Christopher Mvunga


Former Bank of Zambia Governor (BOZ) Christopher Mvunga says the depreciation of the Kwacha should not be blamed on government.

Mr Mvunga says Zambians should not look at the depreciation of the kwacha in Isolation but that they should take into account a number of global challenges affecting economies.

In an interview in Lusaka, Mr Mvunga said the past two years have taken a toll on economies across the globe including Zambia, which has affected the performance of the kwacha.

Mr Mvunga cited the effects of the pandemic, the Russia- Ukraine war, and Climate Change as some of the contributors to the depreciation of the kwacha.

“The depreciation of the kwacha should not be looked at in isolation, there are a number of factors which contribute, it’s a global issue and it’s happening everywhere,” Mr Mvunga said.
Mr Mvunga explained that external factors have created a demand for more imports than exports, thus affecting the country’s productivity.

He said there is need for Zambia to export more to counter the imports hence the need for home grown solutions such as value addition to enhance the manufacturing sector.

Mr Mvunga said he is optimistic that the 2024 National Budget whose focus is unlocking economic potential is the right focus for the progression of the economy.

The former BOZ Governor further urged Zambians not to let the Free trade area make Zambia a dumping market for industrialized countries adding that Zambia should also export to international markets.



  1. Kwacha is in free fall. There are no visible measures in place to arrest this trend.

    This is really hurting businesses in Zambia.

  2. Ba Mvunga, are you looking for a job from HH? Was it not HH himself who told us that within a few hours of the UPND being in government the kwacha would appreciate? So, why should Zambians not blame the current government for the kwacha depreciation? Has HH come back to tell us that what he said about the kwacha dramatically appreciating on assumption of office was just a lie?

    • Dr. Mulenga Kaoma your comment doesn’t agree with your title of PhD holder. You are just too bitter for nothing iwe mudala. Did your PF Kelenkas come back to us to apologise for failing to put more money in our pockets?

      • Again iwe Bob Mpombo you can not counter facts on the ground. Your small god is a fake prophet exposed for his campaign lies. He thought we would forget his promises, like how his cows forget he promised them that they would never end up on a dinner plate one day.

        He thinks voters are cows.

  3. Further, if HH did not lie about the kwacha appreciating dramatically on assumption of case, can we then say he was just super naive or ignorant about how Zambia’s economic performance is affected by economic and political events happening elsewhere across the globe?

  4. Mr Kaoma, your baseless arguments tells a lot about your thinking capabilities.

    Did you ever think the Russia-Ukraine war would last this long to the detriment of global economies?

    Did the MF PF fully disclose extent of both foreign and domestic debts to the now known $32b?

    How reckless and dull were every Jim and Jack advising chakolwa to borrow more money for consumption expenditure other than investing in income generating ventures?

    How much have you all Zambians been exporting to build up the foreign exchange reserves?

    How stupid are you not to see all these factors and how many promises that the current regime have so far fulfilled had it not been only for the exchange rate and commodity prices being cartelled?

    Grow up big man, you are too educated to be this dull!



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