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Wednesday, October 21, 2020

The Dismissal of Dr. Denny Kalyalya is Another Sad Development for Zambia-HH

Economy The Dismissal of Dr. Denny Kalyalya is Another Sad Development for...

By Hakainde Hichilema

“What has happened at BOZ is like replacing an experienced heart surgeon with a mechanic, in the middle of heart surgery”.

The PF is at it again with its typical hallmark of failure in upholding the tenets of sound economic management and good governance. The dismissal of the Governor of the Bank of Zambia, Dr. Denny Kalyalya is another sad development in our country’s history, and it couldn’t have come at such a critical time, when the nation is facing enormous economic challenges, and uncertainties.

We can tell you without doubt, that the IMF will stop engaging with Zambia, not only because of poor fiscal policies but also because of the credibility of the new Bank of Zambia Governor. BOZ under Dr. Kalyalya has behaved professionally and has been managed with a firm and transparent standpoint. With the IMF leaving us to sort out our own mess, the next likely group will be our creditors who will start demanding their pound of flesh. Then the kwacha will follow, in free fall.

Secondly, Government has just shown that it is hell bent on undermining the BOZ, which has remained steadfast in ensuring the economy continues to function within acceptable benchmarks. The efforts made by Bank of Zambia on monetary policy adjustments is well documented. While Kalyalya was busy forestalling a free fall of the Kwacha against major currencies, Bwalya Ng’andu, on the fiscal side, was busy fighting him by introducing strange measures and contracting new debt.

A Central Bank, in any country, is a very important institution that requires professionalism and competence to reign. It is also important that the CEO of the Central Bank is protected by the law from political interference, like this one action that has just been executed by Mr Edgar Lungu. There are no prizes for guessing why Kalyalya was fired. Put simply, the man was professional, ethical and above board.

Various public statements he made on the condition of the economy, underscores the fact that he was forthright, prudent and foresighted. In now what has become the PF’s modus operandus, anyone who behaves ethically and professionally is kicked out.

At this point, one can only warn the Zambian public to brace for hard times ahead. The kwacha will devalue further, subsequently sending prices skyrocketing due to the rising cost of doing business. Further, jobs will be lost because the economy will further contract, probably end at a worse position than the projected minus 5.5% growth.

However with all this gloom in our midst, we would like to assure Zambians that come 2021, the economy will be firmly back on track. Do your bit, we shall do ours.

31 COMMENTS

  1. Quotable quote___“What has happened at BOZ is like replacing an experienced heart surgeon with a mechanic, in the middle of heart surgery”.

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    • Ask South Africans who was the real surgeon when Christiaan Barnard is said to have done the world’s first heart transplant?

  2. Quotable quote: “What has happened at BOZ is like replacing an experienced heart surgeon with a mechanic, in the middle of heart surgery”.

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  3. Shut up HH… there are no sacred cows when it comes to being hired and fired. You were condemning Kalyalya and now you want to shower him with praises… what a 2-faced demagogue.
    Kalyaya was making you rich as an individual and we have squeezed out your ambitions and by the time my boss leaves office he will have more money and wealth than you… you can’t stomach that but that is the reality.

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  4. Mwami HH the problem with you is you comment without research.If fact it is the IMF and World Bank that has has raised concerns several times on the leadership quality at Bank of Zambia.

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  5. The problem we have is that the person who is it State House lacks leadership and sober judgement…in short he is incompetent.

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  6. Why is Lungu just terminating the contract of the BOZ governor without mentioning the justification. For a BOZ governor position which is subject to ratification of the national assembly, the president should have indicated why he was terminating the contract as a minimum. This would have reduced the on-going speculations from the public and other allegations founded or not founded. If there are good reasons for Lungu to terminate the BOZ governor’s contract, why not mention them?

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  7. As always, just misleading all, how about putting the facts on the table? How come the regulations made by the guy were so terrible that no one could qualify for it? You would not know HH, for you live in your castles and make castles in the air too. What would you know how badly people needed that money that the Bank was merrily sitting on. The name says it clearly, Covid relief fund. its was for us, not for the Bank.

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  8. How I wish HH and Professor Michelo Hansugule could come out so forcefully to defend all those dismissed from government the way they have come out in defence of a fellow tribesman Dr. Denny Kalyalya. For those claiming Kalyalya has been dismssed on account of his tribe, my take is this. If Dr. Kalyalya has been dismissed on account of his being Tonga, then he should not have been appointed on account of being Tonga in the first place. Let us learn to be less emotional and more rational in our judgment.

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  9. HH claims to have finance knowledge, you plan to fix things. How come you cannot see the damage that withholding this relief fund caused to the small businesses who could not make use of it because Denny Kalyalya never bothered to ensure that the ones who needed it, the ones like the small businessmen, traders who could not have met the ridiculous demands he had put out, could be provided the money that the Government alloted? Where did your “financial understanding” and ” sad day for Zambia claims” go then. Answer these questions first.

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  10. If he was so ethical, why was the K10 bn fund so under utilised? People didn’t need money eh? so you say hard times are coming? which means you certainly could not see the hard times the businesses that closed down are facing and neither could your man in the central bank. No wonder the funds sat under the table, taken from the Government but not given to us. Fine policy you have. you certainly do not have the right to question Lungu. He at least made the provision for us, but the “professionalism” that you talk of, professionally made it unavailable to families that desperately need the help.

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  11. If the reason for terminating the BOZ governor is due to the stringent regulations and requirements BOZ demanded to access the COVID Relief Fund, why was this difficult to mention by Lungu upon terminating the contract. Why not put the reasons on the table so the public are well informed? Why creating storms in tea cups?

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  12. The IMF has left us to figure it out because they can see that the country is in competent hands. You claim that you understand the economy, understand the needs of the country, then how come you didnt speak up against this governor when he sat on the relief fund for so many months? maybe then what Chanda has said is actually true? You had your relative complicate the process to worsen the situation for your gain, where was your concern for the humanitarian crisis the relief fund was meant to lessen, where was your concern and understanding of our needs then? how come you never questioned your relative.

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  13. @faith “If he was so ethical, why was the K10 bn fund so under utilised?”
    You are so dull,…..
    How can you have fund of K10 billion when you have a debt of $19 billion dollars? its either you are printing money or contracting more illegal debt.
    Printing Zambian Kwacha is the same as slowly injecting poison into a human being.The individual may end up dying.

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  14. HH anything that happens under the Zambian sun is tied to your going to state house. 2021 is your retirement year. But since you head a chiefdom you will continue. Your father would have lived that a once national party remained that way.

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  15. wilson- think carefully..how can the governor withhold funds unless money is not there like in that sacrical video clip of Amin matching to the National Bank. Two months ago the same Finance minister was saying he will bring clarity to this matter of stimulus package but nothing happened…use your head these people don’t have money and are trying to cut corners.

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  16. What would happen in the Republic of Zambia if we voted h² in 2021 would be like replacing an experienced heart surgeon with a due thief , in the middle of Zambian coffers.
    Behold brethren do not fall for the due thief. Grant him a grand 6th time humiliating defeat. He is a kleptomaniac.
    Never again; never again should you grant this naysayer a chance.
    I thank you.

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  17. If in the short period new crisp notes with signature of “new” governor start circulating then that will be confirmation of those that have advanced the view that PF is pushing for printing money! However still probable that Kalyalya’s name could be usedon the notes but signature must also change with change of office appointment. Note the date of firing Kalyalya and the notes that will be in circulation! Kalyalya has nothing to lose ebusuma ukusambilila for despite the minor humiliation by Lungu and Bwalya Ngandu, the former bank governor is game in global financial markets!

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  18. Do we really need this Shangani(Tito) man to tell us who to appoint and disappoint. Shame on him. He should rather concentrate on fixing his SAA and keep on bailibg out. He says what is wrong with Africans little does he know that SA is an embarrassment on the continent. Development is not just brick and motor but also the Cali re of your human resource and the levels of your general populace.

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  19. HH, he has to say something. Why can’t he observe first before he rushes to sho sho media? People won’t take you seriously. My advisee to HH is, Hibernate so that people start missing you. You are everywhere. I thought the Governor is appointed by the President, can aswel fire him without any explanations bcos in the first place he was appointed without explaining to the public.

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  20. I would like to add on to my clone’s( tarino) comment above. I only have one question to put to the opposition and the regular diasporan moaners:

    1. Name one achievement of denny kalyalya since his appointment to the position of governor

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  21. The only thing we are sorry for, is firing your relative hh. We know it hurts but you will move on from it.

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  22. The only thing we are sorry for, is firing your relative hh. We know it hurts but you will move on from it. Kz

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  23. For f**k sake iwe Kainyokolola, you are worse than chimbwi wa chiwewe zero plan. If I had a gun, I would be honored to put you out of your misery, you’re surely an insult to God. Such a waste of space this Chipatans, is it the mice and rats they chew dementing them like this?

  24. Zambians do not realize that in the current economic and political scheme of things, they’re nothing but a stinking piece of shi.t! Even Rwanda scares the hell out of you. Everything in your shoppings malls in from SA. Thus is what happens when you have a president from Chipata whose nearest comparable to an economy is Malawi, where there is none!

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  25. @ Vwanga Tuvwe the IMF and World Bank has raised concerns on leadership at BoZ so you say. To you I say mislead not the citizenry for you know not who knows what and at what level of access to information that involves a third party whom your country has no jurisdiction over! The two financial giants do not decide who the affiliated countries qualifying to their services chooses to head a national central bank as theirs is a banking business at a different level to other known banks. For your information the same Dr. Kalyalya was working for the World Bank before leaving to serve back home. Some among Zambians like cherishing in degrading their own who elsewhere are revered! The case of embarrassment Professor Chirwa experienced is not yet history!

  26. Haakaivotela Humwiine, any presidential appointee serves at the pleasure of the president. What explanation was offered for the appointment of Denny Kalyaya? None. So why should you demand explanation for his sacking?

  27. The purpose of central banks was to serve as a “lender of last resort” to commercial banks faced with a run on the bank by depositors demanding cash withdrawals of their deposits. With the global pandemic situation, we don’t know whether Dr Kalyalya was up to scratch with the management of monetary policy? He must not be defended by opposition leaders, let him man up and defend himself.

  28. It is amazing the level of dullness some people commenting here expose. How can a president appoint a BOZ governor a position which requires ratification by the National Assembly without explanation or providing the qualifications and experience of the prospective appointee? If indeed the current president of Zambia submits name(s) to appoint as BOZ governor(s) to National Assembly without justification, then our National Assembly is just a rubber stamp.

  29. Sammy oloso!!!!? Just fix the UPND & Sons Ltd. We need an effective non-Sejani tainted leadership for UPND as an opposition party and not a business house.Short of this, you can kiss goodbye to a -10yr term in State House( before your time,the Governor lived there before we dragged him out in 1964).

Comments are closed.

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