“$5BN MIRAGE: MUNDUBILE DEBUNKS BOZ RESERVE HYPE”

“$5BN MIRAGE: MUNDUBILE DEBUNKS BOZ RESERVE HYPE”

By Staff Reporter

“Foreign reserves are like a shiny trophy in the cabinet,” Hon. Mundubile said. “They impress outsiders but do little for the hungry child in Kanyama or the jobless graduate in Kitwe.”

09.12.25

The Zambian government has trumpeted its ‘historic’ accumulation of US$5.2 billion in foreign currency reserves, the highest in decades, as proof of economic recovery.

Finance Minister Situmbeko Musokotwane hailed the reserves as a “buffer against external shocks” and a sign of investor confidence. Yet leading Presidential aspirant hon.

But hon. Brian Mundubile, a Presidential aspirant in the forthcoming August polls has poured cold water on the celebration, branding it a ‘hollow achievement’ that fails to touch the lives of ordinary Zambian citizens, it’s intended for. Smart Eagles

Hon. Mundubile argues that 64% of Zambia’s 20 million people remain trapped in abject poverty according to official statistics, with unemployment soaring above 70% and inflation stubbornly in double digits.

“What good is a vault of dollars when the majority of Zambians sleep hungry?” he asked. “Reserves may stabilize the kwacha on paper, but they do not put food on the table or jobs in the hands of our youth.”

CONTINENTAL EXAMPLES AND BEYOND ABOUND OF GOOD RESERVES AND POVERTY

Hon. Mundubile points to Nigeria, which in 2019 boasted reserves of over US$40 billion, yet millions still faced fuel shortages, high unemployment, and poverty. Kellys Kaunda

In the West, Italy has long maintained strong reserves as part of the Eurozone, but its youth unemployment crisis persists, proving that reserves alone cannot solve structural economic problems.

“Foreign reserves are like a shiny trophy in the cabinet,” Hon. Mundubile said. “They impress outsiders but do little for the hungry child in Kanyama or the jobless graduate in Kitwe.”

Instead of ‘self-praising’, Hon. Mundubile outlined practical solutions he will implement once voted as President:

• Agricultural revival: Invest directly in smallholder farmers to boost food security and rural incomes.
• Industrialization drive: Channel resources into manufacturing and value addition, creating jobs beyond copper exports.
• Targeted social protection: Expand cash transfers and school feeding programs to cushion the poorest households.
• Youth empowerment: Establish vocational hubs and entrepreneurship funds to absorb the swelling unemployed labour force.

“Reserves are not a measure of prosperity,” Mundubile insisted. “They are a measure of government’s ability to pay creditors.

Prosperity is when every Zambian family can afford three meals a day, when inflation is tamed, and when our youth find dignified work.”

As Zambia heads toward the 2026 polls, Mundubile’s sharp critique reframes the debate: is US$5.2 billion in reserves a triumph, or a distraction from the daily struggles of millions? For him, the answer is clear—the government’s reserve celebration is a mirage, while the real economy remains in crisis.

Fuel and food prices in Zambia are among the highest in the entire southern African region under the UPND government said Mundubile, a lawyer businessman turned politician.

SOURCE: BM8.09.12.25 LUSAKA.