Treasury Fredson Yamba (left) and Bank of Zambia Governor Michael
Gondwe (right) at a media breakfast at Taj-Pamodzi hotel in Lusaka
The Zambian Voice Executive Director Chilufya Tayali has challenged the Minister of Finance and National Planning Alexander Chikwanda and his counterpart Central Bank Governor Michael Gondwe to resign with immediate effect for failing to provide answers to the falling Kwacha against major foreign currencies.
Speaking at a press briefing Mr Tayali expressed concern that the kwacha has continued to depreciate while the two people charged with the responsibility of having a stable currency remain in office.
He said it is only right for the Mr. Chikwanda and Dr. Gondwe to resign because they seem not to understand their responsibilities of ensuring that both the country’s economy and currency are stable.
“I don’t know how my father Mr. Chikwanda is moving from his home going to the office, when he reaches his office the dollar is at this much by the time he is taking his cup of tea the dollar has gone up,” said Mr Tayali.
He further wondered why the minister is failing to explain to the public what has really gone wrong as he is the person running the country’s economy.
“The Minister of Finance needs to explain to the zambian people in clear terms why our kwacha is tumbling and for how long does he expect this rough to take. The press briefing he had did not articulate these issues and its an indictment on his performance,” he said.
He further called on the republican president to fire the Minister if he does not resign on his own because he has proved that he is not up to the challenge of running the country’s economy.
“President Sata should not take chances on such delicate issues to show the door to ministers who clearly show and confess their failure openly,” added Mr Tayali.
And Mr Tayali has called on the newly appointed Minister of Agriculture Wilbur Simusa to immediately sort out the challenges facing the agriculture sector in the country.
He said the minister should ensure that efficient farmer input distribution as well as better crop collection and marketing is put in place so as to avoid subjecting people to high mealie meal prices.
And on the constitution making process Mr Tayali called for more civil sensitisation to ensure that people understand what the are demanding for.
He said there is need to ensure that every one is included in the call for the new constitution.
What Mr.Tayali is saying, is just common sense. Chikwanda and Gondwe have no clue managing this economy and they should have resigned yesterday.
I suggest you, ask the government to resign instead of a Minister who is coerced and is just a pawn when decisions are made.
I would question the mental acumen of Mr Tayali. Why is he acting as though the Finance Minister makes decisions without running them with his majesty
Again this request is misjudged, misplaced and unnecessary
Saying that I have little confidence in the current regime including the Finance Minister.
There is clearly something wrong somewhere, sadly I can not pinpoint it.
Thanks
@Mushota you are right. I would say privatise GRZ if you PF or the people of Zambia have failed to run this country.
I think calls for these two to resign are misplaced and I don’t think they have failed to explain the falling kwacha nor do they have the capacity to do. The problem here is not economic but political. I think the key issues that need sorting out to restore kwacha are as follows based on these 3 points
1) Governance: sort out the constitution issue to demotrate that real people does not reside in individuals like Kabimba and Membe but the masses and cut the president’s powers
2) Rule of Law: Government need to be seen to respect the current constitution. They seem to have violeted it with impunity and there is no way an investor can trust such an environment
3) Cut Govt size, spending & borrowing. Stick to the budget and stop wasting money on dreamy projects.
Excellent!!!!!!!!
Why cant the Government take advantage of this sober analysis and move the economic forward and restore the depressed investor confidence. The Kwacha is on a yoyo and unless we as a nation (led by those with the instruments of power) galvanise on a common platform of sound and firm fiscal and political principles we are in for a tough time.
I can’t do better than my brother and echo his sentiments:
1. Reduce public sector wage bill (50% of budget) is not sustainable.
2. Defer some of the infrastructure projects because there is no money. We do it in the corporate world.
3. Freeze some of the newly created districts. The exchequer cannot afford to pay for infrastructure, furniture, motor vehicle and equipment, stationery and consumables.
These tired minds from a decades gone by must just step down. The economics they practice is archiac and there is need for fresh minds in tune with the economics of the day and appreciation of the big picture of the economy vis – a – vis the implication of decisions they have made and not properly thought through.
This is what happens when you have dinosaur policies
to resign is not the way to solve issue, man some people think only them can make it,the dollars is just getting strong everywhere ,even in china the dollars has affected the yuan. zambians learn to understand other people’s effort to settle things.if i may ask you Chilufya Tayali that if these two resign right now,will the kwacha gain immediately with working on it and settle things,comne you mother f…………ckers don’t just critizer things like HH!
You are right even if you use uncivilised language!
But if they resign AND the USELESS boss in State House resigns, that will definitely restore the value of the Kwacha!
The rottenness started at the HEAD.
FUNNY ONCE U SEE CHIKWANDA BENDING HIS NECK LIKE A YOUNG GIRL ON WEDDING DAY KNOW THAT HE IS SIGNING A NKONGOLE.
There is no need to approach national issues emotionally. A call for mass resignation is a call for crisis. A crisis can not be the solution. Writers are expected to deal with fundamentals. With respect to currency fluctuation, that is a market issue. Now, markets must be allowed to respond to pressures, no matter from where pressures may come. In this particular case, the cause of downward fluctuation is not simple but a combination of factors. These include price of main export, price of petroleum and other vital imports, servicing debt for loans spent on various infrastructure projects, etc. The medium term and long term are perfect but in the short term, some pressure is necessary to justify the huge infrastructure investments. Stop alarming statements. Boys will be boys.
Boys don’t become men by just growth nut boys made to become men.
That is challenging them to stop eating. In PF people are on record that they are in it for eating, make reference to Mukombwe and Willie Sanda. Then confirmed by failure of any minister resigningafter being called ifibuba, and useless. These PF people will never resign as all they care about are their bellies.
I agree with the call but I think the Finance Minister more than the Governor needs to resign. Whatever monetary policy a nation has usally is determined by the politics.
Since my SECOND wife has postpone the day she is coming back, one more contribution. I am advocating for free education up to first year university, how is it going to be financed in such a scenario? is that classed as a dreamy projects?
Am in!!! (until she comes back).
The problem we have is every Jimb and Jack will just wake up and start yapping about the kwacha. There are other countries with similar problems and hardly hear citizens misbehaving like these good for nothing Zambians.
@Chinyama
We don’t want to be like those other countries. Why? Because we are Zambians, and only the best is good enough for us!
The end result is causing unnecessary anxiety. Let me tell you that precedents are being set and it will come n burn you in future.
ba Chitimukulu kuti mwaloloko. only the best is good for us? Sata is the best? Nkana losing 5-0 is the best? Corrupt policemen all over is the best? A university that is ranked outside the top 6000 is the best? Border clearance that takes hours when in other countries this takes minutes is the best? perhaps there’s a different definition of BEST in Zambia. I think this definition isn’t the best
Sata is an I.d.iot. He invited his brainless, visionless, directionless friend to govt to become F. Minister even when he knew the fo.ol contributed to the destruction of our economy in UNIP days and they are now bringing back outdated ideas (INDECO). Imbwa Ishi!
when you have fossils as your. country’s decision makers, this is the result. dynamics of running an economy are so different from those of 1970 where minister of finance used to announce price of bread in parliament when presenting the budget. chikwanda thinks the rest will sort themselves out. just resign if you still got any morals left
Is this the same Chilufya Tayali facing allegations of indecent assault in our courts of law? That is the problem with our society; people want to concentrate on specks in other people’s eyes while ignoring logs in their own eyes. Should he not be directing his energies at sorting out his court issues? No morality in our day to day dealings. Coming to the issue at hand, we need to look at the issue of the Kwacha with sober minds, not just getting emotional and asking everyone to resign. Who tells you the next person will perform better? Look at the bigger picture, bloggers!!
@uwauma nafyala, u must be PF or one of those benefiting in a big way from these I.d.ots! Can u compare Chikwanda to Magande or Musokotwane? Don’t just look at yo tummy, look beyond yo nose iwe!
Wisdom is the principal thing; Therefore get wisdom. And in all your getting, get understanding. That’s the spirit Bo Given your name means a lot
please please so called educated zambians when we call for ministers or any one to resign we are saying give it to pipo who can do the work properly zambia is ours we will not afford to loose it tell ukwa and all his useless ministers and mps to resign they are a let down kambwili must not decieve himself he is also very useless your boss oberserved so
Today Kwacha at 1830 hours at Arcade Bureau was trading at K5.875. It has appreciated suddenly and the teller was saying tomorrow government is pumping 50 million dollars in the system and target is to bring Kwacha to 5 by third weed of April. Beware hoarders.
Nobody is hoarding the dollars as most forex earners know that the depreciation of the Kwacha is temporary. I had share capital timely paid to me from my European investments and I really benefitted from this depreciation as my Euros were more in Kwacha terms than I had projected. Do you people realise that Chikwanda’s borrowed dollar is going longer with a depreciated Kwacha? With huge local capital investments based on grants, they can be done cheaply with a weaker Kwacha. Most of these road works are human intensive as most capital equipment have been brought in already.
Ever heard of a ZAMBIAN resigning because of having failed the nation, sorry this will not happen, especially that their pockets are full of free DOLLARS. Laugh out loud.
Part of the reason why kwacha is performing poorly is because of lawlessness in the country. The rule of law does not exist and it is affecting the economy of the country tremedously. We need a country of laws which all should abide to. The new constitution should be enacted without fail. We dont need a referrandum. Zambians and foreigners- both the stimulators of the economy have no confidence in the policy makers as of now.
@MUSHOTA YOUR MENSTRUAL PERIODS NEVER CEASE AS YOU NEVER CEASE TO TALK SENSE AS SUCH YOU WRITE REASONABLE OPINIONS,PLEASE SEE A GYNAECOLOGIST BEFORE ITS LATE OR IT THE TOILETS YOU ARE CLEANING IN EUROPE SHAME.(LADIES PLEASE AM NOT DISREPECTING YOU BUT JUST TRYING TO REMIND MUSHOTA THAT SHE IS DUE FOR DOCTOR APPOINTMENT as you can read what she writes)
ba Secretary to the Treasury is using GO-black or inecto for his once white/grey hair…Nice to want to look younger than ones age.
Its not about one minister or Governor resiging its about deepening the look at only copper and work the sectors that we have and not simply play a reactive approach always like a straight jacket We simply have a weakness in the sectors that are thinly traded with little fall on
Though great initiative is needed for the minister to resign might not also be okay look at the behind seens and see what the minister is taking and work to complement Its about having a solid think tank that is longterm estalished not dependant on an individual or political but an institutionalised national economic policies with clear fundamental and corner stones
Any minister or Gov will need to work extra hard
But uncle Gondwe must have a stead team and work hard and see the economic path way looking at the Zambian economic classification and sector weakness if an grow or solidification will translate in the stronger kwacha
What would you expect from dead wood ? The minister of finance doesn’t understand modern economics that’s why he has failed to arrest the depreciation of the kwacha.
Awe bane tamumwene, it’s actually gaining digits yesterday 6.5 today 6.7, am sure this is latest donchikubeconomy.