ENSURE KCM, MOPANI STARTS OPERATING OPTIMALLY
….this will greatly help to stabilize the kwacha, ANDD advises HH
Lusaka… Friday January 12, 2024
The Advocates for National Development and Democracy (ANDD) has observed that the depreciation of Kwacha is a catastrophic development to the country’s economy.
The organization says this is the more reason why President Hakainde Hichilema should ensure that Konkola Copper Mine (KCM) and Mopani Copper Mine start operating optimally.
Mr Banda says President Hichilema’s government needs to ensure that Konkola Copper Mine and Mopani mines start functioning optimally as soon as possible to increase copper production output and increase copper export volumes to generate more forex to stabilize the Kwacha.
“A stable exchange rate and strong currency against major convertible currency the US Dollar is very vital in reducing the cost of doing business and production of goods and services, more especially for our country which is practically an import driven country,” he said.
“The continued depreciation of Kwacha is unfortunately impacting our economy negatively, the cost of doing business and living has continued to go up.”
He noted that the prices of basic commodities has continued to go up due to poor exchange rate, its a catastrophic development because majority Zambians can no longer afford to purchase these basic commodities.
“Therefore we wish to appeal to President Hakainde Hichilema as a matter of urgency to arrest the deapreciation of Kwacha by ensuring that Konkola Copper Mine and Mopani mines begin to operate optimally, efficiently and effectively to increase copper production output and export volumes so that as a country we can generate more Forex to stabilize our national exchange rate and also create the much needed employment and business opportunities for Zambians,” he added.