Natasha Mwinji Lloyd

Natasha Mwinji Lloyd Natasha Lloyd is an award winning economist, researcher, public speaker, and financial literacy advocate.

What's your investment preference or portfolio combination?A. Government Bonds/T-BillsB. Mutual funds C. Securities D. R...
01/11/2026

What's your investment preference or portfolio combination?
A. Government Bonds/T-Bills
B. Mutual funds
C. Securities
D. Real estate
Share the comment section 🤗😊

Happy independence day 🇿🇲
24/10/2026

Happy independence day 🇿🇲

The World Bank’s latest analysis on Zambia’s electricity crisis highlights something I strongly agree with: the power cr...
06/10/2026

The World Bank’s latest analysis on Zambia’s electricity crisis highlights something I strongly agree with: the power crisis is not only an energy problem. It is an economic growth, investment, productivity and jobs problem. Zambia’s heavy dependence on hydropower has exposed the economy to climate shocks, with businesses, households and public services feeling the effects of unreliable electricity.

From my perspective, Zambia needs to treat reliable electricity as a foundation for economic transformation. Diversifying into solar and other renewable energy sources, strengthening ZESCO’s financial sustainability, expanding rural electrification and attracting private investment will be critical. At the same time, reforms must protect vulnerable households from rising electricity costs.

The opportunity is bigger than solving the current power deficit. Reliable and affordable electricity can support manufacturing, agriculture, mining, SMEs and digital businesses, while creating opportunities for job creation and investment. The key question now is whether Zambia can turn the lessons from the electricity crisis into long term structural reforms that support inclusive economic growth.

https://www.worldbank.org/en/country/zambia/publication/powering-zambia-s-transformation-from-electricity-crisis-to-catalyst-for-growth-and-jobs?utm_source=chatgpt.com&fbclid=IwdGRjcAUyO71jbGNrBTI7nGV4dG4DYWVtAjExAHBkb2YFc3J0YwZhcHBfaWQMMzUwNjg1NTMxNzI4AAEeNGx-GTD2cKKHWocBf0SL7t8jdm_Igo_ZK6MWQZ7vXMtX0S3tACKqIupXiA4_aem_hw9sY33KcxzYXBEG0pJ_Mw

Disclaimer: The views expressed here are mine and should not be associated with my employer or any organization I’m affiliated with.

Zambia now has a 20 year Government Bond. Why does this matter? 🇿🇲On 30 September, the Bank of Zambia released its Q4 2...
04/10/2026

Zambia now has a 20 year Government Bond. Why does this matter? 🇿🇲

On 30 September, the Bank of Zambia released its Q4 2026 Government securities auction calendar.

One thing that caught my attention was the introduction of a 20 year benchmark Government Bond.

Q4 values:

📌 K2.2 billion in Treasury Bills
📌 K6.3 billion in Government Bonds
📌 7 Treasury Bill auctions between 1 October and 24 December
📌 2 Government Bond auctions, on 20 November and 18 December

So, why is the 20 year bond important?

1. It extends the yield curve

For a long time, much of the activity in our government securities market has been concentrated around shorter maturities.

A 20 year benchmark gives investors a reference point for pricing long term investments. This can also help with the pricing of other long term instruments in the market.

2. It gives long term investors more options

Pension funds and insurance companies have obligations that can run for many years.

Having longer dated Government securities gives these institutions more options to match their investments with their long term liabilities.

3. It could reduce the need for frequent refinancing

Government borrowing comes with repayment obligations.

Using longer term debt can help spread those repayment obligations over a longer period instead of relying heavily on short term borrowing that has to be refinanced more frequently.

But there is something I will be watching closely.

What yield will investors demand for locking their money away for 20 years?

I will also be watching investor appetite at the first auction and whether the bond develops enough liquidity in the secondary market.

For individual investors, this is also worth paying attention to.

Government securities are not only for pension funds, banks and other large institutions. Individuals can also invest in Government securities through the available channels.

The introduction of a 20 year bond could therefore be an important development for Zambia’s fixed income market.

Are Zambian investors ready for 20 year Government securities? 🇿🇲

Disclaimer: The views expressed here are those of the author and should not be associated with her employer or any organization she's affiliated with.

The Bank of Zambia yalondolola bond ipya iya myaka 20 iya Boma! 🇿🇲Pa 30 Septemba, Banki ya Zambia yalondolola ifyo ika...
04/10/2026

The Bank of Zambia yalondolola bond ipya iya myaka 20 iya Boma! 🇿🇲

Pa 30 Septemba, Banki ya Zambia yalondolola ifyo ikalapanga mu kota yakutalalika iya 2026, Q4:

📌 K2,200 million iya Treasury Bills
📌 K6,300 million iya Government Bonds
📌 Treasury Bills: Aukush*ta kash*ta kash*ta, mu ma auction 7
📌 Government Bonds: Ama auction yabili, pa 20 Novemba na pa 18 Disemba

Cinshi bond iya myaka 20 iletali?

1️⃣ Ilepanga icilondolwako ica mutengo, ico cingafwa ukulenga ama financial instruments ya nsh*ta ndefu ukukula.

2️⃣ Ilefwa ama pension funds na insurance companies ukwipangila amano bwino pa ndalama shabo iya nsh*ta ndefu.

3️⃣ Ilingafwa Boma ukush*ta ndalama ishaba, nga cakuti ingabomfya ndalama ukupanga amapulojekiti ya nsh*ta ndefu.

Ama Government Bonds tayali aya bantu abakulu fye. Abantu aba private nabo bengash*tako, ukupitila mu auction iya Banki ya Zambia.

Shibileni ifyo bond isuma, inshila yakush*tamo, na ifyo ishikafwa ku financial goals shenu.

Mulefwaya ukumfwa ifyo bond iya myaka 20 ingamwafwa nelyo ifyo umuntu engash*tako? 🇿🇲📈



Disclaimer: The views expressed here are mine and should not be associated with my employer or any organization I’m affiliated with.

Zambia Has Joined a J.P. Morgan Bond Index. What does this Actually mean?You may have seen the headline that Zambia has ...
28/09/2026

Zambia Has Joined a J.P. Morgan Bond Index.

What does this Actually mean?

You may have seen the headline that Zambia has been included in a J.P. Morgan bond index.

But what does this actually mean for Zambia, investors, and the domestic bond market?

Let’s break it down.

📌 What happened?

Zambia has secured a place in J.P. Morgan’s new GBI EM Edge Index, which places its local currency government bonds on an international benchmark for frontier economy debt.

The index covers 26 countries and approximately $330 billion in securities, with African markets accounting for about 44.5% of the index.

Importantly, this is not J.P. Morgan’s flagship emerging markets index. It is a separate benchmark designed for smaller and less liquid frontier markets.

📊 Why did Zambia qualify?

The index has specific eligibility requirements.

Each qualifying bond must have:

• At least $250 million outstanding
• More than 2.5 years remaining to maturity

Zambia increased the size of its local bond issues to meet the required threshold.

This highlights an important point: international index rules can influence how governments structure their domestic borrowing......... Read more below 👇

What do you think? Could J.P. Morgan index inclusion significantly change Zambia’s domestic bond market over the next few years?

Disclaimer: The views expressed here are strictly those of the author and should not be associated with her employers or any organization she's affiliated with.

Is Zambia's Economic Growth Reaching Households? 🇿🇲📊When we talk about economic growth, we often focus on GDP, investmen...
25/09/2026

Is Zambia's Economic Growth Reaching Households? 🇿🇲📊

When we talk about economic growth, we often focus on GDP, investment, copper production, exports, inflation and government revenue.

But there is another important question:

How much of this economic growth is being felt by ordinary households? 👥

GDP growth measures the increase in the production of goods and services in an economy. It is an important indicator of economic performance, but GDP growth alone does not tell us how income and economic opportunities are distributed across households.

A country can record economic growth while some households continue to face pressure from:

• Rising food and transport costs 🛒
• High borrowing costs 💰
• Limited employment opportunities
• Low disposable incomes
• Rising housing and education expenses
• Limited access to affordable financial services

There is also an important economic concept that helps explain why changes in the macroeconomy are not immediately reflected at household level.

This is called a transmission lag. ⏳

A transmission lag is the time it takes for a change in a macroeconomic variable to pass through the economy and eventually affect households and businesses.

For example, when the Bank of Zambia changes the Monetary Policy Rate, commercial banks may take time to adjust their lending rates. Businesses and households may then take additional time to change their borrowing, investment and consumption decisions.

The same applies to exchange rates and inflation.

If the Kwacha appreciates, the effect on the prices of imported goods may not be immediate. Businesses may still be selling inventory purchased when the exchange rate was higher. Once existing inventory is replaced, changes in import costs may gradually influence consumer prices.

This means that macroeconomic improvement does not necessarily translate into immediate microeconomic improvement.

For Zambia, this distinction is important. 🇿🇲

The economy can show improvements in GDP growth, inflation, exchange rate stability or external sector performance while households are still adjusting to the effects of previous economic conditions.

This is why economic growth needs to be considered alongside indicators such as real household income, employment, inflation, productivity, poverty levels and access to economic opportunities.

There is also an important distinction between nominal income and real purchasing power.

If your income increases by 10%, but the prices of the goods and services you consume increase by 15%, your purchasing power has effectively declined.

This is why households can feel financially constrained even when headline economic indicators show improvement. 📉

Economic growth matters.

But the transmission of that growth into household welfare matters too.

For Zambia, an important economic policy question is:

How can we translate economic growth into higher productivity, better employment opportunities, stronger household incomes and improved living standards?

That conversation requires us to look beyond GDP and consider how long it takes for macroeconomic changes to reach the businesses and households that make up the real economy. 📈

Disclaimer: The views expressed here are those of the author and should not be associated with her employer or any organization she's affiliated with.

Expectations and Recommendations for Zambia’s 2027 National BudgetAs the Ministry of Finance and National Planning prepa...
23/09/2026

Expectations and Recommendations for Zambia’s 2027 National Budget

As the Ministry of Finance and National Planning prepares Zambia’s 2027 National Budget and the accompanying Medium-Term Budget Plan, the country enters an important stage in its economic policy journey. The Ministry has already invited submissions for the 2027 to 2031 Medium Term Budget process. Ministry of Finance

From a macroeconomic perspective, Zambia has made meaningful progress. Inflation has fallen considerably from the elevated levels experienced in recent years. International reserves have strengthened, fiscal consolidation has progressed, and debt restructuring has advanced. The IMF reported that inflation had returned to the Bank of Zambia's 6% to 8% target band by April 2026, while international reserves had increased to US$6.4 billion, equivalent to 4.4 months of prospective imports. IMF

The medium-term growth outlook is also positive. The IMF's January 2026 projections placed real GDP growth at 5.8% in 2026 and 6.0% in 2027, supported by mining, agriculture, services, and improvements in electricity generation. IMF

Disclaimer: The views expressed in this article are solely my own and do not represent the views of my employer or any organization with which I am affiliated.

Read the full article in the link below

The Salary Trap: Why Earning More Does Not Always Mean Building Wealth 💰One of the biggest misconceptions about personal...
20/09/2026

The Salary Trap: Why Earning More Does Not Always Mean Building Wealth 💰

One of the biggest misconceptions about personal finance is that earning more automatically makes you wealthier.

It doesn't.

You can receive a significant salary increase and still feel financially stretched.

Why?

Lifestyle inflation.

You earn more, so you spend more. You upgrade your car, move into a more expensive home, eat out more often, take more holidays and increase your monthly commitments.

Eventually, your higher income becomes your new normal.

Economics gives us an interesting way to understand this.

Milton Friedman's Permanent Income Hypothesis suggests that people tend to base their consumption decisions on their expected long term income rather than only their current income.

This can help explain why a salary increase can quickly translate into higher consumption.

The Life Cycle Hypothesis, associated with Franco Modigliani, also highlights the importance of balancing consumption and saving across different stages of life.

So, what happens when your income increases?

Instead of allowing the entire increase to disappear into lifestyle upgrades, consider directing part of it towards:

• 💰 Savings
• 📈 Investments
• 🏦 Debt repayment
• 🛡️ An emergency fund
• 🚀 Business or income generating activities
• 🎯 Long term financial goals

For example, if your salary increases by K5,000, you do not necessarily need to spend the entire K5,000.

You could improve your lifestyle with part of it while directing the rest towards building your financial position.

There is nothing wrong with enjoying the income you work hard to earn.

The question is whether your wealth is growing at the same time as your lifestyle.

Your salary is an income stream.

Your savings, investments and productive assets contribute to your wealth.

The goal should not simply be to earn more. It should be to ensure that more of what you earn contributes to your financial future. 📊

Disclaimer: This post is for educational and informational purposes only and should not be considered financial, investment, or legal advice. Always conduct your own research and consult a licensed financial advisor before making investment decisions. The opinions expressed are those of the author and should not be associated with her employers or any organization she is affiliated with.

I know I’ve been away for a little while, and I haven’t shared many think pieces lately 😅🙏🏽Please bear with me. I’m goin...
16/09/2026

I know I’ve been away for a little while, and I haven’t shared many think pieces lately 😅🙏🏽

Please bear with me. I’m going to try to be more consistent from now on. 😅

To get started, what topic would you like me to write about next?

Drop your suggestions in the comments. I’m listening. 👀

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