NATIONAL Movement for Progress (NMP) president Ng’andu Magande has pledged to reverse the exchange rate from the current K5, 000 to a United States dollar below K3, 000 if the people of Zambia gave him chance to lead Zambia after the 2011 presidential elections.
Mr Magande also said he would not address public rallies in the townships to avoid causing accidents when ferrying people to the rallies but would use radio stations to popularise his policies and convince the people that he was the right candidate to rule Zambia.
In an interview in Lusaka on Monday, Mr Magande, who is a former minister of Finance and National Planning, said time had come for the people of Zambia to vote a leader who had experience in the management of economic affairs. He said he would also use his skills as former secretary general of the African Carribean and Pacific Group of States to influence development.
Mr Magande said around 2005, the exchange rate was at K5, 000 to a US dollar but he ensured that it dropped to below K3, 000 in 2007 because of the policies he introduced as minister of Finance. He said he was not saying that as a way comparing his abilities with other leaders because such an approach was wrong since leaders had difference types of experience in governance.
Mr Magande said in planning for economic development of the country, he would involve ordinary citizens to achieve maximum results. He said he would go to townships to address small groups of people and raise issues that affect them.
He cited Kuku Township in Lusaka which was prone to flooding while Chelstone needed roads and Kanyama required an improved drainage system. Mr Magande said he was confident that NMP parliamentary candidates would campaign for him to secure victory and as such, there was no need of organising people for big rallies.
He said the party had only managed to field 20 candidates in all the provinces except Northern and Western provinces where it would use the provincial committees to win popularity. Mr Magande said the NMP constitution had a chapter that dealt with promoting national unity and identity where all citizens would be involved in managing the affairs of the nation.
[Times of Zambia]
Lost sheep. Exchange rate is job for finance minister and BOZ governor
Haaa this man who only managed I term at ACPG before he was kicked out,couldnt pay duty on his green benz until he was aided by LPM..this man who owed so mcuh money to Lima bank and failed to pay, this man who rigged the elections in chilanga and failed to stand in his village..wants to be president? AM sure AKM is still turning in his grave when he recalls the U turn this man made on his comrades in UPND….Continue to allow saliva to fly from your mouth as you speak thats the closest you will be heard need a raincoat to have a chat with you.
ha aha hahaha kwekekekeke.Ala ama politics kuti yakusangusha ichipuba.
So his plan for national development is to have an over-valued Kwacha? As former finance minister, he should know you can’t fight the market and that an exchange rate of K3000 would seriously hurt emerging export sectors (agriculture, tourism, etc!). This would also make imports cheaper to the harm of local companies producing import substitutes.
Sorry, but this is a BAD, BAD idea!
Magande as I recall when I was still a Senior Planner in govt was one of the best Ministers of Finance this country has ever had. He was instrumental in introducing the windfall tax, helping the kwacha to gain value which resulted in many people for the first time to purchase vehicle cheaply. Zambia attained the HIPC completion point; and our borrowing was significantly reduced; over 70% of our national budget began being funded from local resources. Donor influence was reduced. I truly believe he was a good finance minister. I will still vote for MMD but he’s expertise shoulld really be incorporated by whoever will assume government
How? Is it not determined by productivity… and retention of forex? The mining companies are allowed to externalise all thier dollars and there is no expansion of agriculutre and tourism contributions to forex.
Mr so called economist…. the value of a currency is determined by the economical productivity of the country which is reflected in the balance of payment.
Do you what is the effect of an over valued currency on exporters? Exporters need to earn more kwacha from the dollar exports since the majority of the input cost are in kwacha. Your idea of strengthening the kwacha is going to kill companies who export products including the mines which are the major export earners.
Where did this guy study his economics….?
For your information, thats why Japan keeps its currency weak.
PF will bring you in as Finance Minister “Dont Kubeba” Mangande
Magande is a very dull man. He thinks he can convince an average man through concerpts and theories? For those that did not know, the current Minister of Finance..Musokotwane was behind the successes this man might have scored in his tenure. Musokotwane was the technocrat behind that man that did almost everything. This man has just got a big stinky mouth.
# 7 The Engineer, is the Japanese currency weak or just suppressed by government intervention for the reasons you put forth. The Yen still maintains its value as a strong currency. The Kwacha is weak as a currency and its value can be strengthened.
of what use is a stage managed exchange rate? it does not help productivity at home and it definitely negatively affects foreign investors and exporters alike not to mention zambians in the diaspora who get peanuts when they bring their hard earned forex home to invest or build houses
Yes big man . It sounds good to hear reducing the inflation rate. But you, see that is a small portion of governance of the country . You need to be team worker for you to sell ideas and get some which I think you do not have . And that is how Dictators are born, failure to work as a team go back to MMD they need your ideas. No matter what you do no one will vote for you.