To the mother out there battered by a high cost of living, Bally will do more than just fixing the economy but will grow the Zambian economy out of poverty, Zambia’s 7th Republican President said in his inauguration speech. We will embrace respect and diversity, restore the rule of law, restore the country to normalcy and exterminate caderism, he said with air of confidence.
Newly sworn in head of state bemoaned the economic erosion of Zambia over the years exacerbated by a rising debt position amidst a COVID19 pandemic which he pledged to correct.
“Over the next 5 years we will narrow the fiscal deficit, address debt issues and claw back lost confidence in our country,” President Hichilema said.
“We invite the private sector on this journey as we seek to grow this economy. I invite the Zambia National Farmers Union, Zambia Chamber of Commerce and Industry, Zambia Association of Manufacturers and all other bodies to join in this journey we are embarking on,” he echoed.
Zambians are good people, we want to share but we can not share poverty, will not share in poverty as we are a nation endowed with a vast resource base which we will seek to capitalize on. we must create value first, the head of state resounded.
We will seek to boost value addition and boost production in sectors such as mining to see growth in emerald, manganese, copper, cobalt and amethyst mining. Zambia’s head of state pledged a boost to tourism which has been dented by a ravaging pandemic.
And speaking at the ceremony Malawi’s head of state Dr. Lazarus Chakwera said Africa is not an infant to be baby sat, not free for all to be robbed by mercenaries from outside jurisdictions and that Africa is not a charity case to be pittied.
“What we see today is an embodiment of the Africa we want. This year we will see the Africa we want, a triumph of the best of virtues,” Dr. Chakwera said.
The Southern African nation is in the middle of a debt restructure as inflation hovers in double digits eroding purchasing power of citizenry scaling the cost of living to levels not seen in years. Zambians will seek economic turnaround in the 5 year mandate given to the new head of state.
Markets remain closed for business as August 24 is a public holiday in Zambia.
The Kwacha Arbitrageur.
