Towards the end of Q4 2021, Zambia’s investment house announced the appointment of seasoned Banker and Investment Professional Dolika Banda as its new Board Chairperson, according to statement from ZCCM IH.
Lady Dolika Banda ZCCM IH’s First Woman Board Chair
In a statement issued by the Head of Corporate Affairs Loisa Mbatha on 15th December 2021, ZCCM-IH’s new Board Chair is an investment and financial with a wealth of over 36 years of experience from various local and international organisations across the globe.
“Over a 36-year career, she has held senior positions with Citibank Zambia, Barclays Bank Zambia, the World Bank Group’s International Finance Corporation (IFC), the UK government’s development finance institution (CDC Group Plc) and the African Union’s African Risk Capacity Insurance Company (ARC Ltd)”, read the issued statement. “With a focus on banking and finance, her international experience combines operational investments as well as policy advice. She has worked across the globe, including Africa, Latin America and the Caribbean, Europe, Central Asia and the United States of America”.
Lady Dolika ascends to one of the most influential boards whose impact extends over a mining sector in transition. With souring copper prices and a need for a firm position regarding the way forward on two mines in her company’s portfolio (Konkola Copper Mine and Mopani Copper Mine), Dolika’s board will be making the decisions that will shape the destiny of the mining competitive landscape in Zambia.
According to an article published by Bloomberg on 29th October 2021, “Mining royalties will be deductible from income taxes, Finance Minister Situmbeko Musokotwane told lawmakers Friday in his first budget speech since his party won power in August elections. However, the Minister didn’t announce changes to the royalty rates. In 2019, the nation implemented the 10th change to the tax regime in 16 years”.
Lady Dolika’s Board will have comfort in a fiscal regime that is on record and poised to bring stability in a sector desperate for predictability due the capital-intensive nature of the industry.
In a statement issued by Head of Corporate Affairs at ZCCM IH Loisa Mbatha issued on 15th December 2021, commenting on her appointment, Ms. Banda said “she was honoured to be awarded an opportunity to serve the country through this position. she did not underestimate the challenges that lie ahead – yet therein lies the opportunity. Working together for a common goal, as I know we will do, I see a ZCCM-IH that will fly high, just as the eagle on our flag soars against all odds”.
All the members of the Dolika led board has been fully constituted with eight-members including Directors representing NAPSA, the minority shareholders and the IDC. “Ms. Banda has assured ZCCM-IH shareholders that she will endeavour to lead the Board such that the decisions will always be in the best interest of the Company. She further states that despite the many challenges faced by the Company in the past “there is now a wave of a positive confluence of key influencing factors such as political goodwill, coupled with international confidence, shareholder optimism and patience, and positive demographic dynamics” to spur the Company to growth”.