Monday, March 4, 2024

President Hichilema is Lying about the Kwacha Appreciating for the First Time in 17 years


Former Zambian Ambassador to Ethiopia and now politician aspiring for the top job in the former ruling Patriotic Front (PF) Emmanuel Mwamba has challenged the statement attributed to republican President Hakainde Hichilema that the Zambia Kwacha has appreciated for the first time in 17 years.

President Hichilema is quoted in an article published on Thursday 27th January 2022; “Zambia’s leader says turning around economy, despite empty coffers” published by Agence France-Presse (AFP) and Rodger Bosch, quoting him saying his new government was on the fast track to restoring Zambia’s credibility and credit-worthiness after inheriting an economy strapped for cash and crippled by debt, and among other things; “Inflation is at 15.1 percent, according to official figures and is now the lowest in nearly two years, and the local kwacha currency has appreciated for the first time in 17 years”.

Posting on his Facebook page, Mr Mwamba said that in response to some market fundamentals, the Kwacha has frequently fluctuated to appreciating or depreciating, noting that, in fact, one of the subsidies to the fuel sector hedges against this factor of frequent exchange rate fluctuations.

Mr. Mwamba said that in early 2021, the Kwacha depreciation went to an all-time low and traded close to K23.00 per US dollar, and in May 2021, there was a sudden and rapid appreciation of the Kwacha, which resulted into an intense debate on what economic fundamentals could have changed to warrant such sudden appreciation.

Mr. Mwamba said that, in the May 2021 Monetary Policy Committee (MPC) Statement, Bank of Zambia explained the appreciation of the Kwacha, thus: “In addition, the significant improvement in copper prices and renewed interest in domestic Government securities by non-resident investors are supportive of the foreign exchange market and in turn
lower inflation going forward.”

“The strong recovery in copper prices to the current level of US$9,521 per metric tonne from a low of US$4,745 in March 2020 has contributed to sustained strong export earnings. This has resulted in improved foreign exchange flows from the mining sector through tax receipts remitted directly to the Bank of Zambia in US dollars.”

Mr. Mwamba said that the local currency has since May 2021 been bullish and has traded as low as K15.50 just before August 2021 and said that that to hear the President repeatedly state that this is the first time the Kwacha has appreciated in 17 years despite the open facts, is clearly concerning.

Mr. Mwamba concluded by saying that the Kwacha has continued to depreciate since the President was elected into office and now stands at around K18.


  1. It has stabilised iwe mwamba……….

    Traders can now plan with the 18/1 in mind………

    Not that every month change with your PF we used to see…………

  2. I agree. This president is becoming a Liar and a disappointment. Surely, the Kwacha did fairly well during the early days of PF, And Please recall that 17 years ago is 2005 and Levy Mwanawas was still serving his first term of office. The Levy/Magande combo is credited for the many gains in stabilising the Zambian economy after Chiluba carnage and the fundamentals that eventually lead to real real Kwacha strength had kicked in , HIPIC and all. And to claim that during all that time the Kwacha never appreciated is either lying or acting like a youth who voted for HH and has no history to reference to.

    This President is just talking to much and that is why he is lying too much as well. Stop talk and start working. Focus on work and your deeds will redeem you. Beating PF’s…

  3. . Beating PF’s infrastructure success at low cost and corruption free is not easy. Please get focused and do it and stop talking. UPND will be bench-marked against the infrastructure that PF put up, abeit at great cost. Future generations will not remember the cost. They will see what PF built and if you build nothing or transform zero lives, you would have lost with your so called right price, on time and whatever else you claim.

    With the lies you have started, it is worrying. That Brebner Changala and Dr. Shishuwa are not disgruntled PF cadres. These are straight people and they can see you are going off the rails. Please course correct before it is late and stop peddling lies. You are now in Government, please

  4. I don’t like Emmanuel Mwamba but I think on this one SOMEONE HAS TOLD A LIE. Infact the time he took government the Kwacha had come to K15 to one USD.

  5. The answer to all this is ensuring that the president has a written speech always. I mean always. That way experts would have input and and correct data. I remember how one president claimed that Lusaka Chirundu Road was 52km when it’s actually over a hundred. If he has written speeches, then he only needs to fire those that write such un verified speeches.

  6. UPND and HH should spearhead manufacturing industry growth in the country first, economic indicators will reflect. As of now, it is self-praising.

  7. The president promised us a radio station where he would engage with citizens.What happened to this promise because the citizens have a lot of Questions to ask him which urgently need clarity

  8. As long as His Excellency HH remains our supreme leader(real supreme leader, not the Bowman version of Edgar), the copper prices will continue to rise. Has the cassava project which Emmanuel Mwamba was doing stopped, he sounds more like an idle mind. when PF cheated us of more money in our pockets for ten years Mwamba was quiet enjoying tax payers money in diplomatic missions. Not sure what moral pedestal he is standing on to issue his daily hollow broadcasts

  9. In real terms looking at the implied inflation rate and growth focust productivity and risks,it has depreciated The best ever average mean value was recorded in 2013 when it traded in the range of 5.25 to 5.30 the worst is as written there It’s expected to trade in this range to settle yearly at 16.5 to 17.25 unless there is a change on the economics of the country and productive sectors It’s not difficult to observe and analyse given also the weak parity conditions

  10. Really laughable…I can not read a financial article or any article on the Zambian economy during PF regime written by one sly Emmanuel Mwamba because he puts political spin on it just look at how he explains his way on how Kwacha appreciated in May 2021…even Mvunga himself and BOZ staff laughed at that explanation in reality PF was recklessly pumping in forex from our precious reserves as elections were around the corner. Mwamba will not dare say this …one minute he is talking about free education next he is talking about the economy; these are topics he barely understands.

  11. Now the f00Iish upnd supporters are saying the kwacha has stabilised. That crook promised to lower the rates and not stabilisation. You can have stability at a high rate, but that doesn’t make it an achievement. The kwacha can stabilize at 100 to the dollar, would you be OK with that? Let us stop supporting blindly or with our tribe. You monkeys

  12. PF is Finished . The party managed to frustrate good and promising officials with real committed hearts for the party at MCC level like Mr Mulando, Edify Hamukale, Lazarus Chungu, Sampa (former kasama MP) etc who understand grassroot politics to rebrand the party.

    People like Bowman Lusambo, Freedom Sikazwe, Davies Mwila(SG), Himweene Mwiinga, Paul Moonga, kennedy Kamba, Chitalu Chilufya are the human figure reasons why PF is no longer attractive due to pettiness, jealous, tribalism, vindictiveness’, corruption, pride, greed, self centeredness and all manner of known nonsense on earth

    All these like Emmmanuel mwamba, Given Lubinda, Nakachinda and others are urban elitist’s who cant mix with ordinary people. They are just milking the remaining resources of the PF. People like…

  13. What’s even more laughable as I predicted this Emmanuel Mwamba is thinking of contesting for the PF seat after telling us he will act as a guide for candidates…I have always stated that watch Mwamba he is a snake, FTJ trusted him too much look what happened to him. LAZY LUNGU was cautious of him and sent him abroad.

  14. I am PF and a fortune teller, we need to disband, we have no future, I can see further than a non functional binoculars

  15. As PF grass roots we don’t want Kambwili, Nakachinda, Zayelo, Bowman, Kampyongo, Mwamba E, Chilangwa, Mundubile to lead us, we want fresh, vibrant, competent and focused people like Kang’ombe, Chalikosa, MushIimba, Makebi and Mushanga (if he can stop insulting). If this message wont be heed, we have the alternative to vote for which is UPND. Simple and straight forward issue

  16. Only naivety will push someone into believing that Vasco had any iota of truth in his statements. He had been a conman from a long time ago. Even aren’t worshipers of this conman are beginning to say “ Hichilema is becoming this he is becoming that…” Vasco da Gama has been what a few laggards are beginning to notice now. That is who he has been that is who he is, a smart conman but also shallow.

  17. @Tarino,
    If you can imagine Bowman in Parliament, then you can as well accept Tayali !!! Bowman is boasting, that his wife`s perfume value is able to pay for some peoples` “LENTALS” – Whatever that means !! ???
    And ka Tayali got 25k votes in LK as candidate for major, more than SEAN TEMBO, as a presidential candidate.

  18. Those wishing the death of the opposition should ask those who lived under the Unip era. Imagine a parliament where everyone belongs to Unip and if you try to be smart Super Ken will hold a press conference specifically for you. After the press conference the Unip Women League would march half naked to wherever you can be found and ask for your removal. Imagine the whole BoZ governor being marched on Cairo Road for simply having a different opinion on the running of the bank.

  19. Kwacha has always depreciated and appreciated relatively. However, HH promised it would appreciate to K5 which is about 1967 rates. I wonder whether any currency has done that

  20. Mwamba cannot get job anywhere in the world. What do these folks who make a lot of noise do? What is their contribution to Zambia’s economy?

  21. Kwacha started appreciating to between 16 and 17 to a Dollar during the PF rule.

    The UPND lied to us that the former leaders were cooking figures. Now that the New Dawn has dawned on us, the lies are that the appreciation must be credited to UPND. Lies have dwarfed legs. Didn’t they say they will drop the rate to K10?

    What is TRUE is: the exchange rate is relatively stable.

  22. So change of government and the IMF agreement is already factored into the USD, ZMW exchange rate which stands at 18.30 as of today , at the continued depriciation of at least a 1 USD a month you will be back at 22 USD by Easter this year .

    This is not balanced nor is sustainable and if not dealt with soon will create a crash and hyper inflation , also future copper contracts are going down month in month so cant be relied on to maintain stability!!!!!!

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