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Alba Iulia
Thursday, October 22, 2020

PF Media Director hints at the Reason for Bank of Zambia Governor’s Dismissal

Economy PF Media Director hints at the Reason for Bank of Zambia Governor's...

The ruling Patritic Front Media Director Sunday Chanda has hinted that the Bank of Zambia Governor Denny Kalyalya has been dismissed because of the poor disbursement of the stimulus package into the economy.

In a post responding the opposition United Party for National Development (UPND) Leader’s criticism of the president of the dismal, Mr. Chanda said that only K1 billion of K10 billion stimulus package was disbursed in the midst of negative economic growth, and hence creating a liquidity problem in the economy and wondered which country would allow such a situation.

Mr Chanda said that there was clearly suspected sabotage to knock out the economy completely and so as to benefit UPND

” We expect that anyone who is serious about Zambia like His Excellency President Edgar Lungu is must raise concerns about the slow disbursement of the stimulus package and the over stringent measures put up which are defeating the very reason why the Stimulus package was put up in the first place,” said Mr Chanda before adding that tere was clearly suspected sabotage to knock out the economy completely and this is what the UPND was banking on.

Below is the full statement

*HH’s Excitement over changes at BOZ*

23rd August 2020 – Mr. Hakainde Hichilema posts on his Facebook page the following: “What has happened at BOZ is like replacing an experienced heart surgeon with a mechanic, in the middle of heart surgery”.

We wish to draw Mr. Hichilema’s attention to Article 214 of The Constitution of Zambia (Amendment) Act No 2 of 2016 provides that;

“214. (1) There shall be a Governor of the Bank of Zambia who shall be appointed by the President, subject to ratification by the National Assembly, and who shall be—
(a) a citizen;

(b) a person who has specialised training and experience in economics, finance, accounting, banking, LAW or other field relevant to banking, as prescribed;… “

While subject to ratification by Parliament, the newly appointed BOZ Governor Mr. Chris Mvunga is an accomplished Professional Accountant with extensive business knowledge gained across industries, ranging from local to Multi-national companies. He is a fellow of the Zambia Institute of Chartered Accountants (ZICA) and the Association of Chartered Certified Accountants (ACCA- UK). He is qualified to be BOZ Governor with adequate experience locally and internationally.

We have also observed that its been very easy for UPND leader to attack Minister of Finance Dr. Bwalya Ng’andu, a man who has taken very aggressive fiscal measures while paying a blind eye to his cousin the former Bank of Zambia Governor over the K10 billion stimulus fund which had remained undusbursable until now. Only K1 billion of the stimulus package was disbursed in the midst of negative economic growth. How can the economy be rescued when there is no liquidity in the economy? Which country can allow that? But alas Mr. Hichilema found it convenient to remain quite possibly because the person involved was his relative.

We expect that anyone who is serious about Zambia like His Excellency President Edgar Lungu is must raise concerns about the slow disbursement of the stimulus package and the over stringent measures put up which are defeating the very reason why the Stimulus package was put up in the first place. There was clearly suspected sabotage to knock out the economy completely and this is what the UPND was banking on.

SIGNED:

Sunday Chanda
Media Director
Patriotic Front
Party Headquarters

60 COMMENTS

  1. The problem seems to be that the former BOZ boss did not have the cash and has been resisting sucking up the forigne reserves………

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  2. flag Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans

    This buff0n negro is at it again… why is the PF media propaganda mouthpiece jump to defend the firing of a BOZ government instead of the government… please separate party politics to national treasury and fiscal responsibility.
    How does BOZ get involved in disbursement of stimulus package funds? Isn’t BOZ’s job that of policy making? And even if they should disburse money for stimulus package, where did you think the money was going to come from? The country is broke, oh you wanted him to print it and he refused… I see.

    And look at this cretin always talking about tribe and s!lly… please shut the funk up, this is over your head. This isn’t about red lipping unintelligible beerhall discussion, this is treasury stuff, you s!lly!

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    • If you’re so shallow as to break down a constitutional requirement to tribal trivia then learn to avoid subjects of national importance that require sober intelligent constructive contribution. When you don’t know just quietly listen. Learn to stick to the subject at hand lest you look stupid whenn the facts are revealed.

  3. So if you sack BOZ governor because of the poor disbursement of the stimulus package into the economy….then why is the Minister of Finance still in the job? The truth of the matter is there is no stimulus package or money to fund it…I mean you can’t finance critical GRZ projects how can you fund this? Really laughable…anyway this boy is a clown am sure he was got off guard by this move as well.

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  4. What he says is quite true. Why were the funds sitting undisbursed? laying eggs with the Governor? The questions raised on slow disbursement are quite valid and for sure, the ones who need the money, will relate to it.

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  5. Sunday Chanda, speaking factually is appreciated.Its pretty much true that the finds were given by the Government but not disbursed. UPND political agenda behind the scenes. They did’nt think of the people who needed the money, for whom it was made available. Great! Chanda, better late than never, now at least the relief fund will reach the beneficiaries intended.

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    • Who does that? What kind of procedure is that? What kind of criteria was BOZ supposed to employ. Since when does a central bank disburse funds for a stimulus packages exercise. Is your thought process making sense to you? My dear just learn as much as you and feel free to ask what is provided by the law as this is a constitutional body.

  6. His relative? OH!! no wonder the money was not easily accessible. The Zambian economy would have benefittted!! How could HH want that now! How else would he continue his cry of Bally will fix it. LOL. He had to create something to fix first right?? So what better than to sabotage the system and who better to find support than from his own relative. Sad , they didnt think they were sabotaging help to the needy?

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  7. Despite the obvious ill intent , HH has the gaul to write ” the dismissal of Kalyalya is a sad development for Zambia? So shameless! Instead of standing by the people and regretting that the money could not reach most people due to the ridiculous expectations of the man, meant only to complicate the process, as always, its only about politics, its never about Zambia is it HH? Shame.

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    • What money? You seriously think there is money sitting in BOZ waiting to be disbursed? Seriously. If that’s your understanding and belief you are very lucky because your ignorance spares you from the harsh facts of how bad the situation of our country is.

  8. After unmasking the PF rat ,Zambian citizen as being the one and same silly d.ull Antonio mwanza,

    We wait to see if Antonio mwanza will be venturing on LT as Zambian citizen or will he slink away and reappear under another guise ??

    Let’s see if he is brave enough to continue as Zambian citizen…..

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  9. “slow disbursement of the stimulus package and the over stringent measures put up”
    Where is the money going to come from? You are $19billion in the hole.
    You think BOZ governer can just create money out of thin air like “abracadabra, hocas pocus”
    I agree with Dr Kalyalya , the PF want to destroy Zambias very existence.
    Zimbabwe here we come.

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  10. Party functionary, please leave government actions alone and let the government representatives respond if need be.

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  11. PF will be all out to justify the firing of Dr. Kalyalya but I am sure that many well versed in the financial sector will have difficulties with accepting whole heartedly the explanations! I don’t buy this Sunday Chanda hint as leading to the termination! I wonder if the BoZ even has the money! Dr. Kalyalya has nothing to lose calling a press conference and explaining the fallout! Keeping quiet will be a disservice to the Zambian people and country! Already the firing is being trivialized, tribalized and, politicized, it needn’t be if Dr. Kalyalya talks and it won’t be drawn into an agonizing conspiracy debate! However also follow the tracks of Bwalya Ngandu who Sata had removed from the central bank then recalled by Lungu to be appointed to “boss” his former boss and to be useful in…

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  12. contd… to be useful in Lungu’s firing of Kalyalya! Here you miss the “Newspaper that dug deeper!” Dr. Denny Kalyalya must submit to questioning his failures that earned him the sack by Lungu. The body that ratified Kalyalya’s appointment belongs to a separate wing of government so what is it saying? Well we all know the scapegoat way out that “it’s the president’s pleasure to appoint and disappoint!” But why did parliament have to ratify the appointment or why waste time with the ratification process when the appointee can be sacked without consideration of the ratification process? Pafula inkoko running around with a severed head needs to be put out of the misery.

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  13. Explaining to a PF cadre that the guvnor was sacked because he was being forced to print money is like telling the cadre that you can not sell that land as it is municipal property…s/he won’t understand …the cadre will respond by asking you what the problem is!
    These are lawless chaps.

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  14. Food for thought. We said here that SMEs will have difficulties to access those funds because of the terms that were set. It seems the intention was to benefit banks and not businesses. Instead on loans we advocated for local debt service. If SMEs are paid what they are owed they won’t need to borrow to finance their projects. It’ll be interesting to know who accessed the 10% stimulus package. However, it’ll be very sad if UPND tribalism has now permeated BoZ because defense and security wings were the most affected, hence the enmass retirement of officers

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  15. Don’t mind h², he is a knucklehead, an u5 devoid of what it takes to run a country. A due kleptomaniac, concerned with ensuring that he spreads falsehood to make himself look like he is an alternative and profit his offshore accounts. A misguided fellow in support of xenophobic attacks of fellow Zambians in SP when it dawned that he lost the 2016 polls without remorse. A sodomite who wants to use international gay people’s money just gain access to plot 1. A failed project who only always speaks doom for the country. He is a bitter sadist. Yak! What a nut!

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  16. Indeed for PF cadres and their leaders, everything is a hoax. Truth has to be avoided by all means. Castigating HH and drumming the tribal tramp card is their only hiding place from reality.

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  17. Sunday Chanda doesn’t know how Central Bank operate. He seems to think that BOZ had K10 Billion in its vaults and all what was required was to disburse this money. Chanda doesn’t know that BOZ had to either Print or borrow this Money. These two instruments of Monetary Policy have different consequences on macro-economic stability. Printing Money is inflationary so the Governor and his Team had to consider how much Money to Print and assess the impact it will have on money supply and inturn inflation and increase in consumer goods and services prices. BOZ could also borrow the Money assuming the domestic Money Market had the liquidity and BOZ has the borrowing capacity. Sunday Chanda doesn’t know that implementing a sound Monetary Policy is complex. Sunday Chanda should leave these…

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  18. How many times has denny said people aren’t accessing the funds despite the funds being available? In such times only PF caders access that money if at all is there. Most people are cautious with their finances now in such harsh economic conditions they would not bother to go borrow with such huge uncertainty in the economy. They may borrow but then the economic outcome becomes worse which leaves the borrower in a much deeper hole than before, again they may borrow then the economy takes a turn for the better eventually forcing them to have borrowed money they don’t require at that moment and still pay interest. Lastly people don’t go to BOZ to access that money BOZ works with commercial banks so what are the commercial banks saying about the Empowerment loan? It is they that people…

    • Bakoswe muchipatala. Beware of going in, because you will be eaten when left statehouse. Naku Chawama they are there. Lelo lelo wapya baisa.

  19. In countries with well administered economies the news of a central bank CEO getting fired would instantly send financial markets (Commodities Exchange) would have started tumbling already but for the dollar exchange rate that Zambians seem to rely on as the measure it will come even with the artificial measures PF might invoke reality will be felt.

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  20. PF media director should stick to issues pertaining to the party and let Dora Siliya and the president’s spokesperson deal with issue relating to governance. This is not his piece of cake to clarify unless he is trying to let us know that he discusses such business with the president which is very unlikely. It is just sad that the head of state dismissed the governor without informing the nation of the reason and we have to learn from the Sunday Chanda. These chaps do not even know how much they can comment for as long there is Edgar Lungu in the sentence they will respond!

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  21. To all the upnd sychophants and diasporan used condoms, I only have one question for you;

    1. Please mention one achievement of denny kalyalya since his appointment to the office of governor of Boz

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  22. Slow disbursement is because banks are the ones taking the risk if and when companies loan those monies. If GRZ is in such a hurry to disbursements stimulus funds then they should have given the money to CEEC.

  23. KZ
    I fully agree with you, my man. This Dr. Kalyalya is a total failure. He failed to bend to all the prompts of PF to do unethical things at BOZ. He is indeed a failure!!

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  24. Truth will come out 9ne day. For now PF is taking Zambia to a big hole. I pray God to control the damage that these thugs can do to Zambians as they still have 9ne year to go.

    Pipos, vote for anybody , even a slimy pig but not ECL. No PF member of parliament in 2021. It is party of thugs, robbers and enemies of Zambia. Nobody in his senses will accept to stand on PF ticket.

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  25. Kaizar, when was DK appointed as governor of BOZ? So doesnt the appointing authority know the achievements of the BOZ since the appointment of DK as governor of BOZ? If you think DK achieved nothing since his appointment as BOZ governor, then the appointing authority is incompetent. How could the appointing authority keep a BOZ governor who has achieved nothing for such a long time until now? Do you even have an idea what can be considered as good achievement by the BOZ in the context of the current Zambian economy? The recent achievement of DK is his decision to refuse BOZ to print money to please PF leaders when the economy doesnt have the money. He has been fired but this was his achievement.

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  26. Ngoma takwata amano, I am sure you know that you cannot fire a person without having compelling reasons to do so. The office of governor is not one where you can just fire someone like a toilet cleaner based in diaspora. The president would have assessed kalyalyas performance over a long period and especially so during an ongoing pandemic. He clearly has failed to perform during this cardinal period. I will not respond to the last part of your comment because that is just silly baseless allegations without any evidence. I will not waste my time on such hogwash.

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  27. Sunday Chanda is right. Something wrong with BOZ. Every time President announced stimulus package, they were part of decisions. So why not disburse?

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  28. Chenda thanks for being objective today. That is a good question which I hope the kalyalya supporters of convenience can answer.

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  29. Chenda thanks for being objective today. That is a good question which I hope the kalyalya supporters of convenience can answer. Kz

  30. Surely Chanda, you want BoZ to give money from without…the economy is under performing form many reasons among then poor governance, the pandemic and failure to invest properly in the economy as way back as 4 to 7years.

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  31. The economy has been failing for sometime now, due to a number of reasons among them the pandemic, poor governance and failure to invest in the real drivers of an economy like manufacturing, agriculture and associated sectors. Therefore, where was the money going to come from the inject into the economy?

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  32. I hear the PF rats shouting ….

    “ …..elo shalaingila nomba…..”

    Money in your pockets guys , go for it, …..

  33. To other opposition, just wear green with lungus face and go and chew that money …….

    it is Zambians money after all

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  34. The 10 billion Kwacha stimulus fund is just on paper. The government has no money. Disbursing funds requires following the standard procedure, you do not just get money and distribute in the streets to people. Just wait and see, very soon it will be one pound to 30 kwacha.

  35. Dunderheads like @ KZ and Zambian Citizen failing to think as usual. You cannot disburse what you don’t have. The government has been forcing the Bank of Zambia to lend it money that it hasn’t made. Remember the recent K800 million bond? That is quantitative easing – printing or creating digital money. If you don’t produce or manufacture, you cannot sustain that

  36. The hyper inflation in Zimbabwe was as a result of quantitative easing that could not be reconciled in the long term because the country was no longer producing enough to earn. Developed countries create money all the time, yes, and accrue huge debts, but they are able to sustain this in the long run because their currencies are stronger and they produce value goods..OUR currency values are tied to theirs

  37. SA’s Finance Minister “Presidents in Africa must stop this nonsense of waking up in the morning and fire a Central Bank Governor! You cannot do that. This is not some fiefdoms of yours! Your personal property?! No!”

    “That Governor was a good fella. Why do we do these things as Africans. The President of Zambia must give us the reasons why he dismissed The Governor – or else hell is on its way. I will mobilize!”
    Looks like I am in trouble about my statement on the dismissal of the Bank of Zambia Governor! I stand by my statement. Central Bank independence is key. Not negotiable. Let all central bankers speak out!

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  38. Zambia need a bold move MALI style package to stabilize the economy and trap the rats from corrupt activities. Being silent or blind attitude to corrupt activities is a cowardice behaviour SAVE the next generation .Insoka niku mutwe.Infact remove the peaceful noble eagle from the flag and insert a panga or assegai.

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  39. So a Mercedes Benz has been replaced by a village bicycle/1di0t
    Oh and KZ the governor’s achievement is that he funked your sister

  40. Watch $di Admin’s movies and you will understand our situation. One refuses to print money and another is appointed on the spot

  41. THE TRUTH WILL BE KNOWN SOON.THE ECONOMY UNDER PF HAS NOT BEEN DOING GOOD AND THIS MAN HAS TRIED. SUNDAY U SHOULD JUST SPEAK ABOUT THE ISSUE OF PF NOT ABOUT ECONOMY.IT DOESN’T AFFECT YOUR BALLS.AND IMBWA IWE KZ U SHOULD MIND YOUR LANGUANGE

  42. This government has been living beyond its means and has had a serious lack of priorities . How can Dr Kalyalya agree to release money that will only end up building mansions in Swaziland and provide Tasila with 2 million kwacha loose change .This government is worse than covid 19 and cholera put together .

  43. I.d.!.0tic diasporan upnd donkeys have resorted to cloning user names to discredit other people. What is sad is that you twits lack substance and objectivity in your opinions except blind and tribalistic support for hh. You question PFs governance record but look how upnd has been run since 2006?? Look how wonderful the D20 convention in USA put fresh ideas across yet upnd last had a convention 14 years ago. Upnd GRZ would be a historic disaster!!!!

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