Dear Editor please post this.
Is it just me or has anyone else noticed the state of our economy? The Kwacha has depreciated against major currency to a record high of up to K5.8 to $1 this has never happened before since 1993. The cost of living has gone up. 60% of the Zambian population live under the poverty line which is $1 per day. The price of Mealie meal has reached record high prices, are u telling me the Govt hasn’t seen all this? The Government is always borrowing money every month the laws of economics state that ” increased govt borrowing causes crowding out of private investment” in simple terms I mean when the govt continuously borrows money they make it expensive for the private sector to do business coz interest rates go up for business to acquire loans from banks. The first person to be fired should be the Bank of Zambia Governor because he is not enforcing good monetary policies, the second one to be fired should be the Minister of Finance because his fiscal polices are out dated. This is not 1974, economics is dynamic and therefore we need people with fresh blood and ideas.it would be better if the govt recalled Dr Caleb Fundanga because that man knew what he was doing. Our Fuel is expensive as compared to any country in southern Africa almost K10 per litter that’s almost like $2 dollars for a liter. For 3 years now the Pf govt has failed to control the kwacha, that statutory instrument that compelled mines to bank their money is Zambia was suppose to help the economy but it has back fired.
Which country in the world apart from Zambia of course have u ever seen with 53 % of the national budget directed to the wage bill? How do u expect to develop with 47 percent? What kind of economic advisors does the President, BOZ governor and minister of finance have? Haven’t we learnt a lesson from Zimbabwe? And the Govt is busy saying ” the kwacha’s performance is not worrying” can someone please wake these big men up. Dr Gondwe u have failed to control the economy before it is to late plz resign as Bank of Zambia Governor this also applies to u Mr Chikwanda. Dr Mwanawasa, Dr Caleb Fundanga, Mr Magande, Mr Rupiah Banda and Dr Musokotwane worked so hard to make Zambia a lower middle income country please don’t take us back to a least Developed nation state.
Control that kwacha and don’t blame the American economy’s great performance u can also put monetary and fiscal polices as a counter measure. The Zambian kwacha is about to be a useless currency soon if this situation is not controlled and if Mr Chikwanda and Dr Gondwe continue to save as Finance minster and BOZ Governor respectively.