Christopher Mvunga, the former Governor of the Bank of Zambia (BOZ), has asserted that blaming the government for the depreciation of the Kwacha is unjustified. Mr. Mvunga encourages Zambians to consider the broader global challenges impacting economies rather than isolating the Kwacha’s depreciation.
In an exclusive interview with ZANIS in Lusaka, Mr. Mvunga emphasized the need to contextualize the depreciation of the Kwacha within the framework of various global challenges that have affected economies worldwide, including Zambia.
The former BOZ Governor highlighted that the past two years have posed significant challenges to economies globally, with Zambia being no exception. He specifically pointed to the adverse impacts of the COVID-19 pandemic, the Russia-Ukraine war, and the effects of Climate Change as contributing factors to the economic challenges faced by nations, including Zambia.
Mr. Mvunga urged Zambians to consider the interconnectedness of global events and their cascading effects on economic indicators. The complexities of the international economic landscape, exacerbated by events such as the pandemic and geopolitical tensions, have created an environment in which currencies, including the Kwacha, experience fluctuations.
While acknowledging the concerns surrounding the Kwacha’s performance, Mr. Mvunga stressed the importance of adopting a comprehensive perspective when evaluating economic conditions. He noted that external factors beyond the control of any single government significantly influence currency values and economic stability.
The former BOZ Governor’s comments aim to foster a better understanding of the challenges faced by Zambia and other nations, reinforcing the idea that economic fluctuations are often beyond the direct control of any individual government. As the global economic landscape continues to evolve, Mr. Mvunga encourages a nuanced and informed discussion surrounding economic issues for a more comprehensive understanding of the factors at play.