Kwacha keeps breaking worthless trading levels against other currencies

In what looks like Zambia is fast headed towards another Zimbabwe, the Zambian currency yesterday traded a record worthless levels of K5.7 to 1 US dollar, but ceremonial vice-president Guys Scott has again insulted the Zambian intelligence by asking for 20 more years to rule as government cannot be changed like under wears. Zambia imports most of the goods and commodities for production in the few industries but with the worthless Kwacha, the prices of most commodities are likely to continue increasing.Screen Shot 2014-02-19 at 07.20.32

See the exchange rates on the Bank of Zambia here

Barely two years ago when PF took over power, the Kwacha was strongly trading at K3 to a dollar despite the global economic crises. Just yesterday, the largest cement manufacturing plant in the country Chilanga Cement announced an upward adjustment of all its products because of high operations costs and rising inflation. In some parts of the country, cement is costing as much as K95 per bag rising from K45 only within less than three years of PF government being in power. With this increment, the cost of so called huge contraction projects such as roads going on across the country will triple as cement is a major ingredient.

Already there has been massive increments on the prices of essential commodities such as mealie meal, transport, fuel, water, electricity, and other food stuffs, contrary to the PF campaign promises. But despite these difficulties and poor economic policies, Scott yesterday told Katuba villagers to vote for the PF candidate in the forth-coming by-election and allow the failed ruling party to rule for 20 years.

Scott said opposition parties had a lot to learn from PF’s good performance. But even as she was addressing a poorly attended meeting, someone reminded her that more than 30 girls at Namayani primary school failed to write their examinations owing to poverty in the area and ended up being pregnant. But in response, Scott told the small crowd that those were the things they were trying to sort-out and admitted the reason was due to power in the area. As for president Michael Mubanga Chanda Chilufya Sata, he has virtually surrendered the country to George Chellar who now runs the economy hiding behind the Facebook page. The few times he has appeared in public, he just asks for opposition UPND president Hakainde Hichilema’s parents, but correctly admits leading a group of useless MPs from whom he appoints his cabinet, basically admitting to being useless himself as well.

Share this post