ZAMBIA’S ECONOMY HAS PERFORMED VERY BAD IN 2023- KAFWAYA.
……as he advises Government on how to revive the Kwacha.
Lusaka……Friday, December 15, 2023 [Smart Eagles].
Lunte Member of Parliament Mutotwe Kafwaya says the performance of the Zambian Economy has been very bad in 2023.
Hon Kafwaya said this can be seen from the high cost of Commodities which have negatively impacted on most families in Zambia.
He said the high cost of Living can only be resolved by proper national Governance.
“Stop thinking about management for a moment. It is impossible for management to function where governance is poor,” he said.
Hon Kafwaya has since blamed the UPND Government for the poor performance of the Kwacha against Major Convertible Currencies.
The Local currency is currently K24.59 per dollar, representing an K8 depreciation since the UPND assumed office and subsequently making it the worst performing Currency.
And Hon Kafwaya said Zambia is currently not earning enough from the mining companies.
He said the amendment of the mines and minerals development act to make mineral royalty tax deductible has not helped”
“The computation was modified. Now the Mining companies are comfortable, because they are already making the profits they had projected. This is why we seeing no injections in the mining sector except the return of Vedanta. When you don’t make enough dollars from mining corporations.
The Central bank will have depleted reserves. This is why you hearing of one month of import cover. Lack of investments, productivity and incentives it will cause you to have no dollars. This is why more kwacha is chasing few dollars,” he said
Meanhwile, Hon Kafwaya has noted that companies who supplied the Government before UPND Came into power have been sidelined.
He said the tax payers have been destroyed by the government hence having an effect on revenue collection.