Economic expert, Kelvin Chisanga, has urged government to adopt homegrown solutions to stabilize the economy, as the Zambian kwacha continues to depreciate.
Mr. Chisanga has attributed the kwacha’s decline to Zambia’s heavy reliance on imports and foreign direct investment, stressing that this dependency exacerbates the demand for the US dollar.
He explained that as Zambia continues to import goods and services, the nation remains vulnerable to currency fluctuations, further weakening the Kwacha.
Speaking in an interview with RCV News in Lusaka today, Mr. Chisanga, emphasized the need for government to support local investors and producers, particularly in sectors such as agriculture, mining, and manufacturing.
“The increasing dollarization of Zambia’s economy where even local transactions are pegged to foreign currencies fuels economic instability,” said Chisanga.
By Melissa Zaza
