customers with a view to providing properly priced products and services. chairperson, the government has also created the citizens economic empowerment commission ( ceec ) in order to enable small businesses with viable investment projects have access to finance. i would personally like to see an increased flow of credit to our smes which, as many of you know, have been routinely found to be a major source of growth in any market economy. this is more so as the larger part of our productive population, particularly those in the informal sector, is in fact employed in one way or the other in these smes. it is therefore strategic for us in the financial advisory arena to support our brothers and sisters who run these smes. by ensuring that credit flows in that direction, we can then be assured that more and more of our people who are engaged in smes will certainly have access to financial services like everybody else. in the process, growth generated from the smes can sustainably offer the much needed respite from mineral dependency. ladies and gentlemen, for government initiatives to be effective there is need to integrate them into the mainstream financial system. in this regard, financial reforms must continue to evolve and be dynamic in order to address the main challenges still facing the zambian financial markets. whilst the government should take a leading role in creating an enabling environment and putting in place an effective regulatory framework, the financial services industry, to which you all here belong, can also make a significant contribution to the reduction in the cost of capital. i therefore wish to encourage you, through this platform, to provide accurate, reliable and high quality financial information on all business activities. the availability of firm level financial information will assist financial institutions in making informed decisions on granting capital to firms. this would in turn lead to a reduction in the level of risk premium loaded on the loan rates. ladies and gentlemen, allow me to conclude by stating that zambia is a country in urgent need of investment. however, the high cost of finance has hampered the increase in investment. therefore provision of appropriately priced financing and policy incentives to our business firms are important triggers to investment opportunities and increased productivity. the recent survey by government and its cooperating partners on the cost of doing business has highlighted the need to ignite the smes by allowing them to come out of informality and contribute to job creation and poverty reduction. although there are still many challenges remaining, i am particularly encouraged by the increasing number of financial service providers in the zambian economy. this is important for

. strong team work operating under set values and ethics ; 3. open and effective communication among staff ; and 4. meeting targets and providing workable solutions. fellow members of staff, invited guests, ladies and gentlemen, as we move ahead and look to the next 50 years of central banking in zambia, the bank of zambia will continue to play catalytic role in facilitating the exchange of ideas among financial sector players and all other key stakeholders. bis central bankers ’ speeches today, we are here to officially launch the celebrations of 50 years of our existence. i would like take this opportunity to inform you that a number of activities have been lined up to commemorate this wonderful occasion. these include : 1. an international symposium to discuss selected pertinent to the bank of zambia and in line with the theme of our celebration, scheduled for 7th august 2014 ; 2. an exhibition dedicated to the history of the bank of zambia ; 3. the publication of a book on the history of the bank of zambia ; 4. the launch of a book on economic policies in zambia ; 5. a national school quiz ; and 6. a family day to show our gratitude to the families of the members of staff for their support in our execution of the bank ’ s mandate. ladies and gentlemen, it is our expectation, therefore, that all members of staff will take part in the upcoming activities in order to make the anniversary celebrations a success and memorable. in the same vein, allow me, on behalf of the bank of zambia and indeed on my own behalf, to wish the government, and people of the republic of zambia a happy 50th birth year which we will be celebrating on 24th october 2014, and one which has been attained under a tranquil environment and economic progress. fellow staff and invited guests, i would most likely be in breach of all moral standing if i did not, at this stage, emphasize the bank of zambia ’ s deep commitment to the welfare and well - being of our employees. i implore all of us to aim at leaving a legacy of professionalism and excellence in all that we do. i further encourage all the sportsmen and women participating in today ’ s events not to despair should they not emerge victorious for one reason or another. rather, i strongly urge you all to walk away after the games feeling immensely proud that you have been an integral part of a truly momentous and historic occasion. remember, one can only turn 50 years of age once! ladies and gentlemen, allow me to further extend my sincere