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Kwacha would have stabilised if PF Government had listened to us -HH

Economy Kwacha would have stabilised if PF Government had listened to us -HH

FILE: UPND president Hakainde Hichilema arrives at Kabwata Police Station for questioning
FILE: UPND president Hakainde Hichilema arrives at Kabwata Police Station for questioning

24 September 2015

A few weeks ago, we predicted, rightly so, and warned our colleagues in the PF that the measure to inject billions of borrowed Eurobond money to stabilise the free falling Kwacha was not sustainable and risked doing more damage to our economy. As usual they didn’t listen let alone heed our advice.

They ignored our proposal of alternative policies as they have been doing throughout their four years in office.

We think we can no longer waste our energy giving our colleagues advice and sharing ideas on alternative policies when they clearly have no ability to hear. Their preoccupation is to distract the public through by-elections, intimidation and personal insults and empty rhetoric.

For some of us who grew up in the village, we remember how parents would often tell their children to stay away from fire because it was dangerous. But there were times when parents deliberately allowed a naughty child to touch the fire and feel how it burns. In that painful situation, the child would never play with fire again.

This is the kind of PF regime we are dealing with that does not listen to advice, especially on key economic policy issues that unfortunately are harming the entire citizenry including relatives of those in power.

As we predicted and forewarned, the Kwacha is again on its journey to more worthless levels, not only against the US dollars, but against other African currencies as well where governments have put in measures to stabilise their economies.

This once more proves what we have been saying; that the Kwacha fall is largely our local unpredictable and inconsistent economic policies coupled with the PF appetite to recklessly spend on unproductive ventures that do not add value to the economy. Expenditure in the productive sector like agriculture can create much-needed jobs for our youths.

It does not surprise us that the continued Kwacha depreciation comes less than one week after President Edgar Lungu addressed parliament on what is supposed to be his economic vision, but it is clear the markets do not have confidence in his leadership, they have even reacted more negatively than against other African countries.
So far, a number of our neighbouring countries have passed on the benefits of the falling crude oil prices on the world market by reducing the fuel prices and consequently lowering the cost of doing business and thereby lowering prices of commodities for the benefit of their people.

That measure alone has reignited their productive sectors, making their exports more competitive, and creating jobs for their people as a result. But here we are doing the exact opposite.

Actually, we would not be surprised that fuel prices in Zambia will soon again be increased and further harm to the production sectors and greater job losses will be the result.

One thing we know for sure is that with the unpredictable business and economic environment following the continued falling Kwacha, prices of essential commodities will keep rising way beyond the reach of our people.

Unfortunately, even our agricultural inputs will this year be more expensive than previously, making our produce less competitive for exports.

In short, as Zambians it is time to brace ourselves for hard economic times and more job losses, while a few keep enjoying government travel allowances, inflated government contracts, and government jobs through increase in the number of ministries, the majority of us are barely making ends meet.

Hakainde Hichilema

UPND President

[Read 54 times, 1 reads today]


    • Now every Zambian is feeling the heat out of poor electorates decision. PF has failed us and the picture is clear on the wall. Where on earth did any currency lose value at this rate. The speed is frightening and very soon it will be K100.00 per Dollar.

    • Today Kwacha is at K11 to a dollar, Pound is at K16.29 and the Euro is at K12. This is what happens when dunderheads rule.

  1. Pres.Lungu is ok but he should address the depreciating of kwacha.It seems we don’t have a system in place to monitor the inflow and outflow of Dollar.There are no technocrats in govt to help the presidents.Zambians are lazy and don’t work hard.If u go in govt offices there are no pipo only jackets will be found. Pipo are busy stealing and building houses and lodges.There is no seriousness among our pipo.what they want is money without any input.what a country full of such pipo!
    govt should involve qualified pipo to monitor the Kwacha.Things are bad and if ministers and the president are sleeping Zambia will collapse before december. President,Ministers,pipo from finance,bank of zambia ,consultants and donors should be included to help resolve this issue as soon as possible.Please help

  2. Please help our president.The country is in total mess now.Why should Lungu go to USA with this current situation when kwacha is depreciating as if we are at war?noooooooooooo technocrats come together and save mother Zambia..I love PF but can’t understand what’s wrong with our leaders.This is urgent issue.President should be holding meetings everyday until he puts proper systems.seems dollars are being kept somewhere by mafias who are against the president.Dec should investigate what is happening in banks.Pipo are holding on the dollars.Bank should regulate how much a person can buy dollars to save kwacha.indeed Kalyalya seems to be a wrong person for me to head BOZ.Chikwanda where are u?.All business will closed coz zambians won’t afford anything.Can u become serious ba PF twapapata!!!

    • Moscow i have always known you to be a staunch PF supporter but I salute your objectivity and genuine worry about where this country is going. We have hit the K11 mark my friend and things are not looking good going forward.

  3. HH please don’t give up!! Who else can help Zambians? Our Nawakwi is also busy training women, who will train those Pistol Front drunkards?

  4. There are qualified clinical officers from chainama college of health sciences who don’t have jobs and they completed last yet there are a lot of health centres without clinical officers,what’s going on in zambia now?this has hapened for the first time in the history of chainama.we need to be addressed on this issue or they just close the college because you can’t stay so long without practicing as a health personel.that why we are now having dull clinicians.

  5. I still don’t get why we messed with fuel when a global drop in prices presented the opportunity for the WHOLE country to benefit and have a half a chance to weather the storm. Is it that a FEW saw an opportunity to mint it for their own benefit? People should be LED not RULED OVER. That is the fundamental problem we have. We need a LEADER not a RULER…

  6. HH started his statement well until he lied that other countries currencies have stabilized. Why not be specific as to which country’s currency has stabilized! Cause if he talks of RSA their Rand has also lost value lately going more than 14 Rand to a dollar!!! He should be specific as what he thinks can be done to stabilize the kwacha instead of shedding chrodile tears. on one hand he is happy that the kwacha is loosing value for him to gain political capital as evidenced by his quick reaction to issue statements of this nature and then on the other he wants to appear as if he cares for the poor majority Zambians!!

    • Benny boy, do not show your ignorance here! Go home and do your homework properly.

      Just 4 years ago people needed 2 Rand to buy 1 (ONE) Kwacha.

      Today it is nearly 1-1 (one to one).

      4 years ago PF came to power. The Kwacha is only worth HALF of what it was … AGAINST ANOTHER AFRICAN COUNTRY!!!!! …….. Now what do you have difficulty understanding about that?

  7. I knew before 2011 that PF and Sata were a bunch of incompetent politician and thieves, because I knew the man inside out. I tried very hard to warn people but no one could listen to me because people wanted to put one of there own in state house. Sata messed up the economy ,you will be shocked to learn how much funds were stolen and deposited abroad by Sata. The rebasing of the kwacha was another scheme to root the kwacha. Most of the Euro bond “kaloba” was stolen through road contracts which were exaggerated .Zambia is on its needs because of our sins. We need to repent and elect true leaders not serpents. Lungu is a moraly bankrupt fellow without any stamina to turn around the Zambian economy. If you still have some hope dush them out Lungu will not improve your livelihood.

  8. So what is HH saying? Blah blah blah no specific point. He seems to have no idea too. This problem is not about the PF. It started long time ago under Kaunda. What the PF is doing now will in future bear fruit. In the mean time, we need real hard thinking and not politicking and insulting people in offices that are trying hard to keep the country going.

  9. There have been offers to give Zambia short term assistance to help stabilise the Kwacha. Why has Lungu and Chilkwanda rejected low cost help from the IMF?

    Because they will insist on transparency, accountability and reforms like cutting the bloated government. And these thieves still want to steal more. That is why they have chosen the much more expensive Euro bonds that have no due diligence conditions attached.

    Wake up Zambians, Lungu and his PF are stealing our future right in front of our eyes. It is time to say EMOUGH IS ENOUGH! !!

  10. This is what you get for electing I’d!ots into State House!

    Lungu does not care about the Kwacha, he has more than enough Jamesoni to drink in an expensive hotel in new York!

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