It is of paramount importance that the school put in place measures to avert rampant vandalism. Ladies and Gentlemen, let me also mention here that the challenges I have just outlined are not only common to Mumbwa High School, but are experienced in many Government schools. We also realize that the Government has limited resources and cannot attend to the problems of every school in the country at one time. It is for this reason that the Bank of Zambia has continued to donate used computers to several schools around the country. In 2009, the Bank donated a total of 60 computers to various schools including Mumbwa High School, David Kaunda Technical High School, Information and Communications Technology Ladders, and St Francis of Assisi in Lusaka. We are hoping that through these donations the beneficiary schools will sustain and improve the academic performance while bridging the digital divide. Further, a number of schools including our own Mumbwa High School do not have internet access to enable teachers carry out their research activities. In order to improve performance in class, we need to ensure that we enhance the capacity of our teachers. We must recognise that computers alone are not magic and neither should they replace chalk and blackboards, but they should and can be used as a tool to aid learning. Providing more computers at schools will do little without providing the tools that enhance teaching and research like internet.
The Central Bank’s decision to liquidate the bank was challenged in the Court of Appeal which quashed the Central Bank decision on the ground that the Central Bank had not followed the due procedure given in the Banking Act. Finally, the Government as a part of political decision in the interest of depositors bailed out the bank by vesting the bank with a new state bank set up for the purpose. If the Central Bank was conscious of its responsibilities, it could have resorted to a different path to resolve the bank at the very early stage. World over, central banks are blamed for delayed action, not effective to resolve problems. World over, regulators fall behind the market although they are expected to correct the market. Regulators are burdened with laws, procedures and bureaucracy and lack of latest market information. They work for office hours. However, market participants work 24 hours and are innovative for regulatory arbitrage. The human greed supported with moral hazard of regulation creates bubbles cyclically leading to financial and economic crises from time to time. The regulators and politicians create new laws, but they fail to prevent the next bubble. As a person being in both regulator and markets, I will do a lot of work to address this 6  BIS central bankers’ speeches  universal issue hopefully. However, as financial regulators cannot control the greed, financial bubbles and crises are to happen. Finally, the Central Bank independence is the confusing and very technical subject. No Central Bank is divine.