Magande missed the holy grail of economics

By Bwembya Mutale

Politics should not take away the credibility and professional aptitudes of those who have converted to political actors. Hon.Peter Ngande Magande’s comment on “Zambia’s quick economic recovery” Post Wed 30 Dec. 2009 is nothing but his dangerous failure on “the holy grail of economic policies and growth”. The Former Finance Minister should know that economic growth is not an automatic birthright for every national economy because it is just achieved.

For any economy to grow, it takes both the serving administration and the citizens to collectively appreciate the challenges and refuse to see their economy staying stupid. Our current President is schooled in Economic History and Development studies two disciplines that give good comparative economics insights any economist and leader need to learn from. Administration policy makers and their technocrats who work around the clock warding-off obstructive criticisms as a spirited leadership, they turn things around through policy harmonization, implementation and periodic reviews resulting into current significant growth. With more focus, current growth stands to turn exponential.

Hon.Ngande Peter Magande’s perspective that “the quicker than expected recovery of the country’s economy, is because late president Levy Mwanawasa’s economic team left the mood of Zambians too high to be changed by anyone” is regrettable. He should not be betraying his vast economic prowess for political expedience with tweaks and bad antics. Economies are dynamic and vulnerable to many externalities.

The Global crunch was an endogenous variable on our economy with some causal macroeconomic effects. Many nations have recorded economic and social dislocations ponderous in magnitude. To be over simplistic is posturing bad leadership. The Global economic fall off has left some countries destabilized. Its time politics of a personality cult showed a limit. Otherwise, we are stealing from God his favours on a nation when in his infinite wisdom he is busy using his chosen leaders in a given time such as this one to stir the troubled ship ashore prudently

This is failed political economics thesis is least expected from Hon.Magande considering that he knows how much dependent our commodity is on the international market. Economic growth is neither automatic nor an inherent Party thing for a seating administration to realise without effort.

A seating administration has to provide leadership and create the right conditions for growth. No doubt growth is built to a significant extent on the resources a country is blessed with, the capital it can pull in, rate of serving policies foster, and indeed technology transfer taking place in the economy besides a national culture. The better the quantity and quality of resources the more potential the economy grows and gains felt through a trickledown effect by all citizens over time. Where are Economic Association of Zambia Gurus to condone this flawed logic from a former Finance Minister?

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