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Dr. Musokotwane Tells Sichinga to shut-up, “He Is Confusing People, He Is Just An accountant”
COMMERCE Minister Robert Sichinga must shut-up and stop commenting on economic issues because he is confusing people with matters he does not understand, says Former Finance Minister Dr. Situmbeko Musokotwane. Dr. Musokotwane who is MMD presidential aspirant said Sichinga was an accountant who did not understand economic issues therefore needs to leave technocrats at Bank of Zambia (BoZ) to comment on matters relating to the rebasing of the Kwacha.
He said Sichinga was embarrassing the PF administration in the manner he had economically mishandled the issues behind rebasing of the local currency with regards to its performance against other convertible denominations. Dr. Musokotwane said Mr Sichinga was fond of giving un-researched opinions on issues he did not understand himself. “Sichinga is just an accountant, he is not an economist and it will be good for him to leave issues to do with the economy and rebasing of the Kwacha to people at the Bank of Zambia because I know that there are more capable and credible people who can authoritatively comment on such matters.” said Dr. Musokotwane.
He said Sichinga’s understanding of the rebasing of the Kwacha was a mere dream which won’t help the nation and government but confuse people because value for the currency did not come about by changing or knocking down of zeros.
Dr. Musokotwane said there was need for the nation to invest critically in the manufacturing industriy whose products would compete favorably on the international market. He observed that the continued mismanagement of communication of information being given to the public by the PF administration was a source of concern and if not checked would create an economic crisis to the nation.
Last week government said it would proceed with plans to rebase the local currency to strengthen the value to 1964 levels despite calls by some quarters to defer it to a later date. Sichinga said rebasing the Kwacha was necessary as it would lead to reduction in the cost of doing business; reduce inconvenience and risks associated with carrying large amounts of currency for transactional purposes. He said once the Kwacha was rebased, it was likely to become stronger against major convertible currencies, citing when the local unit traded at par with the British pound in 1960s. “In 1964, our Kwacha and Malawian Kwacha were at par with a (British) pound. Exactly at K2 to a pound, this is because the currency was strong,” he said. Sichinga said rebasing the Kwacha would accrue huge benefits to everyone.
Source: Zambianstar.com
Posted by
Boogie
April 12, 2012 at 4:03 pm
Ba Zemuntu! A lot of people with the BACC qualification struggle when they decide to study professional courses like ACCA and CIMA. Besides courses like CIMA are rated at the same level as MBAs in the United Kingdom. If you are ignorant about this check the CIMA website mwaice. BACC is nothing compared to the courses i have mentioned above.
Air Mukwai_
April 12, 2012 at 4:08 pm
@ UKO
economists and weather forecasters are one and same and are good at making bad prediction and bad at making good reflections. It is sad that this country has no respect for scientist and medical doctors…. go to uth you will find that 5% of doctors driver toyata corollas while a chap from zica drives 4.0 cc engines…
mule
April 12, 2012 at 4:13 pm
if the kwacha is rebased to say K1 to USD1 are they not the same,the value will be the same BOB was right when he said our kwacha will be strong
Air Mukwai_
April 12, 2012 at 4:29 pm
@ mule
SA Rand Is R8 = $1 US D then zam kwacha will be:-
K5 = $1 US D
But what determines the strength of the currency is the buying power. eg how much is a litre of petrol, how much is bread.,,,…
Terie martenz
April 12, 2012 at 4:31 pm
Rebasing the currency will not make kwacha to be at par with the Dollar Mule.Their are alot of factors that reduce currency depreciation..it requires some time to explain to u.The ratio of exchange will remain the same 5:1 kwacha and Dollar respectively.
Dothi
April 12, 2012 at 4:47 pm
let mr musokosoko shut up himself because he has not accepted that he is no longer a finance minista. it is good to appreciate others and give due credit to deserving pipo. as a professional accountant myself, i have understanding of econmics too. it is like climbing amountain from a different slope ,we all reach the summit of a hill or mountain. so who is educated mr musokosoko. all know something regardless of the dgree.
Terie martenz
April 12, 2012 at 4:47 pm
Rebasing the currency will not make kwacha to be at par with the Dollar Mule.Their are alot of factors that reduce currency depreciation..it requires some time to explain to u.The ratio of exchange will remain the same 5:1 kwacha and Dollar respectively.There are always arguments btn Academic and proffessional qualifications.The borne of contetion is that the later is action oriented while the other is theoritical.Accountancy syllabi is revised according to economic trends prevailing,wat matters is individual interpretation of the situations just like lawyers do…they will graduate same year but they interprete law….mwamene wainverela.
St
April 12, 2012 at 4:53 pm
Egg Chicken debate
St
April 12, 2012 at 4:58 pm
Respect your friend’s profession and your friend will respect you. Dr. Situmbeko respect accountant you can’t do without them yet they can do without you. Accountants are balanced. Management Accountants are economist and deal with income and financial management, Financial Accountant’s another branch of accounts deals with the expenditure side of things. Never demean an accountant he is a double edged sword. TOTAL PACKAGE
manu4life
April 12, 2012 at 5:00 pm
Fellow bloggers, before you criticise Dr. Musokotwane, ask Bob Sichinga where he got the information that the MMD had printed 3.5 trillion kwacha illegally in China, a statement which was disputed by the Minister of Finance Alexander Chikwanda. And you guys that are calling Economics Chikwakwa bet you would not even pass Mathematics for economics or Econometrics. Economics is the only course in the School of Humanities which people from Natural Sciences respect, unless you did your economics from Cavendish you can not call EC from UNZA chikwakwa.
Biggie
April 12, 2012 at 5:12 pm
Dr SM is right you blind bloggers. No one expects some of you bloggers to be rational for obvious reasons. This man is level headed and he is concerned for all of us Zambians
hake
April 12, 2012 at 5:47 pm
Shut up all of you!!!
mpombo wibilima
April 12, 2012 at 6:17 pm
Ubututu bamukukulu. removing the zeros does not make the currency strong.
Kant Never
April 12, 2012 at 6:57 pm
Musokotwane has always argued ignorantly in the past.He cant argue intelligently apart from belittling other professionals.For example in the past, he had used phrases like,THAT IS THE PROBLEM WITH PEOPLE HOLDING UNDERGRADUATE QUALIFICATIONS.The guy thinks he the only one highly qualified in Zambia.
Old Munali Boys
April 12, 2012 at 6:59 pm
You Chaps who call yourselfs Economics, are luck that you have continous Accesement at UNZA, otherwise you would not have finised your degree programmes, Come Ku ACCA and CIMA, no continuos Accessment my freind you will sweat and its a white Man marking your papers, not these Lectures that you drink Shekisheki with in Kalingalinga who end up giving you fake results.
Ian
April 12, 2012 at 7:48 pm
I wish the ‘economist’ cud put his newfound wisdom wen he was in power. What use r his views to us now. Walk the talk bicycle thief.
Greenieman
April 12, 2012 at 8:30 pm
Dr Situmbeko Musokotwane was the ‘Economist-in-Chief” of Zambia; just check his record at UNZA, BOZ and even at MOF when the country achieved respectable ratings by Standard & Poors, Fitsch and many other observers.
mule
April 12, 2012 at 8:31 pm
@terie martenz
a dollar today is about K5 000 to USD1 so if a bottle of mosi is K5000 and then the kwacha is rebased to say USD1 to K1 the K1 will buy a bottle of mosi just like USD1 can so the strength will be the same
Air Mukwai_
April 12, 2012 at 9:06 pm
@ mule mule mule mule !!!
at present time K5000 = $1 USD
then in june this year k5=$1 USD
it’s the matter of knocking off three zeros (000) and the buying power will remain same. eg mosi at present is K5000=$1 USD in june it will be K5=$1 USD so the difference is the same….
Air Mukwai_
April 12, 2012 at 9:15 pm
@ mule you did math of bases like changing base10 to base8 or vice versa.
our currency is in base 1000 now it will be in base1. which means
K1000 (one pin) =K1 in june.
Air Mukwai_
April 12, 2012 at 9:24 pm
@ mule you did math of bases like changing base10 to base8 or vice versa.
our currency is in base 1000 now it will be in base1. which means
K1000 (one pin) =K1 in june. hence the name rebasing….to base1
hope
April 12, 2012 at 10:43 pm
Guyz the Doc isn’t doing himself any favours by calling Bob dull he didn’t even explain to a layman why Bob is wrong the pblem with being is a small room and reading all the economic theories written by fellow sch of thotz is dat u easily lose sight of reality n CA doesn’t make an economist any betta than a grade twelve maths teacher
Mweemba
April 12, 2012 at 10:55 pm
Mule, you’re an ***** just like Sichinga. You understand non of this thing do you?
@ Air Mukwai, thanks for knocking this guy’s head.
nampundu
April 13, 2012 at 2:26 am
Iam an accountant by profession and I support Dr totally in zambia we just comment anyhow even if we are ignorant on specialist subjects. Do you see developed countries bringing an unqualified persons to discuss specialist subjects on tv or radio? We appreciate that the accounting syllabiis wide but lets agree we are not economist specialist lets learn to specialise in our forte areas!!
Doc you are right….Sichinga talks too much and is politicking justifying why they should spend billions on unnecessary exercise!
king zomunda
April 13, 2012 at 7:45 am
Imwe mwe bantu! There is no rocket science involoved in this matter. Divide both sides by 1000 and what are you going to get? K5=US$0.001! There will be no change in the buying power. Yes Dr. SM could be vulgar but he is definitely right.
sniper the philosopher
April 13, 2012 at 8:45 am
Sichinga should be careful with the way he handles things. Can the president please stop practicing nepotism. I know sichinga is his relative. But personally i understand that sichinga’s son is married to the president’s daughter but that should not be taken lightly when it comes to national issues.
sniper the philosopher
April 13, 2012 at 8:47 am
Sichinga should be careful with the way he handles things. Can the president please stop practicing nepotism. I know sichinga is his relative. I personally i understand that sichinga’s son is married to the president’s daughter but that should not be taken lightly when it comes to national issues.
The Educated
April 13, 2012 at 9:28 am
It is so wrong for Dr Situmbeko to insult all accountants i this manner and belittle our profession. He is insinuating that economics is superior to accountancy. If he has personal differences with Bob let them take it up in our absence. It is so embarrassing for a Dr to disrespect a profession so respected world over.Economics forms part of the accountacy syllabii and not vice versa. Look at the BACC course contents and you will see that economics is very much covered in most courses to a large extent with the accountancy cores. ACCA/CIMA have economics also. I personally hold BACC & ACCA and I know what depth the courses hold.I am personally very offended by this irresponsible former minister.Think twice Mr Musokotwane and talk once not the other way round. Economics on the other hand is based on too many theories and ignores the realities of drivers of economic success. To have a successful economist you need to combine this with the mother of all business courses;Accountancy. Think anything from tax implementation, BOP’s,Interantional trade,FDI’s,all hinge on accounting.
Mweemba
April 13, 2012 at 9:39 am
I’m a Management Accountant who also had a chance to take an Economics as a subject but that doesn’t make me an Economist. Does it? Sichinga should shut the hell up on issues he barely understands. He really Sucks if you ask me. Why can’t he be like predecessor Mutati?
mule
April 13, 2012 at 10:08 am
@AIR MUKWAI
I think you missed the point rebasing doesnt mean droping off zeros, its redenomination, you can rebase from K5000 to K1 so what i meant was at the time the kwacha is rebased it will seem strong, but it will lose value as time goes by,so if today K1 is equal to 1USD the buying power is the same unless if one of the two is devalued then the buying power will be different
jimukayi
April 13, 2012 at 10:26 am
accountants pliz dnt insult da doc,jst advise your fellow accountant bob to think b4 saying anything cz he z embaransin your career.evn a grade 5 knws that removin zeros is jst dividin by 1000 and there is no diference.lets call a spade a spade.the doc responded cz it was an embaransin statement to the world at large.
ZED DUDE
April 13, 2012 at 11:32 am
Dr Musokotwane,respect professional Accountants, what is a ka degree in Econimics? Econonomis is the simplest area is Accountancy program. Check in the Banks, which professionals are dominating, your economists are struggling to penetrate becoz of Accountants.We know things Dr.
However, on the issue of rebasing is a total wishful thinking. I agree with u Dr.
Biggie Muzo
April 13, 2012 at 11:33 am
People! Why is it that! simple Topics in Zed people become egocentric about the Seal on Paper hoard in a Pictireframe than educating their fellow Zedians. Can you just lay it down. What the Dicationary or Economists define Rebasing. Then explaning what the Zedian Government intends to achieve/what it’s objective is and why they are doing it. DO NOT ALSO show us your insolate thought pattern etched on a piece of Paper you have laboured with sleepness nights ingesting at Varsity/college.
That is what each one of us has share than labour to hail an speakable words on each other. That is educations or academics. In short what is rebasing? Either its knocking of zeros from a numeric number of a given currency with a same buying power or changing it’s numerical value to give it strength from a higher base points to give it strength or devalue it. Economoists, answer please no rhetorics.
ZED DUDE
April 13, 2012 at 11:36 am
Sichinga has disappointed us Professional Accountants. Anyway, he is in the old era of Accountants.
He does not represent us in any way.
Biggie Muzo
April 13, 2012 at 11:36 am
People! Why is it that! simple Topics in Zed people become egocentric about the Seal on Paper hoard in a Pictireframe than educating their fellow Zedians. Can you just lay it down. What the Dictionary or Economists define Rebasing. Then explaning what the Zedian Government intends to achieve/what it’s objective is and why they are doing it. DO NOT ALSO show us your insolate thought pattern etched on a piece of Paper you have laboured with sleepness nights ingesting at Varsity/college.
That is what each one of us has to share than labour to hail an speakable words on each other. That is education or academics. In short what is rebasing? Either its knocking of zeros from a numeric number of a given currency with a view to of retaining the same buying power or changing it’s numerical value to give it strength from a higher base points to and give it strength or devalue it. Economoists, answer please no rhetorics.
Biggie Muzo
April 13, 2012 at 11:38 am
People! Why is it that! simple Topics in Zed people become egocentric about the Seal on Paper hoard in a Pictireframe than educating their fellow Zedians. Can you just lay it down. What the Dictionary or Economists define Rebasing. Then explaning what the Zedian Government intends to achieve/what it’s objective is and why they are doing it. DO NOT ALSO show us your insolate thought pattern etched on a piece of Paper you have laboured with sleepness nights ingesting at Varsity/college.
That is what each one of us has to share than labour to hail an speakable words on each other. That is education or academics. In short what is rebasing? Either its knocking of zeros from a numeric number of a given currency with a view to retaining the same buying power or changing it’s numerical value to give it strength from a higher base points to and give it strength or devalue it. Economoists, answer please no rhetorics.
BUK OMA
April 13, 2012 at 12:17 pm
I kno why accountants are upset; jst wat it takes to pass a subject in an Accounting course. Not only that the cost attached to the qualification.
Brethren, pipo go thru thin and thick to get ACCA/CIMA/ZICA.
chiingu
April 13, 2012 at 12:39 pm
Who said that people should not comment on issues they have not taken professionaly no matter how informed they are?
are we saying only teachers will talkabouteducational matters,soldiers military matters,thieves plunder,politicians politics,witches and wizards witchcraft.No it cannot work that way.Besides there is a very direct coloration between accounts and economics.It is this kindof cheap talk that made Mangande unpopular among many because he thought no one else could manage the Finance ministry after beingdismissed by RB.The comments from Dr Musokotwane reeks of petty jealous and stupidity.
Hendrix Kabulaya
April 13, 2012 at 1:41 pm
People y all this noise.An accountant is not an economist and an economist is not an accountant.Accounting has a component of business economics and that makes an accountant understant basic issues like rebasing the currency. Now, Mr.Sichinga made his statement not as an accountant but as a politician Ok, so please do not mix the two.Bob is a qualified ACCA accountant who should explain such simple issues very well but if he made a mistake forgive him.Lets not say bad things just advise.He could be an old accountant and that he may have forgotten his business economics but i think he does CPDs to update himself.Dr.Musokotwane my advise is learn to advise as well ok.That is the best way of handling these issues.We are all professionals with different specialities but lets work together to develop our country.
Biggie Muzo
April 13, 2012 at 2:25 pm
Iam still waiting for Economists to answer us! Do not go mute on us. We need your prowess sense of experise for you insatiable insults!
Biggie Muzo
April 13, 2012 at 2:26 pm
Iam still waiting for Economists to answer us! Do not go mute on us. We need your prowess sense of expertise for you insatiable insults!
Search
April 13, 2012 at 2:28 pm
The problems is that Bob talks too much.Like the old saying empty tins make so much noise
Chilima Wazafwetete
April 13, 2012 at 4:01 pm
Typical Zambian arguments: Accountants say they are better than economists and vice-versa. But at the end of the day the country has nothing to show for those many qualified accountants and economists. Foolish pride is a black person’s disease but in Zambia it is worse.