It’s very clear that things are not the way they should be.
And we don’t need anyone to tell us that things are not okay because we are experiencing the agony of a troubled economy every day. It’s increasingly becoming difficult to make ends meet.
And the measures the Bank of Zambia is taking are a testimony of this.
The Bank of Zambia’s decision to increase the Statutory Reserve Ratios applicable on commercial banks’ kwacha and foreign currency deposits liabilities to 9 per cent from the current level of 5 per cent is signalling serious problems in the economy.
But as Dr Fred M’membe correctly concluded, there’s desperation on the part of those running the economy of our country.
When brilliant people start taking desperate measures like these then we know things are off the rails. As Dr M’membe observed, “we have a brilliant team of very good economists at the Bank of Zambia but they have been stretched to the utmost. They are being pushed to do the impossible, to square a circle”.
The Bank of Zambia has done its best – and a very good job indeed. But there’s a limit to what they can do if the politicians in charge of the country are reckless. And indeed Edgar Lungu and his minions have been reckless with their expenditure, debt contraction, misuse, mismanagement, misapplication and misappropriation of public funds. Corruption has been the order of the day – starting with Edgar himself.
And we can rightly say it is Edgar and his minions who are responsible for destruction of our country’s economy and the suffering we have to endure every day in every way.
When many people were voicing their concerns about their unbridled borrowings, Edgar’s response was that he will continue borrowing. Out of ignorance and arrogance, Edgar thought he could continue borrowing without consequences. Now he is looking like a fish in a jar – despite and not knowing what to do. He may posture and sound confident but he is lost and doesn’t know what to do. His government is now resorting to desperate measures.
But as Dr M’membe aptly put it, “these desperate measures remind us of Shakespeare’s works. What is clear from ‘Romeo and Juliet’ is that desperation gives us irrational thought processes which usually have a potential for severe consequences. I’m sure you have heard someone say: ‘desperate times call for desperate measures’, a phrase which explains the sometimes detrimental result of decision making while in an irrational state”.
Indeed, desperate measures can be destructive.
Edgar and his minions are losing it and are out of options.
The man who is jumping around nakasaka kandalama, today is failing to pay civil servants and other public workers. Today the man who spent millions of dollars on a new and very expensive presidential jet is failing to meet debt service obligations!
Today, in desperation, Edgar grasping at anything he thinks might ‘rescue’ him.
But as Dr M’membe said, these desperate measures of Edgar are born out of fear, fear that he is actually not performing well.
But Edgar’s actions taken out of desperation and hopelessness are unlikely to work – the economy is sinking deeper and deeper into trouble. Desperate times call for bold measures but not desperate measures.
Decisions made out of hopelessness or despair are likely to turn out bad. It can create much larger problems.
Now that people can clearly see what Edgar has done to the economy, to their lives, they are not scared to say ‘he must go’.