Title: Resignation of Zambian Foreign Minister: Suspicious links with Chinese businessman revealed
Introduction :
Zambia’s political scene is rocked by the surprising resignation of Foreign Affairs Minister Stanley Kakubo following suspicions surrounding a trade deal with a Chinese businessman. The move comes after the release of a viral video showing two individuals counting wads of cash, as well as the revelation of a handwritten note mentioning a $100,000 financial exchange between a Chinese mining company and a Zambian mining company . The presence of close ties between Zambia and China in the mining sector sheds particular light on this matter.
A crucial mining sector for the Zambian economy:
Zambia, a former British colony, depends largely on its mining sector, particularly copper mining, for its economic growth. Chinese companies play a leading role in this industry, both as investors and main exporters of Zambian copper. More than 600 Chinese companies have invested more than $3 billion in the country in 2022, according to the Chinese Embassy.
China, a strategic partner of Zambia:
Apart from their role in the mining sector, China also played a crucial role in restructuring Zambia’s external debt following its default in 2020, during the COVID-19 pandemic. This demonstrates the strategic relationship between Zambia and China, as well as the importance of Chinese investments in the country.
Suspicions surrounding the agreement with the Chinese businessman:
Minister Stanley Kakubo’s resignation follows speculation that the trade deal with the Chinese businessman may have been tainted by wrongdoing. The video showing sums of money being counted on a table as well as the handwritten note mentioning a financial exchange raise questions about the integrity of this agreement and the role of the minister in these suspicious transactions.
Conclusion :
The affair of the resignation of Zambian Foreign Minister Stanley Kakubo highlights the issues linked to economic relations between Zambia and China. The mining sector, essential for the country’s economy, is strongly influenced by the Chinese presence, both in terms of investments and exports. Suspicions of embezzlement surrounding the agreement with the Chinese businessman raise questions about the integrity of certain transactions and the impact on the political and economic governance of the country.