We’re in a fix, says Zesco as it justifies $797m debt to suppliers

ZESCO Limited has justified the $797,902,517.54 debt owed to local and cross border power suppliers, stating that the company is in a fix as it is buying power at a high cost and selling it at a lower cost. In an interview, Zesco Limited senior corporate affairs manager Dr John Kunda said there was need to renegotiate the whole process. The Auditor General’s Report on the Accounts of Parastatal Bodies and other Statutory Institutions for the financial year ended 31st December 2019 revealed that Zesco Limited owed local and cross border power suppliers in amounts totalling $797,902,517.54 as at 31st December 2020. “In terms of our IPP relationship, we have never hidden the fact that the relationship is unsustainable because...