Saturday, March 2, 2024

HH the Economist, Conman and Dying Kwacha

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By Kapya Kaoma

Ignorance and pride are bedfellows!

When HH claimed to be an economist, I laughed. The poor man proudly sold his untold ignorance of the global economy with pride. He convincingly claimed to possess magical powers to resolve all the economic problems that “foolish” Lungu plugged the country into—his swearing in at 10 am would lead to the appreciation of the Kwacha to 10 to a dollar by 2 pm. Today, Mr. Hichilema is helplessly watching as the Kwacha hits its lowest since independence. Worse still, inflation is at its highest in democratic history—all under the leadership of the economist. With no IMF package in sight, no NAPSA partial withdrawal to stimulate the economy and no debt restructuring, it is not only for political reasons that HH is silent—the big man has no idea as how to get out of this ditch. Worse still, Malawi just followed the IMF demand to devalue its currency by 40, HH haw another reason to worry!

President Hichilema’s pride has served him well. From street dogs to cats to kids, nobody will ignore the fact that the HH administration only knows how to blame Lungu as opposed to govern. But Zambians don’t eat Lungu. Neither is Lungu the economy. People elected HH specifically to address the economic problems that the Lungu administration inflicted on Zambians—from tupamela to tucooking oil to unpredictable prices of gas to the high cost of living to unemployment to the weak Kwacha among many others. These problems HH claimed he had solutions to, but today, his approach is one of blame—I can’t solve these problems because Lungu caused them! As one passenger said on the Bus in Lusaka, it is like a man who marries a divorcee but keeps bl aming the X for his failure to feed his stepchildren. This is Mr. Hichilema’s problem—his Presidency is nothing but running away from Lungu’s ghost. Flying away from Lungu’s ghost is behind this mess—he is overwhemingly obsessed with Lungu, on whom he projects his own ignorance.

Ignorance misinterpreted how the global economy works to the president, but pride forced him to rule as the “I know it all” guy. Various factors are responsible for the appreciation and depreciation of the Kwacha. Yet HH’s narcissistic p ersonality made him believe that his name “alone” would make the entire world come kneeling before him. The truth is, HH is a kapenta in the Ocean of global economics—his influence on the global economy is only appreciated when he makes foolish decisions that benefits his masters—western powers and Bretton Woods institutions; the IMF and World Bank.

But his cronies are quick to absorb HH for the dying Kwacha. Yet the very intelligent people where accrediting HH with great intelligence when the Kwacha artificially hit 15 to a dollar! Some even predicted that it would soon be 14 pm—10 to a dollar. Today, however, they have returned to the popular song—Lungu! Lungu! Lungu! The reason? The Kwacha is at 23 to a dollar and counting! Inflation is at its highest and goods are plenty, but people’s pockets are empty! Is HH shamelessly watching because he is not an economist but a conman?

43 COMMENTS

  1. This author is a sick and seriously lack emotional intelligence.

    A clergy whose mouth is awash with unpalatable language, be it against his fellow clergy or politicians he detests. I hope he heals!

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    • Where is he going against his fellow clergy in this article? I don’t see where clergy is mentioned. Are you hating on personal grounds or what? Stay focused and work hard. Don’t go around hating.

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    • The clergy man is saying the truth why calling him names? Are so blind you can’t see that this man you call your president has failed terribly? Swallow the pride and accept the truth, things are worse and you are there defending the failure.

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    • I don’t k ow what’s wrong with people…wether insala nangu ubupa. One clergy is addressing issues a country is experiencing under the current president…Chimuntu comes in nobukopo vomiting nonsense. Where did he mention fellow clergy…highlight where he said that. Do you know him in person? Do you have ama personals nabashi mapepo? How do you accuse a person of what he did not say? Are you that illiterate?

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    • @ Mayo Mpapa…Ad Hominem is when you attack a person, and not what the person is addressing, or the issues he’s raising. So, instead of attacking Kaoma, prove that what he is saying is not true. Otherwise, keep your beak shut.

  2. Zambia received this IMF restructuring plan which includes a package of $1.3 billion to be released in tranches, each around $188million. I believe we have received 2 to 3 tranches thus far? All of these helped push the currency to as low as K16.5 to the USD at one point. We have received investment pledges totalling $20 billion, Vedanta are pumping in slightly over $1 billion for KCM with $250 million to be released to pay off suppliers in the coming weeks or even days, we have LCM in Luanshya pumping in a further $1 billion and we have mines in NW with over $2 billion. How is the economy hit in such a manner with so much forex coming in? USD is in high demand and is leaving the country at record speed. This rate of externalization of forex is unsustainable, so how do we control this?

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    • Ctn…we need to identify the factors leading to this unsustainable outward flow of forex, the same suppliers in the mines and so called investors are the main culprits here. All the investments that come in do not benefit the local economy because we import everything, an investor that buys a mine dump truck is spending over $5 million, that money is not going to Zambia but going to the supplier in China, Australia and other countries. The only way to counter this is for the govt the pass a Law requiring any investment above a set amount say $5million to deposit those funds into the Central Bank.

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    • Ctn…That way we will have USD in circulation and under the control of the state. These big companies that deposit such huge funds will still be able to withdraw their funds at set periods. The nation will be liquid in USD without even having to burrow from bilateral lenders. The key point is only to allow Commercial banks deposits in USD of up to a certain amount, above that amount high deposits must go to BOZ.

      Problem solved! Your welcome!

    • The exchange rate is at k23, mealie meal is at k300, fertilizer is at k1200, fuel is at k29. Do not feed us rubbish that we can not see.

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    • Your proposal was put forward in 2013 through SI 55, HH was one of its main critics and the World Bank and IMF will likely fight and so will be the mine investors who are some of HH’s backers so it is a pure non starter!!

  3. Sick? Maybe you are have a bone to chew with Kapya Kaoma.Reading the article, I don’t see anything about any clergy but HH! and thr Kwacha Truth hates and your simple mind knows it. In case you don’t know, the whole world is talking about how weak the Kwacha is.

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  4. People that voted for HH do not think and are still in denial even when the economic indicator are right in front of their eyes. This guy stole money from privatization used tribalism to inherit Mazokas party. UPND hard a vice President Sakwiba Sikota who was kicked out because he was not Tonga.HH has failed in Agriculture(Anthrax), mining, the entire economy. Very soon people will start rioting when they will have no food to eat since farming inputs have not been delivered and rains have started,

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    • As it appeared that Anderson Mazoka was going to win the election, one Marcha Chilemena stormed the ZNBC studios shouting IT’S OUR TIME TO RULE as he harassed the employees.

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    • @ Deja Vu, YES and that is how he automatically fired himself. HH was largely voted as a protest against ECL NOT that he had convinced voters anything soiid. HH was was largely voted by young, mainly first time voters who knew nothing about what transpired in 2001 and by those who had a first hand experience with Tonga tribalism in 2001 as you have described were also desperate against PF’s lack of sensitivity towards discrimination against certain tribes and just general failure in governance, so they thought that over time HH had reformed from his tribalism and gave him chance!

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  5. I think the writer has gone personal in saying President HH is a conman and not an economist. Yes you may not agree with his way of running the Govt but your personal vendetta with him should not go into unprofessional way of reporting. Even the chief editor to approve this article is a questionable type of hurt journalism.

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    • Nothing is personal here the man in state house is a business command who has succeeded in dubbing inferior minds of his supporters, even when they are suffering they are still dancing for him without shame.

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    • So you got affected by the very last statement aini? You didn’t read the article but only the last sentence aini? It’s not your fault. Next time try reading the who article and make sense of it.

    • @ Naveen Anand…HH is proving to be nothing more than a Western puppet conman. Kaoma is right. He promised mountains and he’s instead performing molehills. Not to mention his passive support for the Western decadent lifestyle, the Alphabet agenda. He has to be voted out in 2026 to save the country.

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  6. The saddest thing about many of the anti-government articles written in all Zambian papers, they are not based on truth, logic, knowledge, political understanding or common sense.
    Hatred and lies are the driving factors.
    What this writer is displaying is his lack of knowledge, when it come to knowledge, leadership, economic and business acumen, HH is a colossus, and this guy is an infant.
    Grow up little child you are out of your depth.

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    • @ Ben…The Zambian people are not going to eat HH’s “colossus” knowledge on governance. Rather all People care about is pragmatic, tangible results. HH’s knowledge should translate into people easily putting food on their tables. Why has he not used his vast knowledge to fix the economy, stabilize the depreciating currency? If you’re one of his Western funders, help him out. Pump some funds into the economy to help him fix it, instead of your empty analysis that doesn’t help the starving ordinary guy on the Zambian street.

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  7. I drunk alot last night. I woke up hoping my dream that hh had been kicked out was true. Looks like we will continue suffering with poverty until 2026

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  8. Without naming any person, a trickster or a conman, here we have two failures: politics and economy.

    Apart from fighting and neutralising opposition leadership in a democratic country our leaders have lost it on the economy too. This is a big disappointment. Our president is an economist as opposed to the previous Chakolwa guy. We want a distinction between Old and New Dawn.
    For more than two years we have been treated to monthly fuel reviews. This system eroded our economic foundation and is no different from kwacha unstable exchange rates and contribute to high prices.

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  9. Yes HH has failed but he’s the president of the republic of Zambia and therefore let’s accord him some respect. We have a chance to disrespect him at the polls.
    But as of now he’s our president albeit his segregation in civil service.

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    • If something is a Spade and you think you must call it Spoon because Spade is disrespectful then you are doing youself a disservice.
      A trickster (synonym for Kaoma’s con-word used) is a person who cheats his way through. But I need a shovel not the spade for such tricks.

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  10. I have done a few economics courses. Frankly, the UPND has done well to maintain the kwacha below 50kwacha or even 100 kwacha to the USD. I say this because just before elections we were heading towards 30kwacha to a dollar. Add to that defaults and failure to secure debt restructuring. When PF was closing KCM with gun totting policemen and Mopani the same people complaining now we’re cheering then. For once let us stop politicking and get to work.

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  11. “…… Today, Mr. Hichilema is helplessly watching as the Kwacha hits its lowest since independence. Worse still, inflation is at its highest in democratic history…..”

    The usual lies and illusions from a deluded mind clouded by tribal hate………

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  12. THEREBARE THREE MAIN SETS OF PEOPLE IN ZAMBIA THAT ARE MAIN CHALLENGES TO THE DEVELOPMENT OF OUT COUNTRY. THE THREE ARE THE LAZY, THE CORRUPT AND THE THIEVES. PEOPLE NEED TO CHANGE THE MIND SETS AND DEVELOP THE SPIRIT OF HARD WORKING BASED ON INTEGRITY

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    • Esther Nyawa Tembo who raised a filthy mouthed b.tch like you. Don’t think everyone is as useless as you are. If you have nothing good to say…go to school and learn how to be useful.

  13. It’s amazing that lack of analytical skills our folly. We expected HH to cure this economy of hight debt levels and non production without any work and remedial adjustments. As a collective it is imperative that offer constructive criticism to open eyes of those in leadership to the alternatives in making this economy work. there are serious questions that have not been addressed by the other for example how does he propose we improve our GDP in policies as well as investments. It is easy to be critical when one void of information. Let’s elevate ourselves from levels of politics of personality to levels of policies for it’s the policies that will improve our economy and not personalities. I submit

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