by Sipilisiwe Ncube on 15 Sep 2019by Diggers Reporter on 15 Sep 2019by Julia Malunga on 14 Sep 2019by Sipilisiwe Ncube on 14 Sep 2019
by Sipilisiwe Ncube on 15 Sep 2019by Stuart Lisulo on 13 Sep 2019by Natasha Sakala on 13 Sep 2019by Natasha Sakala on 13 Sep 2019
by Zondiwe Mbewe on 13 Sep 2019by Zondiwe Mbewe on 13 Sep 2019by Sipilisiwe Ncube on 13 Sep 2019by Zondiwe Mbewe on 13 Sep 2019
- Goal Diggers
by Abraham Kalito on 13 Sep 2019by Abraham Kalito on 13 Sep 2019by Abraham Kalito on 12 Sep 2019by Abraham Kalito on 11 Sep 2019
by Diggers Editor on 15 Sep 2019by Diggers Editor on 9 Sep 2019by Diggers Editor on 7 Sep 2019by Diggers Editor on 5 Sep 2019
- Guest Diggers
by Simon Manda, PhD on 7 Sep 2019by pilAto/ Fumba Chama on 7 Sep 2019by Chisoni Mumba, PhD on 17 Aug 2019by CUTS on 4 Aug 2019
- Editor's Choice
by Diggers Correspondent on 24 May 2019by Diggers Reporter on 4 Mar 2019by Andyford Mayele Banda on 29 Jan 2019by Davies Mwila on 22 Jan 2019
by Diggers Correspondent on 11 Aug 2019by Mukosha Funga on 27 Jul 2019by Mukosha Funga on 21 Jul 2019by Web Master on 27 Jun 2019
Authoritarian rule hurting investor confidence in Zambia – MumbaBy Mirriam Chabala on 23 Jul 2017
Movement for Multi-party Democracy (MMD) president Nevers Mumba says Zambia’s economy will slow down significantly during this period of a Threatened State of Emergency as investor confidence is not guaranteed.
And Mumba says the declaration of a Threatened State of Emergency by President Edgar Lungu is going to highlight the perception world over that Zambia has become a dictatorship.
Speaking to News Diggers! in an interview today, Mumba observed that the economy was the first sector to be affected in any country where a declaration of a State of Threatened Emergency.
“First of all, you must understand that the Central Bank can do whatever they want in the manipulation of the currency in order to sustain it but that does not mean that the Kwacha is really supported by any legitimate or any measurable wealth behind it, so I think all that we need to understand now is that whenever a State of Emergency has been declared, the first area to be hit is the economy and obviously the economy includes the value of the Kwacha. So the value of the Kwacha is definitely going to be affected but the Bank of Zambia can always manipulate it to give the impression that it’s got superficial strength,” Mumba said.
“This has happened to us in the past under Dr Kaunda’s government. When we withdrew from the IMF, Dr Kaunda placed the Kwacha at K8 to the Dollar and insisted that it was going to remain their but there was actually no economic value to support it, so such things happen in a State of Emergency but the economy will be hit first and it’s a forgone conclusion that any time a State of Emergency is declared in may countries and not just Zambia, the first sector to be hit is the economic sector.”
Mumba said the country’s economy was going to slow down during the Threatened State of Emergency as investors would also worry about law and order.
“Obviously this [Threatened State of Emergency] is going to slow down the economy significantly and you don’t need to be a prophet to deal with that issue because for investment to come to any country, there must be a perception of law and order in terms of comfort that there is enough security and also that there is no conflict in the nation that could result in the investment being lost. So obviously the economy is going to be hit very hard in this season that the [Threatened] State of Emergency is going to be in place,” he said.
“Secondly I think that we are going to see a further reduction in the democratic space in the country and that is going to highlight the now very live perception globally that President Lungu is a dictator and that there is a dictatorship in the country, so this decision by government will heighten that perception around the world.”
Meanwhile, Mumba said the announced regulations under which the Threatened State of Emergency would bring discomfort amongst citizens in terms of stability.
“That in itself again will bring a lot of discomfort amongst the citizens who feel that the economy is biting them, their freedoms are restricted and any time you put a human being under those conditions for a sustained period of time, you contribute to extreme discomfort in that country’s stability. So, it’s not a good thing that has happened to us,” said Mumba.
About Mirriam Chabala
Mirriam covers current affairs and writes in-depth feature articles on social issues.
Email: mirriam [at] diggers [dot] news
- Kambwili is already a dead man, no one can kill him – Mumbi - 13 Sep 2019
- Lungu must take his Parliament address seriously, people are distressed – Mweetwa - 13 Sep 2019
- Quitting politics has nothing to do with my brother’s appointment at BoZ – Chipimo - 12 Sep 2019
- Lungu fires new FIC board chair Siame - 12 Sep 2019
- Unless you kill me, arrests only make me add volume – Kambwili - 12 Sep 2019
- If you don’t want to refine our constitution, we will refine it - Lungu (2,622 views)
- I'm not a drug dealer, I don't know Goswami, says Findlay (2,606 views)
- 4 Lusaka men sue Kaizer Zulu for kidnapping and beating them (1,463 view)
- Kambwili is already a dead man, no one can kill him – Mumbi (1,310 view)
- Govt deports Top Star's CEO (1,266 view)
- It makes us sad that we can't stick to load shedding schedule - Zesco
- Switch to cheaper food, Wina urges Zambians
- Findlay drug allegations shake State House as Lungu orders probe
- It's impossible to reduce mealie meal prices, brace for harder times, warns GBM
- Chipolopolo had horror moment in Brazzaville - FAZ
Subscribe For News In Email
The News Diggers
Deputy News Editor
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend