HICHILEMA VANDALISING ECONOMY – LUSAMBO
…tools being used are outdated and now instead of fixing the economy he is fixing people
By New Dawn Reporter
THE continued squeezing of cash from the people is a clear sign of a vandalized economy, former Kabushi PF member of Parliament Bowman Lusambo has charged.
In his write up, Lusambo notes that the 18 months of the UPND and President Hakainde Hichilema is government have been critical and excruciating for many Zambians.
“Over the last 18 months of the UPND administration, a common feature is the apparent lack of liquidity in the economy. Since assuming office, President Hichilema has strangled the domestic economy whose effects have now permeated through the entire fabric of the nation. As we travel around the country, our citizens are sharing tales of how elusive the Kwacha has become. Smaller businesses have felt the highest pinch but the situation has not spared anyone,” he said.
Lusambo reveals that sadly, the agonizing situation has not spared even UPND members who thought by kicking out the PF, things will be better for them.
He explained that even marketeers were not spared as they cannot sell because people have no money.
“The interesting part is that even UPND members have now started to share with us how difficult the economic situation under President Hichilema is. They come to us to ask for help even to buy food for their families. The signs are evident everywhere, just visit your local grocery store, the Market and interact with the Marketeers, they will tell you how difficult business has become under President Hichilema,” Lusambo said.
He said President Hichilema was using outdated tool to manage the country, forcing shopping malls across the country to shut down.
“Majority of shopping malls in Lusaka and the Copperbelt are facing some of the highest default rates by tenants as traffic has significantly reduced because there is no buying power in the economy anymore. President Hichilema through the Bank of Zambia is using outdated tools to manage monetary policy,” he said.
He said instead of fixing the economy he thought it was dead and destroyed by the PF, he was now fixing the very people that voted for him.
Lusambo noted that even the performance of the Bank of Zambia (BoZ governor was poor.
“By being fixated on reducing inflation, he has allowed the Bank of Zambia to mop up Kwacha from circulation and hoping to artificially prop up the Kwacha. As can be seen from the latest Monetary Policy hike, this inflation chasing approach is achieving the opposite, interest rates and now rising and the real cost of living is equally rising. The net effect is more poor people failing to meet their basic cost of existence. This is basic economics that even my Grand Mother clearly understands, Economics 101.
To BoZ Governor Denny Kalyalya, your record at the central bank is dismal. You haven’t added anything positive to this economy since you were appointed in the Edgar Lungu and Hichilema administration. Your approach to monetary policy is superflocious and doesn’t benefit ordinary citizens,” he said.
He said because of the failure by President Hichilema to take governance seriously, he is now fixing the people instead of fixing the economy using wrong and outdated tools.
“The irony is that President Hichilema ran for office on the promise that he will fix the economy, what we are seeing today is the opposite, he is vandalising the economy. The rate at which this economic vandalism is happening is alarming and is suffocating poor people. Our advice to President Hichilema is please Sir, allow the economy to breath. Stop this economic strangulation exercise you have been doing. Increase liquidity in the economy and save our poor people,” said Lusambo. S