• The country would have performed better in terms of foreign reserves.
• Bank of Zambia has made a strategic decision to boost the reserves through the local purchasing of gold.
• The party expected the Central Bank to record a slight increase in the foreign reserves.

Golden Party of Zambia (GPZ) says the country would have performed better in terms of foreign reserves, owing to the fact that the Bank of Zambia has made a strategic decision to boost the reserves through the local purchasing of gold.
Party Secretary General, Dr. Steven Mwale tells Money FM News in a statement that the party expected the Central Bank to record a slight increase in the foreign reserves so as to enable the country accumulate good value that would have increased the import cover to at least 3 to 3.5 months.
Dr Mwale noted that Copper, a commodity which amounts to over 70 percent of Zambia’s exports, has fared very well in price on the London Metal Exchange (LME) due to increased demand from China.
He has since demanded for an explanation from the Central Bank Governor over the matter in order to have clarity for what transpired for the nation to end up with a 117.7 million dollars decline in international reserves.
“We agree that 2020 was a difficult year that saw the country’s economy go into negative growth , but good fiscal discipline would have seen us restructure our infrastructure development program to minimize borrowing and save our free falling kwacha against major convertibles,” he said.
He added that increasing the Monetary Policy Rate is not the solution in addressing inflationary pressures because it will just increase the cost of accessing finances by the simple yet hard working Zambian business people, professionals, youth entrepreneurs and women traders.
“As Golden Party of Zambia (GPZ), we are wondering; What financial policies is the Government managing this economy with? Is there anything being done about foreign owned corporations in the habit of quoting prices of manufacturing inputs, equipment and machinery in US dollars here in Zambia? What about the issue of capital flights through externalization of revenues earned from doing business in Zambia at the expense of local vendors, suppliers and workers?” Dr Mwale questioned.
Dr Mwale further called on the Governor to kindly explain the real reasons behind the drastic free fall of the kwacha. What is happening in the economy? and if government has a plan to turnaround the economy.