"The dollar is killing us," said Ben Mwandila, who sold 15 imported blankets a month last year for a 50 kwacha profit per sale but is now selling only two or three.and economists blame in part on Zambia's struggles to complete a debt restructuring since it defaulted on its debts in 2020, as well as on disappointing copper output.
Meanwhile, ordinary Zambians are struggling. A basic monthly food basket cost almost 9,000 kwacha in December, more than twice the national average monthly earnings of 4,393 kwacha, according to the Jesuit Centre for Theological Reflection, which tracks food prices.
"Because of the sentiments in the market... we may start losing some of the gains that we have achieved so far," Zambia's Secretary to the Treasury"If we start losing some of those achievements... then we will have some despair or some pushback." The unfinished debt rework also means many overseas investors are staying on the sidelines, Michael Gonzales, U.S. Ambassador to Zambia, said in an interview in Lusaka earlier this month.
They wanted indepedence - now they can enjoy it.
Bit like UK then