COMMENT - One of the consequences of loading the government up with debt, courtesy of the WB/IMF's Eurobonds, is that it devalues the currency. Which means that ordinary people are already paying for it. This is odious debt, and it has to be scrapped.
Kwacha fall frustrates shoppers in Lusaka
By Chambwa Moonga |
Updated: 15 Oct,2015 ,11:55:41
THE buying power of the kwacha has left most Lusaka residents frustrated. And the number of people, mostly women, who used to ‘overwhelm’ Pick n Pay outlet at Levy Shopping Mall in Lusaka to order bread, has severely dropped, owing to an increase in order prices of the commodity. Just this year alone, the troubled kwacha has tumbled by over 40 per cent against the US dollar, a trend that has triggered worrying price increments on several goods, especially imported products.
A check at Shoprite Manda Hill on Sunday showed that prices had been adjusted upwards on basic household commodities.
Five litres of Sun Soya cooking oil was found pegged at K114.99 while a 2.5 litres of the same commodity and brand was at K59. 99 from around K65 and K30 on average respectively a month ago.
A sack of onion cost K39. 99, a kilogramme of white refined sugar was fetching K11, 99 from K8, while two kilogrammes of sugar is now K18.29 from around K15. In the same store, baby cereal was pegged at K21. 99, with a 200 grammes of Johnson baby powder going at K29.99.
A loaf of white bread costs K4.99; two litres of Zambeef milk was going at K17. 99 from around K12, while a tray of 30 eggs was pegged at K29.99 from an average of K21. A 10kg bag of Mealile breakfast mealie meal was at K37.49 with roller meal of the same quantity pegged at K29.49. A 25kg bag of breakfast mealie meal from National Milling Company was going at K71.99.
Inside sources at the uptown store hinted that there has been a price increment of between K2 and K20 in recent months on most commodities, in response to the kwacha fall.
Most shoppers were seen pushing their quarter or half parked trolleys as others walked about with ‘lightly’ parked shopping paper bags.
Another check at Melissa Supermarket in Northmead area revealed that prices of essential goods are equally rising.
An anonymous source, when approached within Pick n Pay, said “Mitengo yama order banalundila; that’s why mwaona ati bo order lelo bachepa. Nima loss yekayeka apa manje (the order price for bread has been increased and that’s why you are only seeing a few people ordering today; selling bread is now a loss-making venture.”
The price of bread in most of Lusaka’s highly populated areas is now costing between K8 and K8.50.
Recently, PF secretary general Davies Chama said if Zambians buy expensive and luxurious bread and mealie-meal, they would think Zambia’s economy is bad when, in fact, such a phenomenon is only in their pocket.
“A lot of people have been speculating that bread is K8, K9, but go to Shoprite, you will find the price of bread at K4! But if you want to eat luxurious bread, it means you want to eat expensive bread; then it will be expensive. I was looking at the price of mealie-meal in a shop; it’s K70 per 50 kilogramme bag. I was looking at the price of Boom (washing paste), it’s K4.50. So, when people are saying the economy, the economy, some of the people it is the economy in their pockets. It’s not about the price index,” said Chama.
Labels: EUROBOND, INFLATION, KWACHA
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COMMENT - The problem is deeper than incompetence or a failure to listen. It goes right to the corruption that flows from the World Bank and IMF system like a tsunami. The former Finance Minister Caleb Fundanga's MEMFI institute now works with
the World Bank, IMF, Bank of International Settlements, and the National Treasury of South Africa. He is presently located in Zimbabwe, a country he disparaged for it's economic policies.
See:
(LUSAKATIMES) Fundanga opposed to suggestions to adopt the US dollar as national currency
September 4, 2015
The simple fact is this: as long as the mines are in private hands, the politicians will be bought off by the De Beers/IMF/World Bank cartel.
(THE POST ZM) Government officials now have kwacha diarrhoea - Nawakwi
By Mukosha Funga |
Updated: 06 Sep,2015 ,07:00:18
GOVERNMENT officials now have diarrhoea over the fast depreciating kwacha because of failure to heed to advice early on, says FDD leader Edith Nawakwi. And Nawakwi has charged that Zambia has a sleeping government. Meanwhile, Nawakwi has warned that Zambians will sit on the runway to prevent President Edgar Lungu from landing if he misuses public funds for party functions while in New York.
Nawakwi has over the last four years been calling for the dismissal of finance minister Alexander Chikwanda, saying he is ‘incompetent’. On March 18, Nawakwi attributed the continued depreciation of the kwacha to lack of economic understanding by President Lungu and his ministers and warned that the local currency would one day reach K15 to a dollar.
But government officials dismissed her statement as mere politicking.
However, six months on, the kwacha has breached the K10 psychological barrier,
trading at an average rate of K9.90 and K10.05 for buying and selling on Friday.
In an interview yesterday, Nawakwi said the kwacha has depreciated rapidly because of the government’s failure to listen to advice.
“When I said the dollar will reach K15, they were telling me that I was sick. Now I want to know who has diarrhea. Is it me or them? They were saying ‘Nawakwi is sick, she is politicking’; now let them talk. Instead of discussing the problem, they are playing golf. We told them [that] this Minister of Finance is going to take this country to the knife edge bridge. I haven’t even closed my mouth, where is the Minister of Finance? Where is he hiding?” she asked.
“They have been accusing me of politicking, so now I will start politicking. When I am advising them professionally, they don’t want to listen, someone is snoring and sleeping. Mwebantu ba mu Zambia, twapapata fumeni mubebe aba bantu ati beme bambe ukwenda! (You people of Zambia, I plead with you to come out and tell these people to stand up and start walking).”
Nawakwi said it as said that Zambia had a sleeping government.
“The kwacha has gone over K10 and the Central Bank and the Minister of Finance are sleeping. When a currency has slid this much, normally, speculators tend to go in and purchase the kwacha by bringing in dollars, praying that in the next one week, it can change and they can make profits. This is the best time that anyone who has dollars would have wanted to bring the dollars into the banking system. Those who have dollars in the mattresses, in the market, this is the best time because they can see that from one dollar, they will get more than K10 because we have a sleeping government,” she said.
“They are just snoring and not thinking about what is going on. They are still maintaining this archaic law which we put up in the 1980s which said that because there was a shortage of dollars - in fact this was a Katele (Kalumba) law - that there should be a restriction on how much dollars you can take out and how much dollars you can deposit. That was the reason for that. There was a shortage of dollars, there was no money, now this man has gone and borrowed Eurobonds which we can’t even see. Can they stop sleeping and take out the blankets from their heads and start to think! Stop playing golf! This is not time for golfing, sleeping and fundraising. This is the time for serious economic reflection.”
Nawakwi said not even diverting the US$120 million of borrowed money into the market could save the kwacha.
“I am asking [Bank of Zambia Governor] Dr Denny Kalyalya to lift this administrative hindrance where there is a restriction on deposit of dollars because that’s the only way we can mop up the dollars which are in mattresses and help the kwacha. It is not just by him releasing the few [dollars] which the minister borrowed a couple of months ago,” she said.
“I want them to answer me. I want those people who were saying ‘Nawakwi shut up’ to start talking now. I am urging them to open their mouths now. Talk baba, talk! Talk time yaoneka, talk! What is happening to the kwacha? We told them, even if it is a global phenomenon, it can be mitigated if you don’t have a deficit, the one that they have. This phenomenon of the sliding kwacha is being accelerated by the excessive expenditure, over borrowing and lack of alternative sources of income.”
Nawakwi said the argument that what was happening to the kwacha was a global phenomenon could not hold as the depreciation of other currencies was not as bad.
“Don’t tell me that because my neighbour is walking naked, I should also walk naked. That is wrong thinking! Because Tanzania has the same problem but they are not as hard hit as we are in this country. I wish I could be given a chance to talk to this Cabinet because it appears that the whole Cabinet is asleep,” she charged.
Nawakwi said the current massive load-shedding was worsening the economic situation.
“These people shock me; they are telling us we had a drought, isn’t this the same government which was telling us that we could not take ballot papers because of the heavy rains and the results could not come on time? They had to airlift the ballot boxes. Even the Minister of Agriculture said we have a bumper harvest because we had good rains. Now all of a sudden, in six months, they want to tell us there was a drought?” she wondered.
“How can you tell me, a Zambian who comes from Luapula, that we have a drought in this country? Does Egypt have dams? Does it have rainfall? In Egypt, does the Nile have waterfalls like we have here? The Nile is shared by so many states, fighting for the little water. Have you ever seen in Egypt where they cannot pick ballot boxes because there is too much rainfall? The answer is a simple no. They have a desert, one river and they have more power than this country where we have too much water.”
Nawakwi said the country lacked leaders with functioning brains.
“Ukutuka Lesa tuleke. Lesa alitulambula, alitupela fyonse efyo tufwayika. Efyo ta twakwata fye ni abantu abakwete ama tompwe ayaleshinguluka bwino muma office abo twapele inchito ati bane twafwilisheni. Pantu apa nafishupa. Ifilechitika lelo, Kwacha epo yafika, ninshi malilo, elo wingalaya namukutamfya aka bola wemukulu ne chinkonto, takwaba iyo (We should stop insulting God. God has blessed us with everything we need. What we lack are people with functioning brains in public offices who we have empowered to govern on our behalf. Because things are dire, what is happening today, how the kwacha has depreciated, amounts to a funeral. Is this the time a grown man should go and have the pleasure of playing golf, it is unacceptable),” she said.
Nawakwi also wondered why President Lungu could spend so much public money on campaigns but fail to pay the debt owed to the University of Zambia.
“There are 105 districts in this country; I am shocked that when we have no medicine, we have no books, the university can’t be paid but the President can buy 150 Land Cruisers purportedly for DCs when in fact, he is positioning district commissioners to be shadow MPs. He is sending them to start campaigning on public expenditure. You know, this kind of looting, I don’t understand it. This problem at the University of Zambia, we owe University of Zambia as a country K320 million. Now in dollar terms today, it is just $32 million. I am ordering minister Chikwanda to release $32 million dollars at the current rate of K10 to a dollar because that will resolve the problem at UNZA. That money doesn’t even have value to those who are owed,” she said.
Meanwhile, Nawakwi warned that Zambians would sit on the runway to prevent President Lungu from landing if he misuses public funds for party functions while in New York, where he will attend the UN General Assembly.
“We are seeing adverts that there will be a ‘Meet the President’ dinner in New York. Is it a PF trip? Or is it a government of the Republic of Zambia trip? How is he going to get to New York? Is he using an ox-cart or what? If it is a PF trip, I don’t want the policemen from Zambia to go with him. I don’t want the security team to go with him. Let him use PF security and use a chartered plane paid for by Patriotic Front. Honestly, if he goes on government expense, tell him he will have consequences which will be too dire to even contemplate,” she said.
“There will be no runway to land here. We are going to sit on the runway, he has to find his own runway. They should say that this is a private trip which he is paying for from his pocket since he has so much money now. But if he is going to New York just for fundraising for his political party, I don’t think I am going to accept it.”
Nawakwi said Zambians were the PF’s opposition in the 2016 elections.
“Anyway, he (President Lungu) has made our work very easy because in this country, this government of Patriotic Front doesn’t even need opposition. The people themselves are the opposition. They are feeling the heat, the people are angry; just walk into any shop, the problem is that this President can’t even go where we go. I am just walking downtown here in Cairo Road and he can come to Cairo Road and listen...he doesn’t even want to go on Cairo Road because he has created the dirtiest city in Southern Africa, but he is breathing fresh air there [at State House], playing golf,” said Nawakwi.
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Labels: ALEXANDER CHIKWANDA, CORRUPTION, DEBT, EDITH NAWAKWI, EUROBOND, IMF, KWACHA
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Kapeya warns fraudsters over kwacha rebasing
By Masuzyo Chakwe
Sun 06 Jan. 2013, 14:20 CAT
INFORMATION deputy minister Mwansa Kapeya says the government is aware that some unscrupulous people may want to take advantage of the transition to the rebased currency to cheat members of the public especially those in rural areas.
Kapeya yesterday advised members of the public not to listen to lies from unscrupulous people that the rebased kwacha was of less value than the old currency. He stated that this was misleading and punishable by law.
"Law enforcement agents are therefore urged to remain vigilant against such elements. Government wishes to assure the public that the value of the rebased kwacha vis-à-vis the old currency is the same and that members of the public should go about transacting in both currencies normally until June this year when the old currency will be phased out," he stated.
Kapeya stated that whenever in doubt, members of the public, especially in rural areas are advised to get more information on the rebased currency from district commissioners, council secretaries, banks and other public institutions.
He stated that the government was committed to transforming the country's economy for the wellbeing of all Zambians.
Labels: KWACHA, MWANSA KAPEYA
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DEC warns against financial crime during rebasing
By Henry Sinyangwe
Sat 08 Dec. 2012, 10:00 CAT
THE Drug Enforcement Commission has warned people against taking advantage of the rebased currency to commit financial crimes. During a sensitisation workshop for DEC officers on the features of the existing and rebased currency conducted by the Bank of Zambia yesterday, deputy commissioner Lottie Mpundu said it was important for the officers to understand the features clearly to prevent counterfeiting.
"It is gratifying to note that the purpose of this workshop is to give an opportunity to DEC officers to have a deeper understanding of the security features of the Zambian currency so that we can prevent and investigate financial crimes effectively during and after the rebasing exercise," Mpundu said. He commended the Bank of Zambia for being proactive and involving various stakeholders in the rebasing exercise.
"It is our position that at the end of this workshop both Bank of Zambia and DEC will come up with workable suggestions on how to tackle financial crimes in particular currency counterfeiting and money laundering," Mpundu said.
He said the commission would pursue financial crime vigorously.
"Let me take this opportunity to give a timely warning to those who might take advantage of the rebasing exercise to commit crimes," said Mpundu.
"The Commission will pursue them vigorously and ensure that their activities are curtailed in line with the law. We shall use all available means within the law to prevent, investigate and prosecute financial crimes."
Last week, Director of Public Prosecutions Mutembo Nchito challenged prosecutors and investigators to fight financial crime and prevent its negative impact on the country's economy.
He said in an interview after witnessing the graduation of 22 prosecutors and investigators at Zambia Institute of Advanced Legal Education (ZIALE) that all crime should be fought with resolve.
Nchito observed that the country was at a stage when there was increased financial crime which posed threats to the economy.
He said financial crime should be addressed because it destroyed the lives of many citizens.
"If we do not, it means you do not collect sufficient taxes, we are not able to have sufficient revenue for the government and if the government does not have sufficient revenue, it cannot provide resources," said Nchito.
Labels: DEC, DPP, KWACHA, LOTTIE MPUNDU, MUTEMBO NCHITO
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Chieftainess Nyanje urges more sensitisation on kwacha rebasing
By Christopher Miti in Sinda
Tue 20 Nov. 2012, 10:57 CAT
CHIEFTAINESS Nyanje of the Nsenga people in Sinda district says her people still need more sensitisation on the rebasing of the currency.
In an interview on Saturday, chieftainess Nyanje said some unscrupulous individuals will be taking advantage of villagers' ignorance over the rebased currency in business transactions.
She said although Bank of Zambia conducted sensitisation programmes in the area, more still needed to be done.
"These people (from Bank of Zambia) came here and they informed us but I strongly feel more needs to be done. You people in villages need constant reminders because living things the way they are it means crooks will be taking advantage of people's ignorance and steal from them," chieftainess Nyanje said.
She also commended the government for commencing the road rehabilitation exercise in her area.
Chieftainess Nyanje said most roads in her chiefdom were last repaired by the UNIP government.
"We are happy because President Michael Sata has given us road-making equipment and has also started repairing roads. This (Sinda/Nyanje) road is a busy road because it leads to the hospital and I am hopeful people will be accessing the hospital without difficulties," she said.
Chieftainess Nyanje also appealed to the government to expedite fertiliser delivery for this farming season.
She said people in the area need farming inputs as early as possible.
Chieftainess Nyanje also warned her subjects against marrying off their children at a tender age.
Labels: CHIEFS, CHIEFTAINESS NYANJE, KWACHA
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BoZ finalises legal protection to guide currency rebasing
By Kabanda Chulu
Thu 18 Oct. 2012, 12:30 CAT
A BILL to give legitimacy and legal protection to guide the currency rebasing exercise has been finalised and will be taken to Parliament, says a senior Bank of Zambia official.
And Standard Chartered Bank is spending K5 billion on upgrading of equipment and software including training of staff and customers to ensure smooth transition to the use of new currency.
Officiating at the StanChart-organised forum for customers on the rebasing of the kwacha yesterday in Lusaka, Bank of Zambia currency rebasing project manager Morris Mulomba said technical guidelines had been issued to ensure the exercise was undertaken smoothly.
"Everything has to change and banks, including the public, they have to adjust to the system. So software, computers and various equipment will have to be calibrated to suit the rebasing of the kwacha," Mulomba said.
"To make things clear because there might be disputes on contracts, for example, if you pay rentals for K4,000,000, you will now pay K4,000, so a misunderstanding can arise but to give legitimacy and legal protection, we shall introduce the currency redenomination Act which the finance minister will be taking soon to Parliament since the Act has to be in place before January 2013."
He said the rebasing exercise had received positive response from people across the country.
"People now understand that this will be for their benefit, of course, there are concerns like people in rural areas will be defrauded during the changing exercise but we are still carrying awareness messages. And banks also complained that they didn't plan for calibration of equipment, but we have told them it is a minimal cost and it is a requirement to adjust."
And StanChart acting managing director Kelvin Musana said the bank was ready to support various policy measures that would translate into increased economic activity
"We have taken this initiative to host a series of workshops aimed at educating our clients, members of staff and the public on currency rebasing and we have set K5 billion for this project," said Musana.
Labels: BOZ, KWACHA, STANCHART
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Bob Sichinga did not defame MMD as a party over the printing of fake K 3 trillion-Government Lawyers
TIME PUBLISHED - Wednesday, September 12, 2012, 7:34 am
Government has asked the Lusaka High court to dismiss the case in which the MMD has sued Commerce Minister, Bob Sichinga and Government for defamation over allegations that the former ruling party printed fake money amounting to K3 trillion arguing that the party has no legal right to sue.
Major Richard Kachingwe, the MMD Secretary-General, on behalf of the party, sued Mr Sichinga and the Attorney-General, Mumba Malila for special and punitive damages among others, over allegations that the MMD during the run to September 2011 elections, printed K3 trillion in fake notes which it allegedly used to bribe the electorate to vote for it.
Maj. Kachingwe contended that the allegations by Mr Sichinga were untrue because as a political party in Government, prior to the General elections, the MMD never printed any such money.
But the State in its arguments submitted before High Court deputy registrar, Charles Kafunda yesterday, asked the court to dismiss the matter saying Maj. Kachingwe had no locus standi as it was the Government of the MMD which was alleged to have printed the said money and not the party.
The lawyers from Attorney-General’s chambers asked the court to dismiss the matter with costs to the applicants because the MMD as a party could not be defamed as such it could not sue for defamation.
“We still rely on what we said in our affidavit in opposition that the MMD Government and MMD party are two different entities. We are making an application for the court to strike out the writ and statement of claim. The gist of our application is that there is no actionable case against the defendants and it is not attainable at law,” the submissions read in part.
The lawyers said that MMD being a political party could not, at law, be defamed and could not sue for defamation because the law did not allow for Government or political party to sue for defamation.
The Government further contended that the court presiding over the matter has the jurisdiction to hear the application before it.
“The applicant as a political party cannot sue for defamation because the law for defamation does not allow for government or a political party to sue for defamation. On jurisdictions, we submit that this court has jurisdiction to hear this matter before it,” the lawyers from the Attorney-General said.
But MMD lawyer, a Ms Mundala from Robison Malipenga and Company urged the court not to entertain the preliminary application raised by the State.
Ms Mundala said that the MMD as a political party was the right entity to sue and that Maj. Kachingwe as a secretary general could sue on behalf of the party.
She said it was up to the trial court to determine whether or not the statements made by Mr Sichinga referred to the plaintiff or the MMD party.
Ms Mundala said that the MMD was the party which formed Government and could be defamed as it had identifiable political leadership.
She said a political party like MMD could sue and equally be sued.
Mr Kafunda reserved ruling to October 18 2012.
Labels: KWACHA, ROBERT SICHINGA
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Rebasing will strengthen kwacha- Indo Zambia
By Henry Sinyangwe
Tue 04 Sep. 2012, 19:07 CAT
INDO-ZAMBIA Bank managing director, Shankardas Gupta says the re-basing of the kwacha will also strengthen the currency and ensure tourists are not scared of the figures.
Gupta said that Statutory Instrument No 33 which only allows all products to be quoted in kwacha has affected deposits but is confident that the situation will normalise.
He said the policies put in place so far were good and the country would benefit in the long run.
Gupta said the government's policies in the financial sector were good for economic growth and sustainability.
He said this would instil confidence and strengthen the kwacha.
"And I do not see it depreciating any further but I see it appreciating," he said.
And Gupta said the bank is projecting 15 to 20 percent growth in all the sectors this year.
"Deposits have been a little slow because after the Statutory Instrument, there has been a little bit of confusion because foreign deposits are a little bit slow. But I think once the confusion is over, the people's minds will be added and we can pick up with the growth that we are projecting," Gupta said.
"We have about 60,000 customers. We are trying to grow a bank at about 15 to 20 per cent on all the fronts. Deposits, advances acquiring new customers for this current year".
Gupta said the bank was also offering housing loans at 17 per cent interest rate.
"On the lending side, yes, whatever businesses we are there. We have a very good scheme on the housing loan side. We have a project where we accommodate as many of our people so that we at least enable everybody to have a small house where they could have a decent living at about 17 per cent interest rate," He said.
Gupta said the cost of doing business in Zambia was higher compared to several other countries hence the lending rates were also on the higher side.
"Specifically, the cost of operations are higher here in Zambia than most of the places in the world because the cost of doing business here is high and that's the reason why the cost of the loans are also on the higher side," said Gupta.
Labels: INDO ZAMBIA BANK, KWACHA
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New Kwacha launches January 1, 2013
August 23, 2012 | Filed under: Local News | Posted by: web editor
Bank of Zambia governor Michael Gondwe
By YANDE SYAMPEYO
THE Bank of Zambia (BoZ) has set January 1, 2013 as the date for the change-over for the rebased currency.
Consequently, the rebased currency will become legal tender on the said date and will be accepted as a medium of exchange in the country. BoZ head of public relations Kanguya Mayondi disclosed the development in a statement yesterday.
He said January 1 to June 30, 2013 has been designated as transition period during which both the old and rebased currencies will circulate simultaneously.
Mr Mayondi said with effect from January 1, 2013, financial institutions will be required to make payments to clients in the rebased currency.
He said all banks will be converted to the rebased currency as well as automated teller machines (ATMs).
“All amounts shown on receipts and points of sale machines should be expressed in the rebased currency utilising the new currency code. All company balance sheet items as at close of business December 31, 2012 shall be converted to the rebased currency,” the statement reads in part.
Mr Kanguya added that all accounting, financial and supporting documentation for businesses should be reverted to the rebased currency.
“Likewise, all ledgers used by business entities as well as information on their information technology applications shall be prepared in the rebased currency and amounts shown on debit instructions such as cheques and promissory notes issued by December 31, 2012 for settlement after this date shall be converted to the rebased currency,” the statement reads in part.
Mr Kanguya, however, said financial institutions will continue to exchange old currency to rebased one even after the expiry of the grace period.
He said the exchange of currency is expected to continue for 18 months until December 31, 2014.
Mr Kanguya said all business entities are required to commence preparations for adaptation of all systems and infrastructure among other things in readiness for the rebasing.
He said in September next month, the BoZ will issue technical guidelines pertaining to the currency rebasing process to ensure all stakeholders are guided.
Labels: BOZ, KWACHA
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Itezhi-tezhi councillor calls for sensitisation on kwacha rebasing
By Fredrick Mwansa
Thu 19 Apr. 2012, 12:59 CAT
PATRIOTIC Front Itezhi-tezhi district political secretary Gift Chilombo has urged the government to sensitise rural masses on the rebasing of the Zambian currency. And Itezhi-tezhi Kaanzwa ward councillor Michael Hamasuki says most rural communities are not aware of the rebasing of the kwacha.
In an interview, Chilombo said that since the announcement of the government's intention to rebase the kwacha, there had been no sensitisation in rural areas to make people understand what it was all about.
"In rural areas especially here in Itezhi-tezhi the silence on rebasing of the kwacha is too loud and yet we only have a month in between before the planned introduction of the re- based currency," he said.
He said that traders were likely to face problems from rural people when the new currency is introduced without sensitisation.
"Small- scale farmers in most parts of Itezhi-tezhi literally do not understand what rebasing of the currency means and this will give us businessmen problems," he said.
He said that most people in rural areas were keeping a lot of money from the produce they sold to the Food Reserve Agency.
And Hamasuki urged the Bank of Zambia to embark on sensitisation of the rural masses over rebasing of the kwacha to avoid confusion when the new currency is introduced.
"We have a community radio station here in Itezhi-tezhi but I have never heard any messages to educate people on what re-basing of the kwacha means," he said.
"Even us councillors do not understand fully what rebasing means. This is serious because it means we cannot also teach our subjects on the matter because we are blank. Moreover, not very councillor has reached that level to understand such economic issues," Hamasuki said.
He further said that the government should also consider various modes of sensitisation applicable to most rural areas where television, radio and newspapers were not accessible.
Labels: KWACHA
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Sampa foresees stronger kwacha
By Chiwoyu Sinyangwe
Fri 06 Apr. 2012, 13:55 CAT
THE anticipated inflow of about US $935 million in Zambia mid this year is expected to reverse losses suffered by the kwacha against major convertibles in the last 12 months, says finance deputy minister Miles Sampa.
The kwacha last year posted a nine per cent depreciation against the US dollar and the local currency in the first quarter of this year lost a further three per cent to trade around K5,300.
Analysts blame the local currency's loss on unclear and uncertain policy statement by the PF government in the aftermath of their defeat of the MMD in the September 2011 polls, coupled with the current economic malaise in the Eurozone which is driving global demand for US dollars - a safe haven.
Sampa said a expected surge in dollar inflows into the country by June this year from a combination of debt and grants would help to prop up the domestic currency.
Sampa said the US government's Millennium Challenge Corporation (MCC) approved US $354.8 million compact aid to address water and sanitisation sector in rapidly urbanising Lusaka and the planned US $500 million Eurobond mid this year would help to boost kwacha's performance against major convertibles.
Sampa, who is also Matero PF member of parliament, said the US $50 million Line of Credit from India for the construction of about 650 rural health posts throughout the country and the Chinese government's recently pledged US $35 million for various projects for immediate implementation would also increase foreign exchange inflows into Zambia.
"With these additions on the supply side while demand has remained constant in the absence of maize importation, basic economics entails that the Zambian kwacha will soon regain the six per cent lost late last year and in the first quarter of this year," Sampa said in an interview.
He said the large foreign exchange inflows indicated huge confidence the international community had in the PF government as was imprinted by Standard and Poors' that maintained a B+ grading for Zambia's current future outlooks.
"Some arguments on the drop in the levels of portfolio investment into our domestic debt are baseless," Sampa said.
"Foreign investors in our economy in our money market are generally loyal to pricing and exchange rates. When Treasury Bills rates drop, and exchange rate fluctuates, these cash money investors always flee until the government increases its interest rates for domestic debts. In the meantime, our priority has been to reduce commercial lending rates, higher treasury bills are inversely related with that objective. On the other hand, as soon as the kwacha starts to appreciate as anticipated, these flight investments will be back in the country faster than they declined."
Separately, BoZ assistant director of market operations, Jonathan Chipili, said foreign holdings of Zambian debt have fallen to their lowest since 2005, reflecting uncertainty over the direction of policy following elections last year and the spillover from the global financial crisis.
Chipili said BoZ also wants to consolidate the 170-plus bonds in circulation to spur trading in the secondary market.
He said offshore investors' holdings of ambian government bonds are less than five per cent of outstanding debt, the lowest proportion since foreigners were first allowed in to the market seven years ago. The participation of foreign investors in our securities market has reduced, even prior to the elections," Chipili was quoted by Reuters.
"They want to be sure how the government is going to steer its policy."
And Sampa said the government was confident to grow the local economy above the current average 6.7 per cent.
"In the medium to long-term, we are determined to keep inflation in the single digit levels and as we create employment, we are confident to grow the economy to unprecedented levels of double digits from current median of around 6.7 per cent," said Sampa.
Labels: KWACHA, MILES SAMPA
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Government hopes to strengthen Kwacha to 1964 levels-Sichinga
TIME PUBLISHED - Thursday, April 5, 2012, 8:58 am
GOVERNMENT says it will proceed with plans to rebase the local currency to strengthen the value to 1964 levels despite calls by some quarters to defer it. Meanwhile, Government says it will ban firms exporting raw copper as a way of encouraging value addition to the commodity.
Minister of Commerce, Trade and Industry Robert Sichinga said rebasing the Kwacha is necessary as it will lead to reduction in the cost of doing business; reduce inconvenience and risks associated with carrying large amounts of currency for transactional purposes.
Mr Sichinga said once the Kwacha is rebased, it is likely to become stronger against major convertible currencies, citing when the local unit traded at par with the British pound in 1960s.
“In 1964, our Kwacha and Malawian Kwacha were at par with a (British) pound. Exactly at K2 to a pound, this is because the currency was strong,” he said.
Mr Sichinga was speaking at the eighth National Dove Payroll and Human Resources 2011 conference under the theme “Operational Excellence,” at Lusaka’s Mulungushi International Conference Centre yesterday.
He, however, said currently the Kwacha’s value is weak trading in the K5,000 levels against the United States dollar while the Malawian Kwacha is trading at K167,000 against a dollar.
Mr Sichinga said rebasing the Kwacha will accrue huge benefits to everyone.
In January, Government approved the rebasing of the local unit and so far Bank of Zambia has commenced the process of procuring the rebasedcurrency.
However, there have been calls by some stakeholders to suspend or hold the rebasing of the currency until next year due to uncertainties in the economy.
Some analysts have cited the rebasing of the Kwacha as partly causing the depreciation of the local currency, presently trading at K5,200 and K5,300 levels.
Commenting on the export of raw copper, Mr Sichinga said there is need for Government to promote value addition to copper, hence the move to stop the exportation of raw copper.
Mr Sichinga said Government is keen to meet one million tonnes of copper by 2015 with more jobs being created for the local people.
He said the country has abundant mineral resources such as emeralds, gold and cobalt and other semi-precious stones which require value addition and make meaningful contribution to the growth of the economy.
[Zambia Daily Mail]
Labels: KWACHA, ROBERT SICHINGA
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Postpone kwacha rebasing - CUTS
By Gift Chanda
Mon 02 Apr. 2012, 12:59 CAT
THE rebasing of the kwacha should be postponed to allow for more sensitisation, urges Consumer Unity and Trust Society. CUTS international Zambia board chairperson Ambassador Love Mtesa yesterday observed that the time frame allocated for the rebasing of the kwacha or knocking out of three zero from the local currency was not enough.
"We are cognizant of the fact that the Bank of Zambia is in a hurry to finish this work, however, the time frame which is six months allocated for this mammoth task vis a vis sensitisation is too little," Ambassador Mtesa said.
"A massive sensitisation is paramount hence the need to postpone the launch."
Ambassador Mtesa said postponing the rebasing of the kwacha would give the government a sufficient window period for effective country wide sensitisation.
He said enough sensitisation before the new currency comes into effect mid this year was fundamental in avoiding rampant fraud and swindling activities during the transition period when consumers are not yet sure of fair pricing.
"The time frame that has been allocated for this process is not enough. We say this because when the members of parliament have been sensitised about it, it needs a bit of time for them to assimilate and understand the whole concept of rebasing," Ambassador Mtesa said.
"This is the first time Zambia is going to rebase her currency, as such there is great need for the Bank of Zambia to sensitise the members of the public and other stakeholders on the process before implementing it. This would help both BoZ and the stakeholders to reflect and understand the benefit that would come along rebasing and thereby spell over the doubts in many minds. As a consumer organisation, we realise that this process will adversely affect consumers on a number of fronts."
He proposed that the rebasing of the kwacha be delayed until the country ensures that all macro-economic variables are stable, including exchange rates.
"At the moment, the exchange rates in the financial markets are far from stable as the kwacha is currently in a downward spiral and so before government rebases the kwacha, there is great need that this and other macro-economic variables are in a more predictable and stable state which is not the case at the moment. The local currency has since depreciated by over 10 per cent against major convertible currencies the lowest in more than two years trading at K5, 400 to one US dollar," said Ambassador Mtesa.
"The government is also yet to explain to the public its plan on how to handle the short term inflationary pressure that is likely to arise from the rebasing process through speculation and rounding off effects. It is most likely that prices for certain goods that are slightly less than a rounded kwacha figure will be rounded off cumulatively causing short term inflation. For instance, a retailer selling a good currently priced at K850 will have to adjust it to K0.85. This retailer is likely to round off this figure to K1 for accounting simplicity's sake but on an aggregate scale this will cause the general price level to rise. Hence, the need for government to set measures to cater for this inflationary bump and mitigate negative consumer effects."
Labels: ECONOMY, KWACHA, LOVE MTESA
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ZACCI blames kwacha fall on government's pronouncements
By Chiwoyu Sinyangwe
Sat 31 Mar. 2012, 12:00 CAT
POLITICAL uncertainty emanating from the PF government's pronouncements and decisions is causing the kwacha's current depreciation which is hurting local businesses, says ZACCI chairman Geoffrey Sakulanda.
The local currency which has been under pressure since August 31, 2011, was last week left nursing its worst loss of the week against the greenback depreciating to K5, 400, the lowest ebb in the last 18 months.
Sakulanda also said the forthcoming rebasing of the local currency was equally driving speculative tendencies where some people are changing from kwacha to dollar position.
In an interview, Sakulanda said Zambia Association of Chambers of Commerce and Industry (ZACCI) believed politics were hurting the local economy and its perception by key foreign direct investors.
"The biggest factor is perception and therefore we must deliver positive perception of the outlook of our economy, which means the politics have to play its role, they must be definitive in the statements they make, they must be consistency and give hope," he said.
"If people are hopeful that things are on the right track, things stabilize but if the political leadership always tend to create an impression that things are not going on well, not that they admitted but in the manner that they conduct themselves by issuing statements that tend to cause concern, alarm, some uncertainties…the short, long medium term solution to this is the politics. The politics can correct this because economically, this country has a good outlook."
Sakulanda said ordinarily, the country's currency could not have been deteriorating owing to the strong economic fundamentals in the country.
He said the continue dip of the local currency was hurting local businesses.
"You have a situation where you start thinking that predictability is slowly being taken out the equation, it causes anxiety because where you need K40 million to do something, you now require an additional K5 million to K6 million, and this is becoming expensive for business," said Sakulanda.
"We must always be mindful that we are a kwacha economy and being an import-oriented economy, the value of the kwacha always starts to impact prices especially with the pending rebasing of the kwacha that has also created some speculative traders wanting to hold the money in dollars although theoretically, rebasing does not change anything."
Labels: KWACHA, PF, ZACCI
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Kwacha depreciation worries economist
TIME PUBLISHED - Wednesday, February 15, 2012, 6:14 pm
Renowned Economist Professor Oliver Saasa has called on government to consider putting in place mitigation measures aimed at strengthening the local currency, the Kwacha, which has been sliding against major foreign currencies.
Prof. Saasa said government, through the Bank of Zambia, should inject resources into the country’s economy from its reserves in order to stabilize the local currency.
He told ZANIS in an interview in Lusaka today that the loss of value which the Kwacha has recorded over the past few months has a negative effect on production and expansion of many sectors of the country’s economy.
He said this development threatens all the economic fundamentals of the currently hence the need to urgently institute measures against the sliding of the local currency.
Prof. Saasa attributed the depreciation of the Kwacha to the scarcity of the foreign exchange currencies such as United States dollar on the market.
He said the nervousness that characterized the investment market before and after the September 20, 2011 tripartite elections would also be a contributing factor.
The Zambian Kwacha has continued losing value against major currencies. The Kwacha has now gone beyond K5,200 against one US dollar.
According to the latest statistics released by the Bank of Zambia yesterday, February 14, one US dollar was now fetching between K5,245 and K5,265 while a Euro is now was selling at between K6, 904 and K6,932.
The Central bank figures showed that one British Pound was between K8, 244 and K8, 277 while the South African Rand was selling between K676 and K683.
According to the Central bank, one US Dollar was costing between K5, 136.89 and K5, 156.89; one British Pound was trading between K7, 947.28 and k7, 979.77 while the South African Rand was getting between K644.81and K647.73 about three weeks ago. The Euro was trading between K6, 633.78 and K6, 661.15.
ZANIS
Labels: KWACHA, OLIVER SAASA
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Finance Minister Alexander Chikwanda not aware of any MMD printed fake K3.1 trillion
TIME PUBLISHED - Tuesday, February 7, 2012, 8:06 pm
Finance Minister, ALEXANDER CHIKWANDA has said that he is not aware of any fake three trillion Kwacha allegedly printed by the MMD ahead of the general elections in September last year.
Mr CHIKWANDA who was answering questions from journalists at state house initially refused to be drawn into making a statement but later asked the press if they had seen any fake kwacha in circulation.
Commerce Minister, BOB SICHINGA issued a statement last week alledging that the MMD printed three trillion kwacha to buy votes. But Mr CHIKWANDA asked Journalists to investigate the matter and establish if their are fake Kwacha notes in circulation either in the city or in rural areas.
Mr CHIKWANDA also announced that the Bank of Zambia has alert printers about Zambia’s intentions to print new notes. He said the printers will have to bid for the exercise adding that unlike the previous regime the PF government will go through the Zambia Public Procurement Authority.
Mr CHIKWANDA also dispelled fears that the creation of new districts will derail budget planning. He said that the realignment of the ministries will not affect budget execution for the affected ministries.
Mr Chikwanda has told journalists that funding to the ministries will be done in line with the already approved budget and that the ministry of finance will not release any supplementary funding to the realigned ministries.
Mr. Chikwanda has also clarified that the printing of the new currency will be funded by the Central bank and not the government saying Bank of Zambia has its on resources for such an exercise.
The minister was reacting to concerns raised about failure by the government to include in the budget an allocation for the printing of the rebased kwacha.
ZNBC
Labels: CORRUPTION, KWACHA, MMD
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Printing of fake notes by MMD has affected Zambian currency-Bob Sichinga
TIME PUBLISHED - Tuesday, February 7, 2012, 9:04 am
Commerce minister Bob Sichinga has maintained that the MMD government printed illegal notes prior to the elections. Mr. Sichinga says commercial banks have since withdrawn some of the notes from circulation.
But the MMD has refuted the allegations by Mr. Sichinga. MMD deputy secretary Chembe Nyangu earlier said that the MMD was a responsible party which could not make any transactions that had the potential to distort the economy which the party worked so hard to build.
However Mr. Sichinga said that his statement has nothing to do with the distortion of the country’s economy but that the actions by the MMD government to print fake notes is what has affected the Zambian currency.
Last week Mr. Sichinga accused the MMD government of printing fake notes from China which they used to distribute in the villages during campaigns.
Mr Sichinga said that the money was printed in China and was dished out to rural areas to woo voters.
Mr Sichinga went on to say that part of the bogus K3 trillion had initially been intercepted at Nakonde Border Post in Muchinga Province by ‘vigilant’members of the public.
The minister said that it is disappointing to learn how the MMD used the illegal currency to manipulate the people in the rural areas adding that the money was only captured when it entered the banking system.
Mr. Sichinga could however not comment further on the matter saying it was the responsibility of the central bank and ministry of finance to indicate the measures that have been put in place to completely withdraw such money from circulation.
[Source: QFM]
Labels: KWACHA, MMD, ROBERT SICHINGA
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MMD sues Sichinga over ‘fake money'
By Maluba Jere, Namatama Mundia, Chiwoyu Sinyangwe and Gift Cha
Wed 08 Feb. 2012, 14:00 CAT
THE MMD has sued commerce minister Bob Sichinga and the Attorney General for special and punitive damages over allegations that the former ruling party printed fake money amounting to K3 trillion.
And the Bank of Zambia has challenged Sichinga to provide evidence that the fallen MMD government printed and distributed K3.1 trillion in the run-up to last year's elections.
Meanwhile, former BoZ governor Dr Caleb Fundanga regretted the controversy over the ‘fake money' story despite finance minister Alexander Chikwanda explaining that there was currently no fake money in circulation in the country.
The Attorney General has been sued pursuant to state proceedings Act while Sichinga has been sued in his personal capacity and that of being a full Cabinet minister.
A statement of claim filed in the Lusaka High Court, through its national secretary Major Richard Kachingwe, contended that as a political party in government, prior to the general elections, the MMD never printed any money in China whether genuine or fake or counterfeit.
This follows Sichinga's revelations at a meeting in Kitwe recently that the MMD printed fake money amounting to K3 trillion in China.
Sichinga alleged that the said money was distributed to the electorate in rural areas so that MMD politicians could attract votes for themselves.
Maj Kachingwe stated that during the said meeting, Sichinga accused the MMD of having bribed the electorate using fake money.
He said the accusations were published in both The Post and the Times of Zambia headlined; "Rupiah's Government Printed Fake Money - Sichinga" and "MMD Printed K3 Trillion Fake Money" respectively.
Maj Kachingwe said the words attributed to Sichinga and spoken on behalf of the Republic of Zambia were understood to have meant that the MMD engaged in criminal activities with the Chinese government in printing fake money.
He said the words were also understood to mean that the MMD was helped by the Chinese government in the elections and that the party's victory in rural areas was a result of bribery using fake money from China.
Maj Kachingwe further stated that the words were also understood to mean that the MMD had K3 trillion fake money, part of which was intercepted at Nakonde border post.
He added that Sichinga's words were further understood to mean that the MMD destroyed the economy of this country by injecting K3 trillion fake money and that the party was in possession of the said money printed in China.
Maj Kachingwe stated that Sichinga's utterances have far reaching consequences on the MMD as a political party, which was ready to win general elections in 2016.
He said the MMD was being falsely accused and blackmailed before the Zambian people and the international community where it enjoys good standing, having improved the economy of the country by bringing visible and tangible development throughout the country.
"The defendants do not want the plaintiff to exist as a political party because they are inciting the Zambian people through false allegations to rise against the plaintiff and its leadership," Maj Kachingwe said.
He stated that both Sichinga and the Attorney General would be put to strict proof of the allegations levelled against the MMD, saying the words complained of were defamatory and criminal in nature.
Maj Kachingwe further stated that his party had never been called or shown the said fake money, adding that it enjoys a cordial relationship with the people of China. He said Sichinga was tarnishing the MMD's good image by spreading malicious and false allegations against China that it printed fake money to help the plaintiff win the elections.
He said the MMD had sued the government so it can tell the Zambian people and the world at large the truth and with tangible evidence of the K3 trillion.
Other than special and punitive damages, the MMD is also claiming damages, costs and any other relief the court may deem fit.
According to Bank of Zambia, as at January 2012, the total currency in circulation in the country stood at K3,029.1 trillion.
Addressing a meeting with the business community at the Kitwe and District Chamber of Commerce and Industry in Kitwe last week, Sichinga claimed that MMD printed and distributed "fake money" to fund its extravagant election campaign, and the bulk of the money was injected into rural areas.
According to Sichinga, the fake money which he alleged was printed in China, was infiltrated into the country's monetary system including urban areas, and that BoZ and the Ministry of Finance were currently sterilising the notes.
But BoZ head of public relations Kanguya Mayondi condemned the media reports being attributed to Sichinga.
"The Bank of Zambia wishes to note with growing concern, that there have been a number of media reports stating that the former government illegally printed and distributed into circulation bank notes amounting to K3.1 trillion," Mayondi stated in an emailed statement.
"It is further alleged that the Ministry of Finance and National Planning, jointly with the Bank of Zambia, and commercial banks have started withdrawing this illegal money out of circulation."
Mayondi stated that BoZ was ignorant of the presence of any fake money as claimed by Sichinga.
"The Bank of Zambia is unaware of the presence of, and has no knowledge of this fake money. The Bank of Zambia would highly appreciate being furnished with appropriate evidence," stated Mayondi.
"The Bank of Zambia further wishes to assure the general public that the currency in circulation is legal tender, which is duly issued by the Bank of Zambia to commercial banks for distribution."
Dr Fundanga, who was last October ejected from the BoZ top position after almost a decade of leading the Central Bank, said he wanted to avoid the ‘fake money' controversy which was initially stirred by President Michael Sata in the early days of his presidency.
"The only thing I can say is that I don't have a comment because the minister of finance has already spoken on this matter and I don't see anything I can add besides what the minister has said," Dr Fundanga said in an interview. "Furthermore, if there are any more queries, the relevant authorities in the Bank of Zambia can clarify."
Dr Fundanga regretted the conflicting statements of top PF ministers on key policy matters, a move he said was "not helpful".
"If there are any further clarifications to be made, the Bank of Zambia and the minister of finance, who has already made an authoritative statement in Parliament, will clarify…that is the only contribution I can make," said Dr Fundanga. "We cannot be adding more controversy to an important issue. So with all due respect, I have no comment."
Labels: BOZ, CALEB FUNDANGA, KWACHA, MMD, ROBERT SICHINGA
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Kwacha with KK's portrait
By The Post
Mon 06 Feb. 2012, 13:00 CAT
THERE are increasing calls for Dr Kenneth Kaunda's portrait to be put on the kwacha. Comrade KK accounts for a great part of what is best in our country's modern history. He is the founder of our nation as we know it today. Of course, he did not do it alone; he did it with many of his comrades, some of whom are no longer with us today.
Whilst comrade KK contributed to the history of our country, the history of our country also shaped him and offered him amazing opportunities which he never took for granted.
There is one special gift which comrade KK has passed on to all of us as Zambians - and that is self-confidence - a sense of strength and identity. He has taught us the importance of incorruptibility as part of the essence of self-respect.
He refused to use his position to get himself anything that wasn't his due. Comrade KK left government without any money, kwachaless. That didn't bother him. Many young people who were not even close to him when he was in power but appreciated what he meant to our country often came in to help him. When he had nowhere to stay, someone came forward and offered his house.
Comrade KK is part of a generation now reaching the end of a long and heroic struggle. They fought a noble battle for the independence of our country and the liberation of our region. They have lived their lives in pursuit of a better life for all who follow.
The Zambia in which we live today is the sweet fruit of their lives of struggle and sacrifice. And we are glad that Michael Sata, the President of our Republic, looks back positively at the great contribution of comrade KK and his comrades.
Michael has, without discrimination or bias, honoured them in a way no one has done since independence. He has renamed our international airports in their honour. Of course all of us are equal as citizens of this country.
And comrade KK and his comrades were all equal as citizens of this country and as freedom fighters for the independence of our homeland. But none of them, none of us can equal comrade KK's dedication to our homeland or indeed his humility. Comrade KK can be said to have been the first one among equals.
He has demonstrated boundless love for this country. Probably that's why wherever one goes, his name is synonymous with Zambia - KK is Zambia and Zambia is KK. This is what our friends in other countries make us feel.
Of course, Zambia is bigger than KK. And comrade KK is a product of Zambia.
Clearly, comrade KK contributed to the history of this country, but there also needs to be recognition - and he will be the first one to bear witness to this - of how much this country contributed to the making of comrade KK. He was shaped by the history of this country, by the people of this country. Probably comrade KK was born at a most opportune time.
We are not trying to write an obituary of our comrade, of our very dear friend and most beloved leader, we are merely trying to say we endorse and join the calls for KK's portrait to be put on the kwacha.
This is in honour of what he means to our country. This is also in honour of all those who struggled alongside him and all those who, together with him, have served our people with sufficient honour and integrity.
And indeed, Michael is one of such people. Whatever people may say today, whatever pretensions or denials there may be, Michael is a product of comrade KK's leadership. And Michael has never been ashamed to acknowledge that.
In fact, he has been very critical of people who have tried to play that down. Michael is truly part of that leadership, an extension of that patriotic, honest and dedicated leadership. We see traits of this every day in Michael's leadership. It is not by accident that Michael is every day honouring, is every day paying respect and tribute to that leadership.
In asking the current leadership of our country to put KK's portrait on the kwacha, we are merely trying to pay tribute to comrade KK and his comrades. Of course, putting his portrait on the kwacha is not something that would bother comrade KK - it is such a small thing to him. KK and his comrades never fought for personal glory, for honours, for such things.
The greatest tribute we could pay him and his comrades is to live and selflessly struggle for the betterment of our people as he and his comrades did, with warmth and kindness, with great integrity, with courage, with a simple unaffected humility. We hope, together with Michael and under his leadership, we will be able as a nation to live up to this legacy.
After all, Michael's political party - the Patriotic Front - while in opposition constructed a beautiful statue in Chilenje in his honour. Already those were signs of Michael's patriotism and a sense of gratitude. It was a lesson to our people to be grateful and honour those who serve them, those who sacrificed themselves in their service.
We actually feel embarrassed to ask Michael and his government to put comrade KK's portrait on the kwacha because already a lot has been done by them. And we recognise and appreciate the respect Michael is giving to KK and his comrades, of course, some posthumously.
It's like pushing an already open door. But there is nothing wrong in making suggestions to each other, in reminding each other of our obligations, of our debts. Michael has shown great patriotism and a very high spirit of nationalism. A nation that does not respect or recognise its history is said to be no nation.
Putting KK on the kwacha will be a deserved honour to this young man. We say young man because comrade KK doesn't seem to be getting tired, he is ever working for the nation. Wherever and whenever his services are needed, comrade KK is always there working tirelessly like a young man. He has never really had a life of retirement.
He is the easiest man to give orders to, to give assignments to. Whatever you want comrade KK to do, if it is in the interest of the nation or indeed humanity in general, KK will take it up without hesitation.
If Michael orders him to go to Angola or China, comrade KK picks up his bags without hesitation to fulfil the President's order. He is truly a servant of Zambia and always at the command of Zambia. This is the man we are asking to be honoured in this way.
Of course, some will oppose this and say no one is indispensable. But we have only one KK. We won't have another. We may not be the best, but we should be proud to have a leader of KK's standing and stature.
And we should let him know that all the time we feel he is there for us, and we want to thank him for his struggles, for his dedication, for his love and indeed for his life. Again, we are not saying an obituary to our dearest comrade. No, we are simply saying thank you, we love you comrade KK.
Labels: KENNETH KAUNDA, KWACHA
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Gen Masheke backs calls to have KK's portrait on new notes
By Agness Changala
Mon 06 Feb. 2012, 12:59 CAT
GENERAL Malimba Masheke says putting Dr Kenneth Kaunda's portrait on the new kwacha notes will be one way of honouring him.
Commenting on suggestions that the new kwacha note should have first Republican president Dr Kaunda's portrait, Gen Masheke, former prime minister in the UNIP government, said the founding father did a lot for Zambia and putting his portrait on the new kwacha notes "would make him feel good".
"Personally, I wouldn't mind having Dr Kaunda's portrait on the new kwacha note. It will be okay because KK did a lot of things for this country," said Gen Masheke who was also defence and security minister in Dr Kaunda's government.
The government recently announced that it would rebase the kwacha by knocking off three zeros from the notes. This decision will therefore necessitate the printing of new notes.
And supporting the calls, former Chingola mayor McDonald Mulongoti said late president Frederick Chiluba removed Dr Kaunda's portrait from the kwacha in bad faith.
"…But I would like to urge the government to also consider reinstating Dr Kaunda's portrait on these new notes as a way of honouring him. This obtains in other countries such as India and the United States, among others," said Mulongoti. "We shall always give credit where it is due."
Labels: KENNETH KAUNDA, KWACHA, MALIMBA MASHEKE
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