National Restoration Party (NAREP) is saddened by the sharp depreciation of the Kwacha which has seen our currency to be the worst performing in the world, as reported by newswire Bloomberg. This trend cannot continue without comment.
We have seen a lot of businesses increasing the cost for goods and services as a result of our depreciating currency. The economy is now on its knees and we have seen no fiscal discipline amidst economic turmoil as evidenced by continued careless expenditure by government officials.
As we speak, President Edgar Lungu chartered plane to take him and his exaggerated entourage to New York for the United Nations General Assembly at a great cost to the nation that can only best be described as extravagant.
Further, the President has created more ministerial portfolios which will only increase unnecessary expenditure of our already heavily burdened economy. Today we have seen reduction in exports and the rate of the Kwacha is alarmingly at K12.450 to $1 (USD). This is a stark reminder of how the Kwacha currency is in the literal sense prior to being rebased, had the PF government not removed the three zeroes.
This government has [emphatically, on our behalf] borrowed a lot of millions of dollars and our obligations to honor these astronomical, misdirected monies will be at exploitatively high interest rates coupled with high exchange rates.
We are already witnessing the collapsing of our economy and we further predict a high inflation rate, increase in fuel costs, delayed salary payments to civil servants, default in settling Euro bonds, no payments to suppliers with possibly an exchange rate in excess of over K25 to the $1 by end of the year. There will be a continued increase in cost of goods and services as well as reduced revenue with several establishments and companies opting to trim down on expenditure. Further impacts will include a reduction in importation of goods which will also reduce revenue – the list is endless.
This government has [emphatically, on our behalf] borrowed a lot of millions of dollars and our obligations to honor these astronomical, misdirected monies will be at exploitatively high interest rates coupled with high exchange rates.
Inevitably, this will see our nation making huge losses in exchange rates and interest rates.This country has a lot of Technocrats who can help President Lungu to come out of this turmoil. The only problem is he does not transform his humility to listening to what others are advising him. We ask him to call for an emergency meeting with all technocrats, economists and opposition political parties to find a solution which will help arrest the depreciating Kwacha and the collapsing economy.
It won’t cost the President anything but it will make him and his government focus on resolving the problem we are now faced with. With an increasing threat of traders turning to the USD, the President’s energies and those of his entire Finance team, including Minister Alexander Chikwanda – should be directed towards resolving this urgent matter.
In sincerity, if not from a professional commitment, then perhaps we can appeal instead to the moral fibre of the Minister of Finance, Mr. Alexander Chikwanda to exercise wisdom and resign from his position. It is unthinkable that he has allowed our country to reach these levels of high cost of living. MrChikwanda should resign before the next budget is presented if he means well for this country.
To President Lungu we are asking him to appoint a new minister of finance and change the whole entire team of his economic advisers and treasury. If he doesn’t he should tell the nation what they advise him. From the look of things they advise him to see the economy collapse. The President should also address the nation and the business community to create some confidence in them. This is not about politics this is a national crisis that needs everyone to be involved the churches, the Economics Association of Zambia, ZICA, chamber of commerce, chamber of mines, unions, youths and many more stake holders. These should all be invited for an emergency meeting as soon as President Lungu comes back and after Hon Chikwanda has been relieved from his duties.
We await for the above actions to be taken immediately.
Issued by:
Frank Sichone
2016 Mkushi North Aspiring candidate
30thSeptember, 2015
Lungu has transferred Chikwanda to State house as Chief of Staff and relieved the Secretary to Treasury Yamba and replaced him with Emmanuel Ngulube…says a State house leach…he is yet to appoint Minister of Finance but has asked Mwanakatwe to hold Commerce and Treasury for now….
When we told you that you were electing baboons with no clue you laughed at us
Chikwanda if you are reading. I urge you to call for public conference apologize for what you done this country and resign. Leave the ministry in the hand of the economic association of Zambia and ZICAS. Why do this to your country and you are very old. Your existence will soon disappear and the future will be left to suffer
Totally agree with NAREP. Morality should prevail here, Chikwanda has lamentably failed and should resign on moral grounds. You can’t keep holding on to a post that you have failed in. We need a different breed of leaders.
MyZambia say “Morality should prevail here, Chikwanda has lamentably failed and should resign on moral grounds” I agree with you my friend but unfortunately they don’t have morals for a honest self assessment that can lead one to resign the only language they understand is that of being chased (voted out)
Imagine this man prepared the budget in 1972 and will still prepare a budget for 2015, 43 years later. when will the young professionals be in charge of national affairs? its like calling great Kalu, abedi pele to come back and play for Zambia and Ghana respectively, were do you take Abedi’s boys who are lighting up the EPL.
Having Mr. Chikwanda back in cabinet is an insult to the our professionals.
I know, its really sad. There is no progress, we are still dealing with the KK era people (RB included) when we should be dealing with the young people that KK gave so much free education to. KK invested in educating Zambians so we can have continuity, not the same old, same old.
Honour Janza after failing to make a tick for chipolopolo, Kalu made a bold decision to replace him with George Chicken Lwandamina. Who has now make soccer fans proud of chipolopolo. Chileshe
Kandeta has been assisting the old folk for too long. It’s time for him to be made a MoF.
MyZambia says “Morality should prevail here, Chikwanda has lamentably failed and should resign on moral grounds” I agree with you my friend but unfortunately they don’t have morals for a honest self assessment that can lead one to resign the only language they understand is that of being chased (voted out)
Imagine this man prepared the budget in 1972 and will still prepare a budget for 2015, 43 years later. when will the young professionals be in charge of national affairs? its like calling great Kalu, abedi pele to come back and play for Zambia and Ghana respectively, were do you take Abedi’s boys who are lighting up the EPL.
Having Mr. Chikwanda back in cabinet is an insult to the our professionals.
well said comrade as if we were together yesterday.
This Monster must be brought to account for all the money he has stolen, come rain or sunshine!
Why should he resign when he did not appoint himself? I would not either. Hon Chikwanda, others are chewing, why can u not chew too! You are not the only one who is not working:- we have endless load-shedding, labour laws are no longer being respected, cadres are carrying guns when the Min of Home Affairs is fully functional. So why pick on Chikwanda alone? If you want Chikwanda to resign, then the whole cabinet should resign including the appointing authority.
I TRUST THE PF GUYS MUST RESIGN ON THE GROUND OF FAILING TO RUN THE COUNTRY. HOW WAS MWANAWASA DOING THE DEVELOPMENT AND AT THE SAME TIME REDUCING DEBTS. PF MEANS ‘PEOPLE FAILURES’ . PF EVER SINCE FROM ITS COMING IN TO GOVERNMENT, HAS KWACHA HAS BEEN DEPRECIATING EVERY DAY AND TODAY PEOPLE WHO DO NOT THINK WELL ARE SAYING THERE IS TREMENDOUS DEVELOPMENT WHEN ZAMBIANS ARE CRYING OVER THE FLUCTUATING MARKET PRICES.
THE PRESIDENT TOO MUST RESIGN AND GIVE CHANCE TO OTHERS.
What is this business of “resigning on moral grounds” ??? That is the same as letting this man get away Scot free with murder!
He has been enjoying a SALARY and PERKS and failing to do the job he supposed to. He should be FIRED with IMMEDIATE EFFECT and made to pay back all the money he has received.
In some other countries even that would be too little, he would just be taken away and SHOT!
Maybe Lusaka City Council can include Chikwanda next time when they go around shooting stray DOGS!
no vision no progress.Even the Bible says so.We knew this government had no vision after death of Mr Sata but we went ahead despite the man being open that he had no vision so what do you expect?
Am pf to be honest.but ba chikanda or chikwanda nabafilwa,ba lungu nga baleumfwa insoni ukutamfya chikanda balasebana icalo conse,i mean world not Zambia.