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Stop painting negative picture about Zambia’s economy-Ministry of Finance urges Zambians

Time Posted: June 7, 2014 12:37 pm
Finance Minister Alexander Chikwnda is flanked by Secretary to the Treasury Fredson Yamba (left) and Bank of Zambia Governor Michael Gondwe (right) at a media breakfast at Taj-Pamodzi hotel in Lusaka

Finance Minister Alexander Chikwnda is flanked by Secretary to the
Treasury Fredson Yamba (left) and Bank of Zambia Governor Michael
Gondwe (right) at a media breakfast at Taj-Pamodzi hotel in Lusaka

Ministry of Finance has warned Zambians to avoid painting a negative picture of the country’s economy.

In a statement posted on its official Facebook Page, the Ministry of Finance says Zambians must be objective and truthful in discussing the Zambian Kwacha.

The statement said the Kwacha is not the worst performing in the world as some are being forced to believe.

“Its recent performance is definitely not the worst this country or the world has ever seen. The effects of its turbulence over the last few weeks are understandable avoid falling into the trap of believing that anything Zambian, including the Kwacha is the worst,” the statement read.

“Industrious locals, foreign investors & tourists keep finding opportunities in Zambia because the country is an attractive destination. Most Zambians & other citizens are building houses & acquiring property because the environment is enabling.”

The Ministry says sometimes, certain quarters of the local and international community will feed the public with sponsored toxic information in order to put themselves in pole position for the opportunities that exist in wealth creation and economic emancipation.

“This week, the German Government has disclosed interest from German investors to pump in USD 300 Million in the Zambian Agriculture Economy. This is a sign of investor confidence, especially that the ultimate venture will be the largest German investment anywhere in African agriculture,” it said.

The statement added, “During the GRZ/IMF Media Briefing, the Secretary to the Treasury indicated that our much worried about deficit closed at 5.2% at the end of 2013 while credit to the private sector rose by 4.9% to close at 19.1% at the end of the first quarter of 2014. End 2014 GDP is estimated at 6.5% and will average at 8% by 2017. In addition, the Bank of Zambia, during the media briefing, disclosed that our international reserves have risen from USD 2.7 Billion to USD 3.5 Billion [3.8 Months of import cover].”

It said people should be careful not to fall into the trap of feeling desperate about the economy and doing business in Zambia.

58 Comments

  1. +34
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    flag gweru says: gweru
    June 7, 2014 at 12:43 pm |

    We are positively talking about the negative trend in the economy. Sha!

    Reply
    1. +11
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      flag ndobo says: ndobo
      June 7, 2014 at 1:16 pm |

      @gweru
      ahahahahahahahah! great comment

    2. +8
      -15
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      flag Nubian Princess says: Nubian Princess
      June 7, 2014 at 1:29 pm |

      Zambians are their own worst enemy!

    3. +5
      -16
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      flag Miya says: Miya
      June 7, 2014 at 1:52 pm |

      Nubian Princess I agree with you. We have to be very careful with certain quarters in Zambia. These people are busy acquiring a lot of wealth behind the scenes but continue blaming every thing the current government is doing.

    4. +16
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      flag nameless says: nameless
      June 7, 2014 at 3:22 pm |

      That’s what happens when you have tired old, recycled good for just getting a salary instead of a pension running the country.

    5. +15
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      flag matipa says: matipa
      June 7, 2014 at 3:56 pm |

      chikwanda, economics of the sixties where you used to fix the price of cooking oil are no longer applicable now in this era and dispensation. if you were a wise old man, you could have resigned on national interest but with you the older you grow the more unwise you become and messing up our economy

    6. +9
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      flag Pushing HH to start campaigning says: Pushing HH to start campaigning
      June 7, 2014 at 4:09 pm |

      PF (pathetic failures) need to work up!

      It’s YOUR OWN POOR PERFORMANCE that’s painting a negative picture of the economy, NOT us!

    7. +7
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      flag Reality says: Reality
      June 8, 2014 at 7:18 am |

      Why not let the economy speak for itself?

    8. vote
      flag Zed@crossroad says: Zed@crossroad
      June 9, 2014 at 8:24 am |

      This minister is really a fake one, to use the language of HE M. Chilufya Sata. He wants us to lie that buying bunga at K72 is a good thing. Having the worst performing currency on earth is a health thing. For sure he has run out of ideas and what to say, he should just step aside now that it is clear he has no capacity to running this economy.

  2. +28
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    flag Cat Power says: Cat Power
    June 7, 2014 at 12:56 pm |

    Yama how can people not talk about the kwacha loosing 100 % of its value in three years and you say things are alright. Unless you are all smoking Chamba day and night and not concerned about siblings and offspring welfare. Yama think again before you issue a statement please. You guys have basically killed a whole generation of Zambian that will never make it in live. lets not be demented about our country. You are failing or have failed again after unip

    Reply
    1. +3
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      flag Nostradamus says: Nostradamus
      June 7, 2014 at 3:59 pm |

      @Cat Power, muleumfwika. How is your business doing with that Kwacha tumfwile? my laptop business naifwa, now started just to export dollar to Zambia.

    2. +3
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      flag Political Failures PF says: Political Failures PF
      June 7, 2014 at 4:18 pm |

      Cat power walasa, a spade is a spade and not a big big spoon. we are seeing how our nation is fairing in reference to the other countries. something is really wrong thats why we are concern. Finance ministry has/is miss leading us and sugar coating. You guys are lunatics

    3. vote
      flag Cat Power says: Cat Power
      June 8, 2014 at 3:20 am |

      @ Nostradamus,

      My company is in Australia in Queensland and doing very well. Otherwise how are you. Otherwise the Kwacha is doing fine I sent 1000 dollars home for the needy and it was 6532 last week on Monday. But its not easy for them. have a look at Delgadgets.com.au and you will see some products that we develop here. Nice to here from you.

  3. +20
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    flag Vilifier says: Vilifier
    June 7, 2014 at 12:59 pm |

    Well done Mr. Minister, I am sure a lot of people will have the international reserves for lunch today.

    Reply
  4. +22
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    flag Palm Cascadelphine says: Palm Cascadelphine
    June 7, 2014 at 1:05 pm |

    Just shut up if you have got nothing tangible to convince the people especially those who walk the streets with empty stomaches simply because they can no longer afford the cost of living due to skyrocketing prices of commodities. You talk every nonsense because yo stomach is full and you are able to put food on your table. What about those who can’ t afford a living ? Rubbish.

    Reply
    1. +4
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      flag miya says: miya
      June 7, 2014 at 1:56 pm |

      Palm, every country in the world has people walking the streets on empty stomach. Tell us one country that you know that has no person whole is walking the streets on empty stomach. Do not be so naïve and portray a wrong picture. I know you are busy building a house for yourself.

    2. +1
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      flag Morsi Mohamad says: Morsi Mohamad
      June 7, 2014 at 3:26 pm |

      But it is getting worse in this country.

    3. +1
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      flag Canadian Bemba says: Canadian Bemba
      June 7, 2014 at 6:42 pm |

      Miya..not true! no one is hungry in countries were they have found a balance between social responsibility, productivity and innovation…Germany is one such country with ZERO homelessness and zero hunger !

  5. +10
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    flag Ras Rated n Steady says: Ras Rated n Steady
    June 7, 2014 at 1:05 pm |

    You will one day be held accountable for abusing the right of been silent. Had it been that the kwacha was doing fine, were we going to be told to stop talking positive things about it?

    Reply
  6. +12
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    flag Watchman says: Watchman
    June 7, 2014 at 1:08 pm |

    Ministry of Finance has warned Zambians to avoid painting a negative picture of the country’s economy. Its like Telling lies at every moment has become policy for this government. The president Mr Sata himself is on record as having said he has USELESS MPs and USELESS MINISTERS, and only Kambwili denied being one of either. Does that statement from the president paint a positive picture of the economy? People are complaining about what is going wrong in their lives and the best that a reasonable government can do is not to deny that, but to address the problems to the people’s satisfaction. It will not work well for them (PF) to continue pretending that things are going well i the economy.Just do the right things and you will see the levels of criticism going down. Just release the…

    Reply
    1. +9
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      flag Chilyata says: Chilyata
      June 7, 2014 at 3:07 pm |

      Very true!! How can hopeless and useless ministers (as stated by the President) run a vibrant economy as Chikwanda is now claiming!

      Surprisingly, the OLD FOSSIL Chikwanda thinks he doing a great job despite the reality on the ground! He is the lunatic isn’t he? Anyways, MAD people dont know when they are mad – they only know about madness when they get better!

      With the worst Kwacha exchange rates at the moment; High costs of Fuel and Maize meal; High YOUTH unemployment figures; etc Chikwanda thinks he doing very well!! Just because he finished building a mansion from the money he stole during the Kwacha Rebasing exercise that incontinent old fag Kolwe Chikwanda thinks we are all having a good time!
      Is that OLD Fossil Chikwanda actually Normal?

  7. +17
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    flag Meme Teacher says: Meme Teacher
    June 7, 2014 at 1:30 pm |

    Hon Min. of Finance: if I were you, I would have resigned a long time ago. Your being in that position is negatively affecting the present & future of this country. The longer you stay in that position, the more suffering Zambians are guaranteed to experience. Do us proud by resigning. The nation can not move backward for the sake of few individuals only.

    Reply
  8. +21
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    flag Evans Mfula @ Evaduco says: Evans Mfula @ Evaduco
    June 7, 2014 at 1:53 pm |

    the minister of finance is a pig

    Reply
    1. +9
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      flag Nkusa says: Nkusa
      June 7, 2014 at 4:18 pm |

      Wrong!! he is a baboon with dementia.

    2. +3
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      flag Bemba Bimbo says: Bemba Bimbo
      June 8, 2014 at 12:30 pm |

      With his SNOUT in the trough of Taxpayers money! And when that is not even enough, he borrows MORE KALOBA!

      ANIMAL FARM run on an ANIMAL DRIVEN CONSTITUTION!

      What has Squealer Winter have to say today?

  9. +13
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    flag Jay Jay says: Jay Jay
    June 7, 2014 at 2:26 pm |

    The problem at MOF is Fossil Chikwanda….its purely wishful thinking expecting progress with such incompetent individuals at the wheel.

    Reply
  10. +13
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    flag Mei Matungu says: Mei Matungu
    June 7, 2014 at 2:27 pm |

    Whether anybody talks about it or not, Zambia’s economy is already rotten and stinking. All the key indicators are pointing in that direction. It would be hypocritical to deny such gaping reality. How naïve can PF become, by trying to tell people to turn a blind eye, to the mess they have created in so short a time! Sir, the moral thing for you to do is to resign and let a more competent individual be appointed to rescue Zambia’s dying economy.

    Reply
  11. +17
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    flag Bwana Mkubwa says: Bwana Mkubwa
    June 7, 2014 at 2:33 pm |

    Mwebantu. Lets be fair and support our govt. Let us NOT TELL LIES.

    Everyone can see that our ECONOMY is doing great. In fact it is the best performing in Africa.

    Can’t you see our Kwacha has gained a lot in the last 3 years. It is a lie that it is K11 to GBP1. It is Not K7 to US$1.

    It is a blue lie that Mealie meal is more expensive today that in 2011. In fact Fuel is now cheaper. In fact everyone can see the cost of living is now far much better than in 2011. Everything is cheaper, our hospitals are cleaner, well stocked with medicines. People are lying BCG and now NEVIRAPINE run out.

    People are going round lying our debt has risen sharply during the PF rule.

    Our bumper harvest is not a lie.

    We are more free to assemble now.

    Of course Zambia is better NOW

    Me…

    Reply
    1. +8
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      flag Bwana Mkubwa says: Bwana Mkubwa
      June 7, 2014 at 2:36 pm |

      …. Me I WILL NEVER GO ROUND TELLING LIES!!!!

  12. +8
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    flag Kalikeka says: Kalikeka
    June 7, 2014 at 2:44 pm |

    Dishonorable minister: It seems you are so used to telling lies, with a straight face! Where the hell have you been when the economy of Zambia was deteriorating to this failed state extent? Are you sure it’s the people on the ground that are making negative sentiments? Or is it you who haven’t done your job, sir! The economy is already in the negative territory relative to other neighbouring countries’ economies! A word of advice…just RESIGN, sir!!! Why isn’t the PF government giving chances to young bloods?? Am more than sure there’s talented skilled young blood to replace Mr Chikwanda!!!

    Reply
  13. +12
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    flag Chilyata says: Chilyata
    June 7, 2014 at 2:48 pm |

    Very funny! The article says “The Ministry of Finance has warned Zambians….etc” But who actually sent us a warning because the ministry itself is NOT a person and cannot missue warnings!!
    Chikwanda and SataN have messed up our economy AND are now SCARED of making statements OPENLY!! It is actually the OLD FOSSIL Chikwanda who made that statement – yes, that coward useless Monkey!!
    A few facts for you Ancient and Outdated Rug Minister Chikwanda. Just because you have built Mansions from the money you STOLE from Kwacha Rebasing does NOT mean the Economy is doing well. If it was doing well, why were you talking about the 5.2% deficit this year! What is the Kwacha exchange rate today, bald head? What’s the cost fuel and mealie meal?
    Pipo like you SHOULD be BURNT not BURRIED when…

    Reply
  14. +7
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    flag Wantanshi says: Wantanshi
    June 7, 2014 at 3:09 pm |

    Sata/PF is the artist that has portrayed Zambia in extremely very bad light such that nobody worth his salt wants to visit the country. Who has brought about this unheard of and completely stup!d situation, is it innocent Zambians or is it the president and his ‘useless’ minions? Tell us that!

    Reply
    1. +3
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      flag Bemba Bimbo says: Bemba Bimbo
      June 7, 2014 at 8:28 pm |

      Chikwanda says —

      Tomorrow at 8AM SHARP H.E. President Sata will deliver a PRESS CONFERENCE at State House to correct the MISTAKEN impression given by the Kwachas decline and demise.

      He will paint the CORRECT picture of our economy, and demonstrate all the wonderful achievements of his PF government since 2011.

      He will also announce the renaming of more airports as a follow-up to that most successful exercise that made Zambia famous and generated 600,000 new jobs.

  15. +7
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    flag Kay says: Kay
    June 7, 2014 at 3:14 pm |

    Donchi Kubeba indeed, so we should all be ignoring the figures and be LYING that the Kwacha is still very strong.

    Reply
  16. +6
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    flag Inconspicuous says: Inconspicuous
    June 7, 2014 at 3:27 pm |

    Personally voting for PF is one of the worst decisions I made in 2011… Damn!

    And this Chikanda minister can’t even resign is it because Sata(n) keeps hardening his heart behind the scenes?

    Reply
  17. +7
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    flag Ngalande Lukuku says: Ngalande Lukuku
    June 7, 2014 at 3:58 pm |

    Just admit that you have failed to govern the country. Even a two year old baby is able to sense that things are not alright in Zambia. Its expensive to fly out of the country due to useless kwacha, it is expensive to do business due to useless kwacha. In 2011 things were okay and you people with no ideas took over. We are now suffering in our own land due illiterate and useless ministers in place and above an illiterate president in State House. Yes you are there simply to earn a living and not to help the country grow. I wonder whether a sane person will give you a vote in 2016. Namutwipaya Ba mpompwe.

    Reply
  18. +5
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    flag theorist says: theorist
    June 7, 2014 at 4:01 pm |

    How I wish GDP was tangible and edible

    Reply
    1. +1
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      flag Umwina Zed says: Umwina Zed
      June 8, 2014 at 2:56 pm |

      It actually is. Only it is usually stolen by those entrusted with governance

  19. +8
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    flag 142 says: 142
    June 7, 2014 at 4:07 pm |

    Painting? Whom are you kidding? Wake up from your dreams of denial and look at the grim reality average person is facing due to your incompetence!

    Reply
  20. +6
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    flag Bestie says: Bestie
    June 7, 2014 at 4:11 pm |

    THIS IS NOT ROCKET SCIENCE!!! How the hell should people talk positively about a negative economy? This Minister needs to take several seats!!!

    Reply
    1. +1
      -1
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      flag Bestie says: Bestie
      June 7, 2014 at 4:12 pm |

      & SHUT THE HELL UP BY THE WAY!!!

  21. vote
    flag fumbi khobo says: fumbi khobo
    June 7, 2014 at 4:20 pm |

    @chilyata, your levels of hatred and the insults with which you punctuate your posting sounds very scaring to say the least, but at most I strongly feel this is lunacy at its worst

    Reply
  22. +1
    -1
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    flag spartan says: spartan
    June 7, 2014 at 4:34 pm |

    Foreign individuals and multi nationals are undermining our economy through various unsound (legal or otherwise) business practices and Zambians are cheering them on. This nonsense of depending too much on investor confidence should be stopped with immediate effect. Foreigners and their investments are important but should only supplement our efforts. Countries like Israel are ever under a threat of war and they don’t have the natural resources that we have but are still prosperous. Black people are their own worst enemies. ( My people perish for the lack of knowledge- Hosea 4:6)

    Reply
  23. +1
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    flag mojo says: mojo
    June 7, 2014 at 5:28 pm |

    Asekulu a Gondwe naba shikulu ba Chikanda please you are not equal to the task numukota sana,this job is not for the faint-hearted.You played your roles then but things have changed.

    Reply
    1. +1
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      flag Awe teifwe says: Awe teifwe
      June 7, 2014 at 6:55 pm |

      Ukukota has nothing to do with their failure. In their professions the older one gets the better they become

  24. +3
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    flag Vilifier says: Vilifier
    June 7, 2014 at 5:55 pm |

    These three are the only solution to the current crisis, if they resign.

    Reply
  25. vote
    flag Lord Voldemort (The Dark Lord) says: Lord Voldemort (The Dark Lord)
    June 7, 2014 at 6:47 pm |

    I guess new business is importing USDs to convert to worthless Zmw

    Reply
  26. +2
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    flag Awe teifwe says: Awe teifwe
    June 7, 2014 at 6:53 pm |

    We have nothing to do with the fall of the currency ba Chikwanda; nimwe mweka ba PF. however i agree that Zambians are prone to falling into the trap of believing that anything Zambian, including the Kwacha is the worst,

    Reply
  27. +3
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    flag olas mizi says: olas mizi
    June 7, 2014 at 7:34 pm |

    MR CHIKWANDA,WHAT ARE YOU DOING YOURSELF TO PAINT A POSITIVE PICTURE?YOU ARE EVERYDAY BUSY BORROWING MONEY WHEN YOU CAN EASILY GET ENOUGH REVENUE FROM THE MINES THROUGH WINDFALL TAX. WHO DISCLOSED THAT THE OWNER OF KCM MAKES 500M DOLLARS PER YEAR WHILE YOU, AS FINANCE MINISTER IS SLEEPING IN YOUR AIR CONDITIONED OFFICE?2016 IS JUST AROUND THE CORNER,ITS EITHER YOU COLLECT ENOUGH MONEY FROM THE MINES NOW OR NEVER.

    Reply
  28. +1
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    flag John Lewiston says: John Lewiston
    June 7, 2014 at 7:48 pm |

    Even in Zimbabwe people were still building and investing when their currency was in billion notes!

    Reply
  29. +2
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    flag True Zambian says: True Zambian
    June 7, 2014 at 8:03 pm |

    We are not talking negatively about the Zambian economy, we are concerned that PF government has no policy to deal with the economic problems the country is facing. Does Mr chikwanda expect us to keep quiet or pretend everything is fine. If the kwacha is falling, it is falling and people have the right to talk about it. Foreign investors do not feel the impact of the falling kwacha same as compared to the local investors or the majority Zambians.

    Reply
  30. +3
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    flag Blago says: Blago
    June 7, 2014 at 8:23 pm |

    One of the characteristics of a dictatorial-minded government is that they never want people to publicly discuss poor performance of government.

    The last time I was in Zambia, in President Rupiah Banda`s Administration, the Kwacha was around ,K3,000 to K4,000 to US$1. In Sata`s the Kwacha is 7,000 to a dollar. And this guy Yambua is saying people should not discus poor performance of PF`s Kwacha?! Rubbish!

    Reply
  31. vote
    flag Muniya Muniya says: Muniya Muniya
    June 7, 2014 at 9:47 pm |

    Alex and your friends you think this is UNIP, you mess up the economy then you want us to keep quite, fusake, you and your frineds should shut your shit up, and your Sata,

    Reply
  32. vote
    flag Peter Zulu says: Peter Zulu
    June 7, 2014 at 9:52 pm |

    Shut up, Alex and your foolish friends you messed the economy and you want us to keep quite, no way, you sale outs, tell sata and your cadres we shall talk about your shit and mess everyday, you are the kings of desrction

    Reply
  33. +2
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    flag Nkusa says: Nkusa
    June 8, 2014 at 9:13 am |

    The problem we have is the finance minister, he has no scooby doo about the economy dynamics. He does not know the root cause of the economic malaise and how is he going to sort out the problem. Ladies and Gents UNIP is back, we need devine intervention.

    Reply
  34. vote
    flag Sage says: Sage
    June 8, 2014 at 1:38 pm |

    ABC, its the economy stupid!! We are obviously living in different worlds. I cant wait to kick “these – good – for – nothing – clowns” who keep burying their heads in the sand, out in 2016. By divine intervention, it could happen sooner than later! Even when the writing is boldly on the wall, they fail to read.

    Reply
  35. vote
    flag pompwe says: pompwe
    June 8, 2014 at 4:49 pm |

    old dinosaurs..tell us what you are doing..atase..

    Reply
  36. vote
    flag maikalange says: maikalange
    June 9, 2014 at 6:16 am |

    Maybe if you stop f-ing up the economy …

    #OneZambia

    Reply

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