GOVERNMENT SHOULD REVIVE SI55 TO MAKE THE KWACHA STABLE
When I was deputy Minister of Finance, I designed and got approved the S55 that was to capture into Zambia FOREX earned from Copper exports. Currently it’s kept abroad and only about 4% sent back to Zambia to pay salaries and tax.
The SI55 lasted 2 weeks and lobbyists and interested parties that eat with both hands managed to got it reversed as I moved to another Ministry.
The Kwacha has been spineless todate. I have noted Presido Sean Tembo on the Kwacha and adopt his statement as my own. I however summarized into all in 2013 into SI55 which is still accumulating dust to date. The BOZ Governor and the Finance Minister just need to ask for it. It will bring transparency in the volume of Copper exports, money made and importantly sent back into Zambian commercial banks.
The suspended SI 55 was designed to zoom into a mine company and detect quantities of Copper or Gold Ore underground, mined out, stock piled, leaves the mines gates, leaves the Zambian border. Then within 3 months reconcile or balance it with FOREX equivalent that lands in the mine company FOREX account domiciled in their commercial bank in Zambia.
Until the Copper export movements balances with equivalent FOREX that lands inside Zambia, Kwacha ikalawayawayafye.
Miles Bwalya Sampa, MP
Patriotic Front (PF) President
Tuesday 27th November 2023