Let all trade in Kwacha please
Dear Editor,
THERE is a law in Zambia which prohibits entrepreneurs to sell their goods and services in foreign currencies such as the United States Dollar for instance.
Former Deputy Minister of Commerce, Trade and Industry and who is the current Lusaka Mayor, Miles Bwalya Sampa issued a directive in 2016 that entrepreneurs in Zambia should not conduct their businesses in foreign currencies.
The Deputy Secretary to Cabinet, Christopher Mvunga recently sounded the warning to the entrepreneurs charging their goods and services in foreign currencies that they should desist from the practice.
This is because it an offence punishable by law. These entrepreneurs should instead trade in Kwacha which is our legal currency.
The entrepreneurs owning shopping malls across the country are the major culprits. They charge the rentals for the shops in foreign currencies, particularly the dollar which is a violation of the law.
When the Kwacha depreciates against the major convertible currencies, the tenants for shops and clients for other goods and services pay dearly.
This practice exploits the consumers as they have to pay more for goods and services. Under any stress of imagination, this should not be the case.
The trend of some entrepreneurs charging their goods and services in foreign currencies to the consumers has been going on for some time and nothing is being done to avert the situation.
It seems there is laxity of the law at play to create a fertile ground for some traders both foreign and local to continue exploiting the consumers through high prices exacerbated by fluctuation in the exchange rate.
I feel there is need to sensitise people on trading using the Kwacha as the legal currency in our country. On the other hand, the government should deploy inspectors to conduct random surveys in trading places to ascertain whether the traders conform to the law by charging their goods and services in our legal currency which is the Kwacha.
Since trading in foreign currencies is illegal, those found wanting should be prosecuted to deter would-be offenders. In this way, there will be compliance on the part of the entrepreneurs to strictly trade in the Kwacha our legal currency.