Movement for Multi-party Democracy President Nevers Mumba’s special assistant Raphael Nakacinda has described the continued free fall of the Kwacha as disastrous and scandalous.
And Mr. Nakacinda has attributed the slide of the Kwacha against major foreign currencies to the unpredictable nature in which the current government is running the country’s economy.
Speaking in an interview Mr. Nakacinda observed that government has completely failed to arrest the fall of the Kwacha something he said is negatively affecting not only the country’s economy but the very lives of the people especially the poor in the nation as commodity prices have sky rocketed due to the depreciation of the Kwacha.
He further observed that the PF government’s failure to put in long term measures to stop what is currently happening to the country’s currency is a scandal and a disaster which the people of Zambia should not allow to happen again and a good reason to kick the PF out of office as it is ruining the country’s economy.
And Mr. Nakachinda accused the current administration of introducing economic policies on trial and error basis something he says is scaring away investors.
“When you are running a small economy like ours you need to put into consideration the many dynamics that ensures that the economy is not affected when you introduce certain policies so that your economy remains predictable to investors but this regime came into office on the back drop of a lot of promises and uncontrolled zeal to make dramatic changes to the economy was already stable and progressing,” observed Mr. Nakacinda.
He added, “the PF have gotten us on a nose diving spiral in terms of the way the economy is running so have such a disastrous scarcity of the dollar on the market is scandalous to say the least.”
Mr. Nakacinda was commenting on the down fall the Kwacha which has hit record highs against major foreign currency with the US Dollar exchanging at more than K7 to a Dollar.
Don’t expect anything good from the rebased kwacha.
Where are those PF bloggers who sing praises of this incompetent administration?
This is grand failure , never seen since the mushumfwa KK days.
It only shows that the real value of a currency lies in how productive a country’s economy is, and not DIVISION BY 1000, which is sugar coated as REBASING.
You are VERY WRONG!!! The value of the currency lies in HOW STUP.ID we are, we allow ourselves to be ruled by a mposa mabwe, who then invites a Dinosaur as Min of Fin, whose pride of a computer is an “ABACUS!” The country is productive, otherwise laughing Agrawal nor Glencore nor “ba choncholi” would not be reaping where they are!!
In general Africa’s debt stock has continued to rise at an alarming rate. This is partly because a lot of governments are embarking on unparalleled infrastructure development that is not matched by internal economic activity. We still have structures that pull resources to the center before redistribution. If this can be balanced out (let those that are a production hub retain some measure of financial and economic control) we should begin to see currencies leveling out. As for the developments by PF I believe there is no other way at the moment; the country has lagged too long in terms of development especially in rural parts of the country.
The problems Zambia is facing can be attributed to MMD’s failure. En-mass the people rose as one to kick out the diabolical KK and his UNIP. They had child like faith that MMD would deliver. Little did they know MMD first leader kafupi would focus more on designer suits and lots of girlfriends instead of the economy. Levi tried and would have been on track had death not come untimely. Then came RB and Zambia’s demise was sealed when corruption was almost institutionalized with his kids fully in charge of the plunder. Fact is Zambians are very patient people, for them to settle for a mad man to govern them means they had no options left. So ba MMD you are worse than PF for throwing away an opportunity to showcase your acumen as leaders. I doubt Zambia will ever trust you again.
This is total rubbish.
at least we now have evidence that mmd was better than pf.
@wantashi you mean you are so blind that you can’t how corrupt, inept and tribal your pf govt is.
When Dr Situmbeko stated that rebasing the Kwacha when the fundamentals that led to it’s worthlessness remained in place was stupid, all the Bembanized monkeys from Ituri zeroed in on him accusing him of hate and jealousy! Now you see what is happening, soon the Kwacha will not be worthy of wiping even “abena Charlie Mwango’s” backside where is stinks rotten and never ever shines!
Does Sata know about this kwacha that it is losing value against major currencies? Is he advised by ill persons that are called economical advisors who dont know anything looking at the way things are going? Or the president knows but he is stubborn to let people work and arrest the situation? May be I can say that this government is incompetent to handle issues of the nation?
They have messed up the economy.
The Watchdog has just reported that Charles Mwango is about to be ‘sneaked’ out of the country all the way to India and he is currently in a demented condition. So we can safely say at this moment in time he has absolutely no clue nor idea what is happening in the country. If he does he still is in no mental state to worry about anything.
I have heard, seen and touched Kaingu ‘s political mastabation. His compromise is highly suspicious. I think even the issue of the cultural village, fish ponds and police stations need to be investigated. As people of Mwandi we are done with him. We want principled people
iam sure now all bembas have known which tribal party is and which useless pipo to put in govt come elections now vote on none tribal line and go for some one with quality and sound education you know who iam talking about kwacha at k7.5 and still say the economy is improving shit madness
Do you know who is behind all this , and it is indeed affecting all zambians so politicians need to be carefull how they talk about this zambia is a every stable nation I for one don’t see any instability in any corner but some one some where is pulling strings , look at zimbabwe has such happened in zambia , why is such hate up on zambian or is it about copper , he many care in zambia , they high salaries to zambians or the kcm issue