AN economic consultant has bemoaned the increase in coin operated gambling machines in townships which reduce the amount of money in circulation.
Andrew Kamanga said the keeping of the coins in the machine for a long time was distorting the economy and also attracting criminals, adding that the Bank of Zambia should intervene in the matter.
He said the Central bank should question owners on the legality of operating bonanza gambling machines.
Mr Kamanga said BoZ should ensure that the monies put in circulation should be used towards the distribution of goods and services through spending to boost the economy.
He urged the Central Bank to stop anyone from participating in such kind of gambling as that was taking coins away from circulation.
“The owners of bonanzas must find substitutes for gambling instead of using coins,” he said.
He said storing of coins was illegal and a drain on the economy.
A check in selected parts of Lusaka exposed the extent to which people including school pupils are gambling on the bonanza machines.
Clement Moonga a teacher of Kasamba Basic School in Matero Township, said the trend should be discouraged because many pupils were running away from class to play the game.
“Failure to attend class is a key to failing exams and if pupils come late or stay away from classes it will be hard for them to pass,” he said.
Lusaka City Council acting public relations manager Habeenzu Mulunda said the local authority was not responsible for the registration of casinos as that was the role of the Ministry of Finance.
Watch Vegas the city the Mob made. Gambling is great contributor to economic growth if taxed and regulated properly. Ask the Americans how Vegas city generates income and contribute massively economically.
In Vegas you cant find pupils gambling. It will destroy our community.
Maybe bring back ka red na ka black. It doesn’t take coins out of circulation.
On the issue of school children absconding to gamble, the owners of the establishments should be held responsible and fines when under-age children are found gambling. It is the duty of the establishment to enforce the law and observe age restrictions. Knowing Zambia, though, I remember that we used to go and drink chibuku in junior police clubs dressed in school uniforms That culture is not productive.
How many Andrew Kamanga’s are in circulation?
AT LEAST, THANKS FOR NO STUPID COMMENTS TO BLAME ON THE GOVERNMENT …… GOOD COMMENTS AND OBSERVATION. THIS WE WILL DEVELOP AS A NATION.
Gambling in poor areas stirs a mith that one can be an instant millionaire (which is probable true) but what are the chances? Perhaps one out of a million!
Unfortunately, people with higher incomes does gamble (thats why they have a high income!) Low income earners alwayys have the belief that London is paved with gold! Who wouldn’t bazungus are rich!
“He said storing of coins was illegal and a drain on the economy.” really laughable.
This is laughable. This guy is no economist. He should study monetary economics. According to the quantity theory of money the result is an increase in velocity of the remaining coins.
Are the coins being kept in the machines for a long time or being smuggled out the country as scrap metal causing reduced amount of coins in circulation given the huge number of Chinese foreign investors involved in this business?
Many children have been hit by double tragedy of running away from class to play the game and that of their parents, mothers in particular, spending coins and kwacha notes left by their husbands meant for rape on gambling creating food crisis for already poverty stricken families and communities. Those interested in winning August 11, 2016 elections should intervene because the ministry of finance is the one that has invited this problem in name of wooing investment.
Kodi ni economics ya bwanji iyi? As illegal as it might be this is not hoarding. The coins do come out. What about the cash that stays overnight after Shoprite picknpay game close ?