Dr. Musokotwane Tells Sichinga to shut-up, "He Is Confusing People, He Is Just An accountant"

COMMERCE Minister Robert Sichinga must shut-up and stop commenting on economic issues because he is confusing people with matters he does not understand, says Former Finance Minister Dr. Situmbeko Musokotwane. Dr. Musokotwane who is MMD presidential aspirant said Sichinga was an accountant who did not understand economic issues therefore needs to leave technocrats at Bank of Zambia (BoZ) to comment on matters relating to the rebasing of the Kwacha.

He said Sichinga was embarrassing the PF administration in the manner he had economically mishandled the issues behind rebasing of the local currency with regards to its performance against other convertible denominations. Dr. Musokotwane said Mr Sichinga was fond of giving un-researched opinions on issues he did not understand himself. “Sichinga is just an accountant, he is not an economist and it will be good for him to leave issues to do with the economy and rebasing of the Kwacha to people at the Bank of Zambia because I know that there are more capable and credible people who can authoritatively comment on such matters.” said Dr. Musokotwane.

He said Sichinga’s understanding of the rebasing of the Kwacha was a mere dream which won’t help the nation and government but confuse people because value for the currency did not come about by changing or knocking down of zeros.

Dr. Musokotwane said there was need for the nation to invest critically in the manufacturing industriy whose products would compete favorably on the international market. He observed that the continued mismanagement of communication of information being given to the public by the PF administration was a source of concern and if not checked would create an economic crisis to the nation.

Last week government said it would proceed with plans to rebase the local currency to strengthen the value to 1964 levels despite calls by some quarters to defer it to a later date. Sichinga said rebasing the Kwacha was necessary as it would lead to reduction in the cost of doing business; reduce inconvenience and risks associated with carrying large amounts of currency for transactional purposes. He said once the Kwacha was rebased, it was likely to become stronger against major convertible currencies, citing when the local unit traded at par with the British pound in 1960s. “In 1964, our Kwacha and Malawian Kwacha were at par with a (British) pound. Exactly at K2 to a pound, this is because the currency was strong,” he said. Sichinga said rebasing the Kwacha would accrue huge benefits to everyone.

Source: Zambianstar.com

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