It’s not our fault!
It is almost funny. When the Kwacha went into free-fall last year, government put it down to external factors on the global scene. In fact, Paul Moonga, member of the ruling PF party’s central committee, this week went as far as claiming that the fall of the Kwacha “was purely an effect of events in the world economy”. The opposition, on the other hand, wasted no time in highlighting internal factors, namely how government had mismanaged the economy by living beyond its means, racking up debt and alienating foreign investors. Now that the Kwacha is appreciating, government is putting it all down to internal factors, namely the wise interventions of President Lungu, resulting in reduced government expenditure and improved investor confidence. The opposition, however, has been quick to claim that this is not the case. They are yet to attribute the depreciation to external factors, but they are accusing government of manipulating the economy. The real reason is probably found somewhere in between. But it’s all in the eyes of the beholder!
Camilla Hebo Buus, Editor Zambia Weekly