This is a chronological account of how Zambia’s prized assets were sold. Selling the Family Silver was written by Francis Kaunda, former CEO of Zambia Consolidated Copper Mines (ZCCM) and later chairman of the ZCCM Privatisation Negotiating Team. He narrates how he was given the responsibility of disposing of the mines that formed the backbone of Zambia’s struggling economy at the time, and the intense pressure from donors to sell before further aid could be made available.
Kaunda discusses the complexities involved—such as unbundling the mines before they were sold, valuation, negotiations with multiple stakeholders, and the repercussions the team tried to avert, including job losses, political fallout, and economic stagnation.
Originally written in 2002, the book allows readers to appreciate the mammoth task Francis Kaunda and the Privatisation Negotiating Team had to navigate to get the job done. The privatisation of the mines remains a polarising topic in Zambia. Still, this book provides insight into the rationale behind some of the decisions made, offering rare behind-the-scenes access. Whether one believes the mines were sold for a song or that Zambians could have salvaged the operations is up for debate—this book enriches those discussions.
Of course, the challenge with such memoirs is assessing the author’s objectivity—how much responsibility they take for mistakes, and whether they acknowledge their shortcomings. Kaunda does not admit to many, considering the enormity of the task assigned. Nonetheless, it cannot be denied that his experience and sober judgment helped steer the mining sector during a critical period.
Francis Kaunda passed away in 2020, and he left behind a treasure. This reprint of Selling the Family Silver: The Zambian Copper Mines Story is definitely worth reading.
Selling the Family Silver: The Zambian Copper Mines Story
298 pages
SplendidWorks
Available in Bookworld
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