Africa-Press – Zambia. Former Bank of Zambia Governor (BOZ) Christopher Mvunga says the depreciation of the Kwacha should not be blamed on government. Mr Mvunga says Zambians should not look at the depreciation of the kwacha in Isolation but that they should take into account a number of global challenges affecting economies.
In an interview in Lusaka, Mr Mvunga said the past two years have taken a toll on economies across the globe including Zambia, which has affected the performance of the kwacha.
Mr Mvunga cited the effects of the pandemic, the Russia- Ukraine war, and Climate Change as some of the contributors to the depreciation of the kwacha.
“The depreciation of the kwacha should not be looked at in isolation, there are a number of factors which contribute, it’s a global issue and it’s happening everywhere,” Mr Mvunga said.
Mr Mvunga explained that external factors have created a demand for more imports than exports, thus affecting the country’s productivity. He said there is need for Zambia to export more to counter the imports hence the need for home grown solutions such as value addition to enhance the manufacturing sector.
Mr Mvunga said he is optimistic that the 2024 National Budget whose focus is unlocking economic potential is the right focus for the progression of the economy.
The former BOZ Governor further urged Zambians not to let the Free trade area make Zambia a dumping market for industrialized countries adding that Zambia should also export to international markets.
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