Kwacha rebasing and corruption

We live in a society were very few people have access to money i.e. Banks, Politicians and Corporations. That’s why they do everything possible to stop people from challenging the status quo or the system. Politicians want to continue controlling the huge government contracts. Corporations want to have the monopoly of capital and profit, Banks as long as they earn the interest they are happy. We are almost in the dreaded times of kwacha rebasing, an unknown land to Zambia and a no man’s land to the rest of the world.

Currency rebasing has been associated with hyperinflation; it’s justifiable in this scenario because buying a loaf of bread with truckloads of cash is hilarious. Imagine the need to hire ‘Zamcab’ just for a shopping spree. MMD were cautious about when to rebase, actually it didn’t even come in the public arena when they were contemplating it. PF came into power, and without hesitation or contemplation pursued the currency rebasing programme. This lack of rationality is very scandalous. Why where stakeholders not consulted? Why a hasty and short implementation period? Why is it that BOZ gives invalid and preposterous reasons for rebasing? Why did they ignore the cost on businesses? Why can’t they tell us the taxpayer’s money that has been sacrificed or misused?

There can only be one reason, Corruption.

The reasons given by the BOZ may be valid but the benefits are only for the rich people who have cash. The majority poor Zambians don’t care about vending machines and pockets not being enough to hold cash. The point is for the majority of poor Zambians this is not a priority considering the cost involved. Why didn’t the BOZ for instant embark on promoting electronic transactions and electronic custody of money? With most money in electronic form the rebasing process would have been quicker and much cheaper.

The old and rebased currency will run concurrently for six month, the withdrawn old notes will then go for destruction. What if the destruction doesn’t happen in some cases and the old notes go back in the system to allow PF fund their Opposition destabilization activities?

Rich Waga


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