The Africa Cup of Nations 2012 winners were knocked out of this year's tournament in South Africa last night due to a goalless draw with Burkina Faso in the group phase.
"I think [Renard] is happy to stay and we'll be happy to have him keep going with the team," BBC Sport quotes Bwalya as saying. "I think he has a good project for the team. I'm happy and the people are happy with the way the team has been playing."
Meanwhile, Nigeria clinched a 2-0 win over Ethiopia to book their place in the final eight courtesy of two penalties from Chelsea's Victor Moses.