With a Clueless Government, We are Headed for an Economic Catastrophe!!!
It makes sad reading to hear government officials trying to justify the free falling Zambian Kwacha. Government has argued that Zambia is not isolated from the global economy and, therefore, an economic turbulence somewhere is bound to inevitably impact Zambia negatively. They further argue that Zambia is not the only country experiencing a depreciating currency. It is heartbreaking to hear such deception coming from government officials. To me, these arguments are so empty and do not hold any water. Zambia’s economy is so fragile and the government has done very little if not nothing to strengthen it. Therefore, I cannot accept such lame excuses.
If a country can adversely be affected by external economies, it’s an indication of a weak economic framework and something has to be done to remedy the situation. A prudent government should, under no circumstance, attempt to justify an ailing economy when it has done very little to strengthen it.
It is common knowledge that Zambia has been an exporter of raw materials including copper for over half a century. Government has to accept that it has lamentably failed in its responsibility of ensuring value addition industries are established. The raw copper that we export is processed into finished products which are later sold to Zambia at an astronomical price. Can someone tell me how an economy is supposed to survive with such dependence on raw material export? It is indeed strange and ironical that Zambia has to import items like copper wires and copper bullets despite being amongst the largest producers of copper in Africa and the entire globe.
Disturbingly, instead of investing their energy and time into meaningful ways of resuscitating our crippled economy, Alexander Chikwanda and his team at Ministry of Finance are busy searching for the next Eurobond. Posterity will judge us harshly for the debt we are accumulating. Indeed, posterity will judge us harshly for the gigantic holes mineral extraction has left behind with little or nothing to show for it.
Peter Mubanga Cheuka