A socialist in Zambia explains how politicians and governments in countries like Zambia that export one basic commodity are at the mercy of world market conditions. Zambia is not alone in this respect.
Zambia is currently gripped by an economic crisis, characterised by falling copper prices, the depreciating kwacha, and electricity blackouts. Prices of essential commodities have shot up due to the depreciation of the kwacha. Sensing danger, President Edgar Lungu of the ruling PF despatched his deputy secretary-general Mrs Mumbi Phiri to the ZNBC, where she gave an assessment of the significance of the economic problems facing the country.
The radio interview took place on 14 September and the public were invited to ask her questions through the phone calls. She explained that the reasons why Zambia was facing social and economic problems was because of the falling copper export prices to China – the largest purchaser of Zambia’s copper exports. She went on to assure listeners that the reason why Zambia was experiencing electricity blackouts was due to low water levels in the Kariba North Bank hydro-power station occasioned by poor rainfall. The depreciation of the kwacha, she said, took effect after the death of President Sata in September 2014 and was due to reasons other than the fall in copper prices.
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