By Isaac Zulu
Patriots for Economic Progress (PeP) leader Sean Tembo says the continued depreciation of the Kwacha against major convertible currencies is creating a lot of uncertainties and hardships in the business environment.
Tembo, in a statement, Tembo observed that the continued depreciation of the local currency against major convertible currencies has significantly increased the prices of goods and services for consumers.
“As Patriots for Economic Progress (PeP), we are concerned that the government has not said anything regarding what they are doing to address the continued depreciation of the Kwacha, which is now trading at K24.7 to the US Dollar. The last time we heard anything on this matter from the government was more than a month ago when the BOZ (Bank of Zambia) Governor said the Central Bank had run out of forex to support the Kwacha,” Tembo stated. “It is worth noting that the continued depreciation of the Kwacha has created a lot of uncertainties and hardships in the business environment and significantly increased prices of goods and services for consumers.”
He urged the government to show leadership and address the nation on what it is doing to resolve the continued depreciation of the Kwacha.
“Therefore, both business houses and consumers, alike; are looking up to their government for assurances that something is being done to address the situation. Unfortunately, government is very quiet on the matter. As Patriots for Economic Progress, we appeal to President Hakainde Hichilema and his government to show leadership and address the nation on what he is doing to resolve the continued depreciation of the Kwacha,” stated Tembo.
