Former Finance Minister N’gandu Magande says there is no need for the Patriotic Front government to ban the quoting, paying and demanding of goods and services in foreign currency.
Mr. Magande has stated that the move by government to rule out trading in the country using foreign money would not help in building a favourable investment climate.
Speaking in an interview with ZANIS in Lusaka today, Mr. Magande explained that if government was with a view of strengthening the Kwacha it was not supposed to have done away with doing business in foreign currency.
He said what government must do is to just promote investment into the manufacturing sector by coming up with manufacturing industries.
“When the country has a vast manufacturing sector it assists in enhancing the economy as there would be products being made locally.
“That is why it would be vital to also promote producing products locally as it even creates more jobs for the locals.
“By exporting more of the local products that way the country would subsequently earn more foreign currency,” he said.
Mr. Magande urged government to find other alternatives of strengthening the kwacha rather than the recent Statutory Instrument it had issued to ban the trading of goods and services in foreign money.
He has further wondered why government decided to make such a move when all the years that had past the country had never imposed such a ban.
He stressed that banning the quoting of prices of goods was not a way of fortifying the local kwacha.
The former Finance minister contended that government should not have banned trading of goods and services in foreign money especially that the country has embarked on marketing itself internationally.