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Saturday, July 11, 2020

Zambia Voice concerned about portraying Zambian Economy in bad light

Economy Zambia Voice concerned about portraying Zambian Economy in bad light

Zambian Voice Executive Director Chilufya Tayali
Zambian Voice Executive Director Chilufya Tayali

The Zambia Voice says it is concerned with the speculations and malignancy to erode public confidence and portray the economic status of the country as if it is at the verge of total collapse.

Zambia Voice Executive Director Chilufya Tayali said this in a statement released to the media today.

Mr Chilufya said that the exchange rate of the local currency against other currencies does not necessarily reflect the economy of the country.

Mr. Tayali said that looking at other factors such as the gross domestic products, inflation among others, the country is not doing as bad as some stakeholders and politicians want to portray.

Below is the full statement

The Zambian Voice Press Statement on:

DEPRECIATION OF THE KWACHA AND THE PRACTICALITY OF THE PRESIDENTIAL SPEECH. 4TH OCTOBER, 2015

DEPRECIATION OF THE KWACHA AGAINST SPECULATIONS AND MALIGNANCE

My brothers and sisters, the depreciation of the Kwacha against major foreign currencies in the World, is a source of concern to many genuine Zambians and stakeholders.

However, as The Zambian Voice, we are more concerned with the speculations and malignance to erode public confidence and portray the economical status of this Country as if it is at the verge of total collapse.

Generally speaking, the exchange rate of the local currency against other currencies does not necessarily reflect the economy of a Country.

For example, Japan’s economy is regarded as one of the world’s strongest, and yet a single Japanese yen exchanges for considerably less than US$1. On the other hand, Cyprus’ economy is considerably smaller than the U.S. economy, but Cyprus’ currency, exchanges for about twice as much as the U.S. dollar.

There are other factors which are used to measure the economic status of the nation such as Gross Domestic Product (GDP), Money Supply, Inflation, Current Employment Statistics, Housing Starts, Manufacturing and Trade Inventories, Stock Index among others.

And if you look at these factors, Zambia is not doing as bad as some stakeholders and politicians want to portray. The Zambia’s economic growth is projected at an average rate of 5.7% while the Global economic growth is at 3.3 percent.

Currently, many citizens are concerned with government borrowing without asking why the global lenders are eager to give money to Zambia if the Country’s economy is collapsing.

According to World Economic Forum ranking Zambia is slotted at 96 above Countries like Ghana, Senegal, Tanzania, Uganda, Mozambique, Nigeria, Angola among others.

Therefore it is cheap politics and manipulative to capitalize on the depreciation of the Kwacha because the factors which affect the exchange rate can be very unpredictable and beyond Government policies at times. It is for this reason that forex exchanges do hit even the most powerful Countries including the United States which owns the dollar.

This is why we call it is manipulation to claim political mileage on the basis that one political leader would sort out the currency challenges regardless of his education or wealth.

On the other hand we would like to urge Government to be very cautious with the local money market because we sense some gimmicks in the shortage of the dollar. There could be a ploy between some business entities and some financial players to exacerbate the problem for ulterior motives.

We have observed that come stakeholders have taken political interests due to their association with some opposition leaders that if they help them get into power, they will in return give them favorable business opportunities.

However, we would like to advise such stakeholders and politicians who are inciting people through the exchange rate that no political party will win elections next year on the basis of dollar issue. Rather than causing panic and anxiety in the people, some acts of GOODWILL may win the people’s hearts.

TO PRESIDENT EDGAR LUNGU

The President should start living up to his speech which he delivered during the opening of the 5th session of the 11th National Assembly. We believe that the President’s speech is very practical and it should start being implemented IMMEDIATELY to sort out the current challenges.

The President should immediately evaluate the performance of some of his ministers based on his pronouncements of patriotism, hard work, discipline (corruption) and efficiency. The President needs to strive for high value return from his ministers and all the civil servants.

In addressing the Kwacha issue, we would like the President to use his influence to stimulate the foreign investment to wedge the depreciation of the Kwacha almost immediately.

COOPERATING PARTNERS

Our economy is very small such that if only we could have few substantive foreign investors, our Kwacha would stabilize. For some time China has been our friend in times of crisis while the West stands aloof but conspicuously criticize our alignment to the Chinese. Maybe this is their time to show us that they are true friends who care for us otherwise we should continue fraternizing with the Chinese.

We urge the President to engage the cooperating partners on how they can come in and help the situation by partnering with us like the way China has been doing. We don’t want consumable grants but investment that will grow our economy. We can buy our own food and medicines, including circumcision, if we have our own money. We want to partner with the Americans, the Britons, Russians, Germans among others.

The Western must know that desperate situations lead to desperate reactions and economic stress of our people, especially the youth, may lead to increase in crime on national and international level.

Youth who are radicalized usually have some psychological imbalance arising from sociological and economical inequalities. Zambia is a peaceful nation but if things continue to deteriorate there is a danger that our people would also be forced to engage in illicit activities. Therefore the Western Countries must come on board and be more proactive than reactive.

Today Rwanda is on the great road of success due to the economic boost from the Western Countries after the ravaging ethnic war, what about a peaceful Country like Zambia, it can blossom economically and help in some of the global crisis.

ZAMBIAN DIPLOMATS

Further we strongly exhort our brothers and sisters in the foreign missions, including the general Diasporas, to market Zambia so that we can have investment coming from those Countries. Being in a foreign mission is not like tourism, you need to deliver otherwise it becomes a sinking cost to run the missions.

TO ZAMBIAN CITIZENS

We would like to urge all Zambians not to be cheated but cheap politicians that they will change their lives over night. We have been cheated by politicians many times, it is now our obligation to take the opportunities which are there right now and change our course of life.
While we are crying over dollar others are busy exporting things (eg maize and beef) out of Zambia and making a lot of money because the dollar is high.

It should bog all Zambians’ minds that while we lament and call for political leaders to change our lives, foreigners like Rwandise refugees, Congolese, Indians, Chinese, among others come and live with us here but in no time amass wealth to even employ us. Such situations are rare in other Countries where our brothers and sisters are living and still being employed by the indigenous.

Zambia has opportunities, especially if we embrace what is contained in the speech of the President to Parliament where he talks about diversification through industrialization, citizen empowerment and job creation through cooperation, skills training among other things.
The vision of the President is real and it is a measure from which we shall judge him. The Zambian Voice will be the first to condemn the President if he fail to live by his speech.

God bless Zambia
Chilufya Tayali
EXECUTIVE DIRECTOR
CHILUFYA TAYALI

Executive Director

The Zambian Voice

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16 COMMENTS

  1. Since when did a child rapist become an economist??? This chap must just be locked up and maybe he will get some senses. All the technocrats and respected entities such as Moody’s have stated that things are bad. I think before people comment on educated issue LT, you must ask for credentials. Look at the minor at Ministry of Finance that made Chikwanda apologize for asking people to ignore Moody’s statement. LT DO NOT ALLOW ANYONE WITH THE CORRECT CREDENTIALS TO COMMENT ON NATIONAL ISSUES. CARDERS LIKE FR. BWALYA OR THE HIPPO WITHOUT BRAINS HIMSELF KAMBWILI

  2. This so called NGO is morally bankrupt and so shallow in its analysis. LT seriously need to raise the level of content that gets posted on this site. This is a waste of valuable spaces that could have been used by more informative & productive content to challenge our minds on the issues of national importance not of PF boot licking.

    • LT is simply posting all the rubbish and simply lowering standards…I wonder if there is an Editor for this website.

  3. This guy is not fit to comment on economic issues . He is maybe competent to comment on prostitution matters . He is sounding like he is being paid by the PF as a mouth piece .

  4. Comment:Tayali please reason with your brain not with your belly! What credentials do you have for you to comment on national matters. You sound like a PF cadre, you can’t see that economy has collapsed. Please stop being myopic, think about the future of children if you have!

  5. …Tayali must not generalise his comfort….a typical day for Tayali and afew so called ‘some of us’ goes as follows….
    ….Tayali wakes up around 0700hrs gets a warm shower and consumes his bacon and egg English breakfast before he jumps into his faulty free air conditioned Jalopy….he takes 20minutes drive to his air conditioned office…with a paid for landline and free cell phone units….occasionally he goes home for lunch but mostly he eats from hotels and the bills settled by his organisation…when he knocks off..he passes thru a watering hole for his Amstel before he retires home…only less than 5% of the population afford such luxuries…
    ,,,such guys do not see out side of what they have…Mr,X has a son in Malaysia studying engineering…3yrs ago he used to send him a…

    • cont’d
      …used to send him a thousand dollars but now he only manages $350 with the same amount of Kwacha equivalent…

  6. In the same breath the guy says things are rosy, then he accuses opposition politicians’ friend in business circles of distorting the exchange rate, then he says if things continue to deteriorate youth will become criminal. Scatter brain indeed.

  7. This boy is out of his out of his depth on this topic best he keeps quiet…he needs to properly do some research before he posts his amateur articles for his own stake; its not only your girlfriends reading your articles now Chilufya. Chilufya do you not know that a weaker Japanese Yen is good for their economy especially for leading exporters, such as Toyota Motor Corp. , Nissan, Daihatsu, Fuji Electric, Honda, Isuzu Motors, Mitsubishi, NHK, Panasonic to name a few? The yen’s fall boosts exports and earnings at many Jap companies, a result of stimulus policies engineered by their govt to spur growth and end deflation.

  8. Why shouldn’t tayali comment on economic matters. Economics is the only field of education that anyone can comment about unlike engineering and medicine. Reason being that economics ranges from simple to complicated and the secret lies squarely on understanding its basics which are simple. ( ubunga kulinganya na menshi) . tayalis article is a true reflection of the current status Zambia is in and if any politician want to quickly attract electorates this should be the style of criticism they should adopt. The problem we have is our opposition lacks vision and strategy of gaining popularity. They think by insulting ecl people will hate him and vote for them which is opposite.

  9. “…tayalis article is a true reflection of the current status Zambia is in and if any politician want to quickly attract electorates this should be the style of criticism they should adopt…”

    Only one comment: One 1mbecile supporting another 1mbecile!!!

  10. This is the chap who used to condemn PF to the core, and all a sudden they are now angels! Ama politics yansala! The idi0t is now on Edgar’s payroll so he must be seen to talk, even rubbish like the article above to remain relevant! Typical “Sebana wikute”.

  11. This is the chap who used to condemn PF to the core, and all a sudden they are now angels! Ama politics yansala! The idi0t is now on Edgar’s payroll so he must be seen to talk, even rubbish like the article above to remain relevant! Typical “Sebana wikute”..

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