economic crisis. this seminar is unique in the sense that it has been organised to specifically address the effects of the crisis. we feel particularly honoured to host this important event. chairperson, the ongoing economic crisis is not of africa ’ s making but arose from advanced economies like the united states of america and united kingdom. however, there is a risk that african countries could become the biggest casualties of a crisis they did not create. the impact is already severe and has dealt a huge shock to our continent while posing a great threat of reversal to the hard earned social and economic gains that most of our economies had achieved in the recent past. ladies and gentlemen, for more than a decade, most african countries had continued to register unprecedented economic growth rates averaging 5 % and above. we saw a rise in income levels and a reduction in poverty among our peoples with improved education, health, water and infrastructure development. the continent also experienced a surge in investment flows in many sectors including mining, manufacturing, tourism, transport and construction. progress in governance and accountability had also been noted in most african countries. mr chairman, allow me without pre - empting the deliberations to mention some problems the global financial crisis has created for most african economies. commodity exporting countries have experienced a decline in their export receipts. this has been due to the decline in commodity prices reflecting the weak demand of such commodities arising from the scaled down output in industrialised and emerging market countries. the declining export earnings as well as changing investor sentiment toward investing in emerging markets, which has been reflected in the reversal of investment flows, have been exerting pressure on the exchange rates. the depreciation of the local currencies is creating additional inflationary pressures while fiscal operations have not been spared as the tax revenue from export earnings has been adversely affected. furthermore, the effects have quickly extended to the real economy, with serious consequences on jobs. in particular, manufacturing has been adversely affected because of its support to the primary industries on the continent. as extractive industries on the continent face depressed commodity prices, the demand for manufactured goods will continue to decline. this is expected to negatively affect africa ’ s manufacturing sector. the decline in the demand for finished goods in the advanced economies is also adversely affecting exports of our manufactured goods and thereby slowing down the manufacturing sector on our continent. tourism is also adversely affected as many foreign tourists postpone or reschedule their visits to our continent as they grapple with severe economic conditions in their

tukiya kankasa - mabula : stimulating academic development in zambia speech by dr tukiya kankasa - mabula, deputy governor ( administration ) of the bank of zambia, to the zambia centre for accountancy studies students, lusaka, 17 october 2012. * * • management staff • lecturers • students, • distinguished ladies and gentlemen * good afternoon to you all, i feel greatly privileged to be here with you this afternoon to share with you the background to my career progression and to also give you an inspirational message that may stimulate you to greater heights. i take this opportunity to thank the management of the zambia centre for accountancy studies for extending an invitation to me. i always get a satisfying feeling to speak to students, particularly given that i am coming from a background of lecturing. as has been said earlier, i am currently the deputy governor administration at the central bank of zambia. for those of you that may not be too familiar with what the role of the central bank is ; the primary role of the bank of zambia is, and i quote : “ to formulate and implement monetary and supervisory policies that will ensure the maintenance of price and financial system stability so as to promote balanced macroeconomic development ”. the functions of the bank are stipulated in the bank of zambia act and these are as follows : 1. to licence, supervise and regulate the activities of banks and financial institutions so as to promote the safe, sound and efficient operations and development of the financial system ; 2. to promote efficient payment mechanisms ; 3. to issue notes and coins to be legal tender in the republic and regulate all matters relating to the currency of the republic ; 4. to act as banker and fiscal agent to the republic ; 5. to support the efficient operation of the exchange system ; and 6. to act as adviser to the government on matters relating to economic and monetary management. as deputy governor administration, my work includes overseeing the human resources, finance, ict, audit, bank secretariat ( legal, board secretarial and public relations ), procurement and maintenance services, and security functions of the bank. prior to my appointment as deputy governor administration, i was the bank secretary. this position entailed being the chief legal advisor to the bank, secretary to the board of directors and in charge of the bank ’ s public relations function. my first career was that of an academic. i lectured law at the university of zambia. i then briefly joined the securities and exchange commission as the director