By Agness Changala
Adjunct Professor at Governance State University in Illinois, United States Professor Cecil Mbolela is questioning where the foreign exchange is from President Hakainde Hichilema’s many foreign trips and pledges in the charts, which earned some priests titles of sons of Lucifer for speaking out.
Professor Mbolela is an adjunct Professor of Money, Banking and Financial Markets and authored the Book titled “Zambianisation Copper Mining Reforms of 1964 to 1980.”
Prof Mbolela was asked by Daily Revelation to comment on the recently adjusted Monetary Policy Rate to 11 percent and Statutory Reserve Ratio to 17 percent.
Responding, the Professor described Zambia as going through what he termed as “Losers Patriotism” where mining resources were being transferred to foreigners at little benefit to the country.
“Both Bank of Zambia and the Ministry of Finance are headed by professionals with advanced degrees in economics. The issue for Zambia is what I call “Losers Patriotism”, transferring Zambia’s mining resources and other wealth to foreigners at $0 tax through subsidies hoping that such policies will benefit Zambians by accessing the IMF loans or foreign pledges,” Prof Mbolela argued. “It’s the biggest economic socialism program ever administered in Zambia. Foreign exchange is earned through exports or through inflow of foreign pledges, investments and grants. Where is the foreign exchange from ba President’s foreign trips and pledges shown in charts earlier in the year, which earned some priests titles of sons of Lucifer, because they spoke up?
He described “Losers Patriotism” prosecuting Zambians in the gold mining and charging opposition Dr. Fred M’membe with espionage, but dropping espionage charges against Egyptians involved in the gold scandal, and eventually freeing them.
“Like Dr Lubinda Haabazoka earlier alluded to, calling foreigners making loads of wealth and not paying taxes and calling Zambian illegal miners for wanting to create wealth for themselves and Zambia. Investing in political equity in debt restructuring instead of debt cancellation like Mwanawasa did in 2004,” Prof Mbolela argued. “Science can fix wrong maths or monetary policies, but science can’t fix bad ideas stemming from Losers Patriotism.”
He referred to countries like Panama, Chile, Namibia and even Botswana, where he said mining resources are administered through “Winners Patriotism” where parliamentary oversight collects taxes from the country’s resources to benefit citizens and that’s how they earn foreign exchange.
“Exporting Zambia’s wealth and resources and taxes in exchange for IMF loans and foreign pledges is the best form of Losers Patriotism and that’s what is hurting Zambia.
Winners Patriotism or Losers Patriotism, choice is Zambians to make,” argued Prof Mbolela.
