PeP reminds President Lungu the cause of hiked prices

 PeP reminds President Lungu the cause of hiked prices

By Ireen Mulenga
The opposition party Patriots for Economic Progress (PEP) leader Sean Tembo has wondered why President Edgar Lungu believes that the increment of prices of goods and services is due to the economic sabotage.

Mr Tembo said Zambians know the causes of high prices on goods which are due to government’s allowance for consumer goods.

He said that consumer goods have significant imported components such that when the exchange rate of Kwacha to the US Dollar goes up the price also goes up.

Mr Tembo said President Lungu should be reminded that for the last 12 months, the Kwacha has depreciated by more than 30 percent

He said few weeks ago the Bank of Zambia increased the Monetary Policy Rate thereby increasing the general cost of capital in the entire economy, hence   high cost of capital and high prices for goods and services.

Mr Tembo also said that the President must be informed that the economic sabotage that the country is suffering from is due to his perpetual incompetence.

“We have been   advising the President to enact regulations that will compel mining companies to remit the gross proceeds of mineral sales back to Zambia so that our Kwacha’s strength can benefit from the high copper prices on the world markets, “he said.

He said the President in his infinite wisdom has decided to ignore his sincere advice, hence detriment on the Zambian people.

The Independent Observer

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