Africa-Press – Zambia. I took time to listen to Counsel Makebi Zulu’s commentary on Zambia’s economy during his discussion with Frank Mutubila. In my view, what he presented was not only misleading but also a public display of economic misunderstanding.
One expects better from someone who presents himself as an authority in national discourse. An economy is not measured by street opinions, daily frustrations, or nshima conversations.
It is measured by hard indicators such as GDP growth, inflation, exchange-rate stability, foreign exchange reserves, and fiscal credibility. On these indicators, Zambia today is in a far stronger position than it was during the last ten years of Patriotic Front (PF) rule.
While some may resist such comparisons, the truth is simple, the present cannot be separated from the past. And during that period, Makebi Zulu and his political allies were not passive observers, they were active participants.
Under PF leadership, Zambia’s economy collapsed. Foreign exchange reserves were depleted, public debt became unsustainable, inflation rose above 20%, and the kwacha lost most of its value. When the late President Michael Sata took office, the dollar stood at about K3.7 (K3,700 old currency). By 12 August 2021, it had reached about K19.30 (rebased), meaning the kwacha lost over 80% of its value in ten years. Worse still, Zambia defaulted on its Eurobond obligations in 2020, an international embarrassment that placed the country among distressed economies.
PF propaganda dismissed the importance of debt relief under the HIPC initiative of the Late Levy Patrick Mwanawasa, yet within a few years of PF rule, Zambia was poorer, more indebted, and locked out of international financial markets. These are not opinions, they are historical facts that are proven beyond reasonable doubt.
President Hakainde Hichilema inherited a broken economy and chose stabilization over populism. Any serious student of economics and political leader understands the correct sequence, stabilize the currency, reduce inflation, rebuild reserves, and then allow growth to take root. This is exactly what has happened.
Inflation has fallen from PF-era highs, the kwacha has become more stable compared to previous volatility, and Zambia’s credibility has been restored through debt restructuring and fiscal discipline. These outcomes are not miracles, they are basic economic principles, apparently unfamiliar to Counsel Makebi Zulu.
The clearest evidence of recovery is Zambia’s historic US$5.2 billion in foreign exchange reserves, the highest level ever recorded. Numbers do not lie. This is not a ceremonial figure. It means Zambia can cover several months of imports, protect the kwacha from speculative attacks, pay for fuel, medicine, fertilizer, and other essential goods without panic, and negotiate internationally from a position of strength. Zambia is now ranked among the top countries in Africa in terms of foreign exchange reserves.
Economies do not collapse when reserves are rising, instead they collapse when reserves are exhausted ,exactly what PF did. For Makebi Zulu to dismiss this achievement reflects either ignorance or deliberate dishonesty.
Equally troubling is Counsel Makebi Zulu’s silence on mining revenues and taxation. Today, mines contribute through mineral royalty tax, corporate income tax, PAYE, customs duties, VAT where applicable, and dividends where the state holds equity.
It is a notorious fact that under President Hichilema, policy consistency has improved compliance, production, and transparency. Mining now contributes meaningfully to national revenue instead of operating under confusion and secrecy. Development is funded by predictable tax systems, not slogans, something PF repeatedly undermined through erratic policy shifts.
Economic growth is now visible at both macro and micro levels. GDP growth has turned positive, meaning Zambia is producing more goods and services than before. This is how jobs are created, incomes increase, and social services become sustainable. These benefits are not instant. Only the economically illiterate expect overnight prosperity after years of mismanagement (mwebantu) people.
Truth be told serious nations accept short-term discipline in order to secure long-term stability for future generations.
Counsel Makebi Zulu should therefore pause, study, and understand before speaking. Across the world, progress is measured using the same tools, GDP growth, reserves, inflation control, and fiscal discipline, from the U.S. Federal Reserve to the World Bank, from the UK Treasury to global investment banks. To suggest that Zambia has discovered a new economic truth known only to Makebi Zulu is laughable. Zambia deserves informed debate, not loud ignorance disguised as expertise.
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