By NATION REPORTER
ECONOMIST Lubinda Haabazoka has wondered why the Bank of Zambia (BoZ) has stopped declaring gold reserves when it has been giving confidence to the outside community that the country has enough reserves.
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Dr. Haabazoka says before the change of government in 2021, BoZ had gold reserves worth US$69 million from the mines after a push from the stakeholder the economic sector that was purchased under six months
He also questioned what the macro and micro variables that the IMF was using to determine that the Zambian economy was resilient and moving in the right trajectory when the country’s currency was deteriorating at an alarming rate, with inflation was nearing 13 percent high with no liquidity in the economy.
Dr. Haabazoka said Zambia did not own the Gross Domestic Product (GDP) 90 percent of it was owned by foreigners meaning even if the country records some positives it has no impact.
“We do not own the mines and when we export our minerals all the money is externalised, meaning that even if the GDP is increasing at four percent because the mining output has increased but unfortunately we don’t own the mines.”
“IMF must come on the ground and face the reality because the figures of positive economic growth is not being translated on the ground, the economy is biting as prices of goods and services are escalating,” Dr Haabazoka said.
He said there was need to localise the GDP, Zambians must run the mines and any other means of production.
Dr. Haabazoka said there was need to diversify the currency and not only depending on the United States dollar to other currencies.
Dr. Haabazoka revealed that there are countries that are willing to allow Zambia to be buying oil and fertiliser from them in Kwacha and when they get the Kwacha they can in turn buy copper, cobalt emeralds, maize and whatever they could buy from Zambia.
He said the move would mean that Zambia would not need the dollar anymore and pressure the Zambian Kwacha can be reduced.
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