President Edgar Lungu has sworn in Christopher Mvunga as the new Bank of Zambia (BOZ) Governor following his ratification by parliament last week.
ZANIS reports that Mr Mvunga, the former Deputy Secretary to the Cabinet for Economic and Finance Affairs, was appointed by President Lungu on August 22, 2020, after the dismissal of Dr Denny Kalyalya.
President Lungu has since urged Mr Mvunga to review and formulate policy-driven solutions to address the macroeconomic challenges that the economy is currently facing.
The Head of State stated that the economy is facing numerous challenges, particularly, this year when the country has not been spared from the impact of the COVID-19 pandemic.
“The COVID-19 pandemic has had a huge impact on the economy, including significant contraction in economic growth, high fiscal deficits, high inflation and a weakening exchange rate. Additionally, these developments also pose a threat to financial system stability,” president lungu lamented.
“I am aware that your appointment generated a lot of interest from various sections of society. However, this should not detract you from focusing on the huge task and responsibility that has come with your new position,” president lungu challenged Mr Mvunga.
President Lungu urged Mr Mvunga to prove the critics wrong by putting in the best of his ability
“The subsequent ratification of your appointment by parliament is a clear indication that you are qualified for the job. It is also an indication that the people of Zambia have placed their confidence in you to turn around the fortunes of the financial sector of the country. Do not let them down,” president lungu added.
President Lungu emphasised that as governor of the central bank, Mr Mvunga has an enormous task ahead of him.
“You will oversee the operations of the entire financial sector as well as the performance of the country’s economy. I am confident that with over 30 years of experience in the private and public financial management sector, “he added.
President Lungu has, however, noted that the central bank has taken measures to mitigate the financial challenges the country is facing.
“Your immediate task, as you take up this new position, is to ensure that there is closer coordination between fiscal and monetary policy to consolidate the existing measures,” president lungu.
“We must create a win-win situation for all the players in the financial sector and the economy, at large, particularly, finding more efficient ways of financing agricultural inputs and managing the oil procurement sector.
He said the current efforts to address debt sustainability and reduce the country’s debt service burden need to be sustained and a successful outcome achieved.
President Lungu stressed the need for the Bank of Zambia to redouble efforts to achieve and maintain stability in the foreign exchange market by closely working with the ministry of finance.
“At the same time, the Bank of Zambia must continue to review and strengthen policies, where appropriate, to improve performance and ensure that the financial sector remains stable while inflation is brought back to the single digit range over the medium term,” he said.
President lungu also sworn in Emily Sikazwe as vice-chairperson of the Electoral Commission of Zambia (ECZ0.
And president Lungu said the appointment of Dr Sikazwe is a clear demonstration of the government’s commitment to promote women to positions of authority.
“I am happy that parliament ratified your appointment in accordance with section 5 of the electoral commission of Zambia act no. 25 of 2016 and the submission by the government.
He noted that women are capable of delivering to the expectation of society.
“I am confident that being a long serving member of the commission, you will provide the necessary policy guidance and direction to the commission’s administration, which is critical in the management of the electoral process,” he said.
The destruction that has been done to the economy under this President is too huge that not even the best central bank chief in the world can do anything about it. How do you expect to revive the economy purely based on monetary policies at BOZ when the fiscal side is riddled with the worst corruption and wasteful spending on the entire planet earth? Good Luck to Mvunga but he won’t achieve anything in the 10 months he will be squatting at BOZ.
There’s a video going round about state-of-the-art roads and road intersections in Malawi, and I have been mourning about how such an under-resourced country as Malawi can have higher standards than Zambia. But I was paralysed by my friends overly honest response when he said ” Mwana stop crying about Zambia, you can’t fix a country where mediocrity reigns. you have to accept that in the world there shall be advanced and backward countries. Zambia has chosen its course – to REMAIN BACKWARD! ” And I think he’s absolutely right; these VISHELEMUKOs is our ACCEPTABLE standard at the same price as those roads Malawi is building. What a SHAME!
Sounds terrifying. Us in diaspora benefited from decaying ZKwacha, we offloaded our dollar and stocked up on farming inputs.
My cousin just bought 50 bags of fertilizer, I hope he didn’t just take pictures from depot.
Nostradamus, thats hilarious. You know how we zambians operate? You cousin will show you pics from a depot, he will send you pics for the maize growing up to harvest time. But when the time will come for you to collect your initial investment of fertiliser, there will be all sorts of stories…..because there was no maize planted in the first place. The money you had sent for fertiliser has been squandered already bro! Ha ha ha.
I wish him well on this mammoth task, it’s not easy. However the manner they celebrated the appointment as a family, I don’t know if they understand the magnitude of what he’s got into. It’s like he’s gonna enjoy himself
The quickest sure way out of this economic mess is replacing imports with local is laka slogan………
GRZ needs to spend millions on forming coperatives , training and strict high quality control measures….
Revive the economy ?? BY MVUNGA the lame duck accountant…. Maybe i am in another country…. kikikikiki…Pabwaaaaaaato!!
My advice: if Zambia is serious about reviving the economy, it needs to move from dependency on copper mining and take advantage of those Gold reserves in the country. Gold is currently fetching a fortune on the international market because of it’s sustainability and this is predicted to continue for a very long time to come.
My brother mvunga is up to the task. I trust he will deliver. A lot of people in diaspora and upnd are hoping and praying for his failure and Zambia to fail. However, he will prove that one does not need to have 50 PhD in economics or be called HAsomething to be a good governor. It was good celebrating with this great man. We drunk and laughed mwe. Now time for serious work
Is it the job of the Bank of Zambia to REVIVE the economy? Please help!
Unfortunately, Zambia will remain where it is for many many years to come.
no
President Lungu means well for Zambia. Fact. Thanks for developing this country.
Does have the magic wand to do that?
The central bank governor doesn’t revive the economy mwebantu. The economy is driven by the President and his Finance Minister
These guys are jokers, how is he going to prove the critics wrong? The economy has a big hole in it. Is he coming in with alot dollars to cushion the collapsing kwacha? I think ba lungu you have done your best, you can’t do more than your best, I think it’s time for you to go. let’s try out someone else. Surely how is a single man going to revival the economy ? LOL
Lungu talks to deceive people who are watching, while deep down they all know what is going on. Lungu and this guy are after looting the little reserves remaining at BOZ. Don’t listen to what they say, but watch what they do. Very soon all Civil servants will go for months without getting paid. Lungu wants money for campaigns to come straight from BOZ without fail wether their is money or no money at all. We are in the IDI AMIN era.
What magic wand can Chris Mvunga bring to a sick Economy? U need a smooth co-ordination of Sound Fiscal and Monetary Policies to have Macro-economic Balance and Economic Growth. Without External Inflows into Zambia there cannot be an Economic Turnaround. The Debt Crisis is biting so what can Chris Mvunga do about this? Massive and Reckless Printing of Money to finance 2021 Elections will worsen the Economic situation. Inflation will spike while the value of the Zambian Kwacha will sharply devalue resulting in escalation of Prices of Goods and Services. The writing is on the wall.
It is not the bank of Zambia that revives the economy please
Zambia has gotten to the point where it has turned to Christopher Mvunga to revive the economy. hahahahahahahahahahahaha!!!!!!!
Bwana Lungu has wrecked the economy and now he’s tasking another irrelevant person to clean up his mess.
This shows clear lack of leadership
Does this president understand how economies function? How does he expect BOZ to fix the economy that he has destroyed through the fiscal indiscipline he has been championing. This economy will only get worse under his visionless leadership
The straw that broke the camels back.
Mvunga will be most toothless and spineless BOZ governor ever.
The massive printing of worthless Zambian Kwacha will soon begin
Now @ K20 to a $1.00.In fact its actually K20,000 since the PF rebased the currency.
I’m just wondering who revives the economy between the Bank Governor and the president?
No wonder the economy is waste performing.
Edgar Lungu is lost and the economy will never recover.
PF must go!
Zambia is the New Malawi.
All key positions are now with either Malawians or first generation Zambians from Malawi. Meanwhile Chief Chitimukulu (I doubt if he is umukulu mumano) is busy dividing the real Zambians by tribe (Bembas against their once great ally during the Kapwepwe time. Small Bemba brains like those of GBM, Chitimukulu, Kampyongo, and other useless Luapula cronies, used by Malawians to loot and run the country down. Luapula, Northern and Muchinga, you are a big let down.
How can Malawians play on the minds of Bembas to start a fight with Tongas for them to rule and wreck Zambia and its economy? Are we that hopeless? Bembas and Luapula people, where did you leave your brains? Why do Malawians have to divide us Zambians and we follow kwati fipuba? Very disappointing.