AS we celebrate Zambia’s Golden Jubilee this year, we will have Kenneth Kaunda in our midst.
In his 27 years in power, Dr Kaunda encountered crooked individuals and multinational companies.
His government took counter-measures to stop theft of public or national resources.
He established Metal Marketing Corporation (MEMACO) to handle the sale of mineral resources of Zambia.
When President Michael Sata announced the establishment of the Industrial Development Corporation, some theory armchair critics came on board, as usual wishing to be heard, without research on how Africa has been robbed of its human and other resources.
With externalisation of capital by some mining companies becoming prevalent, the answer and immediate solution to the above issues or concerns is immediate re-establishment of MEMACO.
The new MEMACO’s responsibilities should comprise, among many more, some refined terms of credit reference bureau, sheriff of Zambia and some delegated duties by Bank of Zambia.
Please note that Zimbabwe has the equivalent of MEMACO, called Minerals Marketing Corporation of Zimbabwe.
It was and still a good State control arm on mineral wealth proceeds.
MMD under Fredrick Chiluba, all good things were done away.