Bank of Zambia governor fired

Bank of Zambia governor fired

President Egar Lungu has fired Denny Kalyalya from the position of Bank of Zambia Governor to replace him with Christopher Mvunga, a Forner Deputy Minister of Finance.

Mvunga, a perpetual drunkard was until his appointment, the deputy Secretary to Cabinet – Finance and Economic Development.



By: Anthony Bwalya – UPND Member.

Those of you who are familiar enough with the attitude of sitting governments in the run up to a general election will know, that the Patriotic Front (PF) were always bound to go on a headless spending spree with the intent of buying the vote.

But there is a problem: the money that they have individually stolen is too precious – they don’t know what the post 2021 period holds for them especially that the electorate has signaled a strong intent to change government.

They will not risk their stolen wealth.

They are inclined to keeping their proceeds of crime for a rainy day, which is more likely than ever.

Secondly, the PF regime have simply over borrowed and outspent themselves. They no longer have room to borrow anymore. The regime has sucked over K100bn out of the local economy through Treasury Bills and Bonds. At 30% average interest, Zambians owe another K30bn in interest to the local banks. External borrowing? Oh my God – don’t even go there: close to $14bn, with interest payments alone running close to $200m per month.

With the economy now headed for a free fall at -4% while the Kwacha is also suffering the effects of an avalanche of a combination of both corruption and printed money, all sane lenders know that the PF have turned Zambia into a proper basket case. No one will lend us money.

In other words, the PF have run out of sources of money to throw around.

Next is compel and turn the Central Bank of Zambia into a money printing platform – literally. For example, when the PF government announced the $450m Covid19 Bond and they raised an amount just shy of $400m, who were the subscribers? Chances are, this money was printed out of thin air. And this is the same money they have been splashing in the form of Presidential Empowerment Fund Initiative and other campaign activities, with nothing spent on the fight against Covid19 – otherwise how do they explain the exponential numbers of BIDs across the country.

But the Bank of Zambia under Denny Kalyalya have been professional enough and repeatedly told the PF regime of Edgar Lungu to sober up, stop spending and restore fiscal discipline. Clearly, this has not gone down well with the regime.

We have credible information of an order by the PF for BoZ to print up to $1bn to secure the continued stay of the regime in power. The answer and push back from the men and women at BoZ has been resounding.

This is what had cost the Bank of Zambia governor his job.

Whoever is or has been appointed to replace Kalyalya is not coming to save the economy and serve the national interest. This individual is coming in to do the dirty work of the PF.

Zambians, fasten your seat belts and prepare for the reincarnation of a Zimbabwe but in Zambia.

This is the beginning of the end for the regime and it will not end very well for them, but unfortunately there will be a heavy price to pay by all of us for having voted for a song not once but twice.

Redemption will come but first we will have to deal with the worst of the PF monster.


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