Economist, Haabazoka, proposes measures to contain falling Kwacha


Former Economic Association of Zambia president, Lubinda Haabazoka, has proposed some short and medium-term measures than can be used to stabilise the Kwacha which has continued to dwindle.

The Kwacha is currently trading around K24.130/24.180 per dollar, with Haabazoka expressing concern that the exchange rate had reached critical levels, almost rubbing household incomes.

Among the proposed measures suggested by Haabazoka, and posted on his official Facebook page on Monday include: immediately revamping gold buying from Zambian and even foreign sellers for Kwacha.

Other measures were to allow Zimbabwean and Congolese citizens to easily open accounts in Zambia in local currency while making Zambia the primary banking sector for all mining companies.

“There are a lot of short and medium-term measures than can be used to stabilise the Kwacha. All exports should prove that money went into a Zambian account within six months after export of goods!

“Other measures are to immediately create a stabilisation fund, reduce income tax for export-oriented Zambia companies, reduce income taxes for Zambian owned SMEs to eight percent to provide for their rapid growth so as to Zambianise the GDP,” Haabazoka proposed.

He also suggested that Zambia gold company should be given the monopoly to purchase all Sugelite, manganese, diamonds and gold in the country.

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