pay employees and that is through direct effects. Indirect effects are when that farmer uses that revenue from the hotel to pay employees and buy fertilizer. When people are paid salaries they then can afford to buy food, buy clothes, pay for entertainment. Through induces effects is when all that money goes back to the government and it pays salaries for civil servants and the circulation continues. This is how smart people think, not Ba Failed Sleeping Mayor. He needs to go back to what he has been doing all along and that is sleeping!

  • comment-avatar
    Mzee Hekima 2 weeks

    He speaks wello on this one though I still think he leadership of the city has failed. We shall wait.