N. F. Kenure
A report by Africa Confidential, titled "Bills, Bonds and even Bigger Debts", claims that Zambia is in talks with China over a possible takeover of the electricity company ZESCO. The report claims that the national broadcaster ZNBC is already owned and run by China.
These reports and more are fuelling a social media meltdown on China as the new African colonisers, especially after another recent $60 Billion loan from Beijing. There are warnings to the rest of Africa to take heed, with headlines that announce Zambia as the first casualty to the inevitable Chinese takeover.
Lusaka vehemently denies the allegations. "There is no such decision by Cabinet. As you know ZESCO is such a huge company and anything to do with it will have to be decided by Cabinet and I can confirm to you that there has not been anything decided on the future of ZESCO", said Mr Nkhuwa who is the Minister of Energy.
The minister's denial is not helped by statistics put out by the International Monetary Fund (IMF) which indicate that Zambia has the highest debt levels in Sub-Saharan Africa.
Image: Wilson Center
Western countries have also raised concerns over Africa's debt to China insisting that China's generosity is a "debt trap", designed to lure African Nations with large loans. Alas, Zambia could be the first victim of the so called "debt trap" strategy.
Sep 9, 2018
