DISMISSED Bank of Zambia (BoZ) Governor, Danny Kalyalya, had lost focus in the last few years and President Edgar Lungu needed to inject fresh leadership at the central bank, former Finance Minister, Katele Kalumba has said.
Dr Kalumba said Dr Kalyalya had failed to improve the monetary policy.
He said in an interview yesterday that fiscal and monetary policies were macroeconomic tools used to manage or stimulate the economy and that failure to improve them had negatively impacted the economy.
He said that Zambia right now needed strong actions to arrest the downhill trend of monetary and fiscal policies.
The former minister said that Dr Kalyalya did not put aggressive measures to stabilise the Kwacha.
Such actions, Dr Kalumba said, showed that the former governor had no new idea that could foster improvement in the economy.
“There was also misdirection by the team led by Dr Kalyalya to position itself to engage the International Monetary Fund, all these are failures.
“I pray that Mr Mvunga will coordinate the team at the Central Bank and the financial institutions. He must ignore the critics and pay attention on improving the economy,” Dr Kalumba said.