CONTINUED KWACHA DEPRECIATION
Our leaders running the economic sector of this country need to come down to earth and stop this “Blue Sky” thinking propaganda.
Most recently the Minister of Finance made a pronouncement based on a number of mining initiatives that the kwacha will not depreciate in 2024.
This was further alluded to by the deputy governor of the Bank of Zambia at a media conference in Siavonga.
The reality however is that since January 1, 2024, the kwacha has continued to depreciate on a weekly basis. It is anticipated that by end of this week the Kwacha will be trading at K27 to a dollar. The rate today is K26.80.
So the question is: which 2024 are these government officials living in because the kwacha has continued its weekly depreciation since January 1, 2024?
Government officials should ensure that their statements are backed by results, otherwise they risk their credibility and public confidence dwindles as a result. The market remains mute despite positive statements being issued because the statements are seen as political rhetoric.
Right now investor confidence is low. We should also not underestimate the negative impact on investors due to seemingly unstable political environment arising from bad governance and dwindling democratic space. It’s not only economic factors that affect the kwacha but also perceived political instability. Take the PF wrangles as an example. These wrangles have also resulted in perceived political instability in the country and consequently foreign investors are cautious to make decisions to invest in Zambia.
Fred M’membe
President of the Socialist Party
(Image credit Zanaco)
Has 2024 come to a close?
If dismantling a ruthless and corrupt organization like the PF WOULD imply shrinking democratic space so be it.
Mmembe after making kicking himself in the foot and looking stupid over the barotse issue. Now he is making a new post to try and change the subject. He thinks zambians are so stupid not to see through him and his misguided tactics. In this information age. No one has a monopoly of information over others.
Praise singing has never been a key measure of democracy. Continue with your games of killing democracy and see how far you can go. Dont forget that Zambia is a begging state and a thriving democracy is a key ingredient required of us from the nations we beg from. Two years of this corrupt puppet tribal regime new doom government is a total disaster.