30 December 2011
PRESIDENT Michael Sata has asked newly-appointed Bank of Zambia (BoZ) Governor Michael Gondwe to work closely with Minister of Finance, Alexander Chikwanda to ensure enhanced economic development and an export system that is beneficial to Zambians.
Speaking when he swore in Dr Gondwe as BoZ Governor yesterday, the president said proceeds from all sectors including minerals should be exported only after their value had been determined.
He said Dr Gondwe should ensure that the Zambian currency, the Kwacha regains its lost value in comparison with internationally convertible currencies.
He directed that a statutory instrument on the export of goods and services be put together to ensure that Zambians benefit from every export which should be fully accounted for.
Mr Sata said the value of the wealth with which Zambia was endowed should start benefiting Zambians.
He said it was irregular to allow the export of goods before their value is established adding that such acts were not in line with the practices established by the World Trade Organisation (WTO).
He said even at the start of privatisation of the country’s copper mines, the Kwacha was strong and the economy started doing well but the export of goods had not been well managed.
Mr Sata said the Government took long to find a credible central bank governor and was confident Dr Gondwe would perform to the expectation of the Zambian people.
“What we need is that for any cent exported out of this country, Zambians must benefit. You and Mr Chikwanda must work as a team. Our currency is the weakest. It is even weaker than a shilling,” Mr Sata said.
Parliament last week ratified the appointment of Dr Gondwe as BoZ Governor. Before his appointment, he served as the chief executive officer of the Nairobi-based PTA bank.
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