Weak kwacha worries clergyman
Chipata, March 5, 2013, ZANIS….A clergyman has expressed concern over
the continued weakening of the Kwacha against other international currencies.
United Church of Zambia –UCZ Eastern Presbytery Bishop Jonathan Sikazwe
expressed concern that a weak local currency will
affect economic growth of the country which is import oriented.
Speaking when Eastern Province Permanent Secretary Bert Mushala called
on him, Bishop Sikazwe said the Kwacha has continued to lose value
against other currencies saying there is an urgent need to address the
He advised government to put measures in place to ensure that the
Kwacha does not lose strength further.
And Bishop Sikazwe stressed the need to diversify the country’s
economy saying over dependency on copper production might work
negatively against the country.
He stated that it is difficult for the country because copper prices
are determined by international market forces of demand and supply and
any fall in the market prices affects the whole economy.
Bishop Sikazwe said other sectors such as agriculture and tourism can
contribute to the growth of the national economy.
And Eastern Province Permanent Secretary, Bert Mushala said government
is currently promoting value addition to locally produced goods saying
it is the only way that can guarantee sustainable economic growth and
a strong currency.
Mr Mushala said government is planning to create industrial
clusters that will enhance value addition which will also lead to
employment creation and productive in each province .
He also stated that government has revised guidelines of the Citizen Economic
Empowerment Commission (CEEC) in order to encourage the business
community in provinces to work together to access the loan facility in
an effort to engage in manufacturing.
“This will enable them to work together and promote value addition of
goods that are locally produced such as processing of groundnuts in
Eastern Province,” he said.
Mr. Mushala also acknowledged that diversification can lead to the
much desired economic growth of Zambia.