Lungu to reduce mealie meal prices

Sat, 07 Jan 2017 10:44:34 +0000

By OSCAR MALIPENGA

MANIPULATION of mealie meal prices on the market has disappointed President Edgar Lungu because it does not reflect the true market value, Special Assistant to the President for Press and Public Relations Amos Chanda has said.

And Mr Chanda has announced that President Lungu would soon be taking necessary interventions to ensure that the price of mealie meal stabilises and reflects the true market value.

Addressing journalists in Lusaka yesterday, Mr Chanda said President Lungu had observed with concern the trends in the mealie meal prices.

He said President Lungu would be making the necessary intervention in the coming days if the market did not ‘behave normally’.

“The market fundamentals are all in place, there is sufficient maize in the country but the President is disappointed that there appears to be manipulation of the market fundamentals,” he said.

Mr Chanda explained that an appropriate intervention would be made to ensure that the price of mealie meal stabilises and reflects the true market value.

And Mr Chanda said President Lungu has commended Konkola Copper Mines (KCM) and Zambia Consolidated Copper Mines Investment Holding (ZCCM-IH) for reaching an amicable settlement following the  settlement in London.

Mr Chanda said KCM and ZCCM-IH had agreed on how they would service the debt in London.

“The first payment will be done within the next few days and the next payment is due next week, so, the President has assured the investors in the mining sector and the country in general that the free market economy are the guiding principles that will guide the government policy.

“So the settlement between KCM and ZCCM-IH was a matter of concern but the settlement gives confidence in the market that two parties can have differences and they are commercially settled by way of arbitration or by way of court settlement,” Mr Chanda said.

He said the President was happy that KCM and ZCCM-IH had reached an agreement.