WITHOUT doubt, the world today stands on the edge of a precipice, pushed by two events that no-one could have predicted a few years ago – COVID-19 and the Russia-Ukraine war, although we now have to watch with deep concern at the unfolding situation in Gaza and how it might add to the global crisis.
Already, there is concern at the possible negative effect on the oil supply the war in Gaza will have, as shipments in Red Sea come under attack.
Indeed for many nations of the world, the past three years have been a learning curve. And one of the biggest lessons we have learnt from these two events – COVID-19 and the Russia-Ukraine war – is about our connectedness and interdependence.
The truth is that there is no country or region that is isolated politically, economically or geographically; one that can fall alone, or indeed stand alone; and that a problem faced by one country can soon affect the entire globe without exception.
We all stand as witnesses to this truth.
This is why it is imperative for us as global citizens to seek solutions to common problems that plague the
world today, be it climate change, war or pandemics.
Thus said, the problem Zambia finds itself in, where it is struggling to reign in the rising exchange rate, is not a unique one. It is a common problem affecting many other members of this global village.
We, therefore, agree with former Bank of Zambia governor Christopher Mvunga that the depreciation of the Kwacha should be looked at in a much broader sense.
We must not overlook the factors that militate against us from beyond our borders.
Mr Mvunga said the past two years have taken a toll on economies across the globe including Zambia, which has affected the performance of Kwacha.
“The depreciation of the Kwacha should not be looked at in isolation, there are a number of factors which contribute, it’s a global issue and it’s happening everywhere,” said Mr Mvunga.
Mr Mvunga explained that external factors have created a demand for more imports than exports, thus affecting the country’s productivity.
But as much as we take note and appreciate the impact of these external factors, it is not to say we should allow this to be a scapegoat for those who lead us, as we saw under the previous regime.
Yes, though we face common problems, we must seek unique solutions and find a way out.
We believe that even in this situation there is a way out, both in the short and long term, by pursuing the right policies such as promoting value addition, increasing exports, creating employment through the micro, small and medium entrepreneurship, and by ensuring food security. And this is what the New Dawn administration has been vigorously pursuing since 2021.
The secret is not to lose focus, to be distracted by those who desire to ride on misfortune in order to gain political ground.
Besides, we must always remember that we all as citizens are part of the solution to make our nation great, and we must play our different roles in that regard.
We also firmly believe, as Mr Mvunga, that the ultimate solution to reducing the impact of external economic shocks is by promoting intra-African trade through African Continental Free Trade Area.
With 1.3 billion people, Africa is its own big market. All we need is to break the barriers that have hindered the free flow of goods and people across geographical borders.
In this regard, we note with hope that some countries in the region are now collapsing these barriers to allow free flow of people and goods.
And even as we enter the new year, we must do so with renewed hope and vigour that we can make our nation soar above these challenges; that we shall attain the projected 4.7 percent growth, ramp up copper production and improve on all other aspects of our economy.
Our problems not unique, but solutions must be
WITHOUT doubt, the world today stands on the edge of a precipice, pushed by two events that no-one could have predicted a few years ago – COVID-19 and the Russia-Ukraine war, although we now have to watch with deep concern at the unfolding situation in Gaza and how it might add to the global crisis.
Already, there is concern at the possible negative effect on the oil supply the war in Gaza will have, as shipments in Red Sea come under attack.
Indeed for many nations of the world, the past three years have been a learning curve. And one of the biggest lessons we have learnt from these two events – COVID-19 and the Russia-Ukraine war – is about our connectedness and interdependence.
The truth is that there is no country or region that is isolated politically, economically or geographically; one that can fall alone, or indeed stand alone; and that a problem faced by one country can soon affect the entire globe without exception.
We all stand as witnesses to this truth.
This is why it is imperative for us as global citizens to seek solutions to common problems that plague the
world today, be it climate change, war or pandemics.
Thus said, the problem Zambia finds itself in, where it is struggling to reign in the rising exchange rate, is not a unique one. It is a common problem affecting many other members of this global village.
We, therefore, agree with former Bank of Zambia governor Christopher Mvunga that the depreciation of the Kwacha should be looked at in a much broader sense.
We must not overlook the factors that militate against us from beyond our borders.
Mr Mvunga said the past two years have taken a toll on economies across the globe including Zambia, which has affected the performance of Kwacha.
“The depreciation of the Kwacha should not be looked at in isolation, there are a number of factors which contribute, it’s a global issue and it’s happening everywhere,” said Mr Mvunga.
Mr Mvunga explained that external factors have created a demand for more imports than exports, thus affecting the country’s productivity.
But as much as we take note and appreciate the impact of these external factors, it is not to say we should allow this to be a scapegoat for those who lead us, as we saw under the previous regime.
Yes, though we face common problems, we must seek unique solutions and find a way out.
We believe that even in this situation there is a way out, both in the short and long term, by pursuing the right policies such as promoting value addition, increasing exports, creating employment through the micro, small and medium entrepreneurship, and by ensuring food security. And this is what the New Dawn administration has been vigorously pursuing since 2021.
The secret is not to lose focus, to be distracted by those who desire to ride on misfortune in order to gain political ground.
Besides, we must always remember that we all as citizens are part of the solution to make our nation great, and we must play our different roles in that regard.
We also firmly believe, as Mr Mvunga, that the ultimate solution to reducing the impact of external economic shocks is by promoting intra-African trade through African Continental Free Trade Area.
With 1.3 billion people, Africa is its own big market. All we need is to break the barriers that have hindered the free flow of goods and people across geographical borders.
In this regard, we note with hope that some countries in the region are now collapsing these barriers to allow free flow of people and goods.
And even as we enter the new year, we must do so with renewed hope and vigour that we can make our nation soar above these challenges; that we shall attain the projected 4.7 percent growth, ramp up copper production and improve on all other aspects of our economy.