Save the Kwacha, mine sugilite and gold, cultivate cannabis - Sinkamba.

According to the Green Party Leader, the weak Kwacha is due to the country’s export portfolio, which has continued to lag, due to challenges in the mining sector.

Lusaka, Feb. 13 – Green Party Leader, Mr. Peter Sinkamba, has warned that the Kwacha may rise to K35 to a Dollar by the end of the year as anticipated by several international markets if Zambia does not move soon to implementing the sugilite and gold mining, and cannabis cultivation.

Also Read: Zambia must prioritise domestic revenue mobilisation which requires a concerted effort to increase tax compliance, enhance enforcement, and widen the tax base.

The roots of Zambia’s need for debt restructuring lie in low tax collection, as the only alternative for the government to bridge the budget deficit is borrowing, says Twivwe Siwale, an IGC economist and a former tax inspector in Zambia.

Mr. Sinkamba is of the view that it is evident that Bank of Zambia interventions have so far failed to produce beneficial outcomes, with the Kwacha currently trading at more than K27 per dollar.

He believes that removing money from entrepreneurs through the ongoing Central Bank fiscal measures will lead to the collapse of banks, arguing that these actions are unsustainable.

According to the Green Party Leader, the weakening currency rate is due to the country’s export portfolio, which has continued to lag, due to challenges in the mining sector.

Also Read: Sinkamba calls for a thorough look at the ZCCM-IH saga!

Green Party leader, Mr. Peter Sinkamba, says the resignation of Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) Chairperson, Dolika Banda, and its delisting from the London Stock Exchange due to corruption will affect the viability of the institution.

He argues that with KCM still non-operational while Vedanta looks for capital and Mopani taking a phased approach to liquidation, production will continue to hurt the exchange rate.

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