ZAMBIA has faced significant challenges in debt restructuring since 2020, being the first country to default on its debt amid the COVID pandemic and the after-effects of reckless borrowing coupled with no clear roadmap of how and when the debt was to be paid is what has gotten us to where we are.
While citizens were told the Government was borrowing to invest in critical areas such as infrastructure development, health, education, among others, we cannot close our eyes to the reality that this money was abused with impunity. One example of how reckless we were as a country is that while we heralded infrastructure development, most of us cared less to understand at what cost this development came, using the borrowed money.
The previous Government borrowed with closed eyes and spent recklessly. How can the Michael Chilufya Sata tollgate cost US $4.3 million? We were told the facility was expensive because it was going to be a superior and sophisticated facility. How sophisticated is that toll gate?
Let us talk about the Ndola-Lusaka Dual Carriage way. In September 2017, Mr. Edgar Lungu, as president, commissioned the construction works of the stretch at the total cost of US $1.2 billion. Seven years later, just last week, President Hakainde Hichilema commissioned the same 327-kilometer road at an estimated cost of $650 million.
That is not all; within this cost is the rehabilitation of a 45-kilometer segment connecting Luanshya, Fisenge, and Masangano roads, financed under the Public-Private Partnership (PPP) model.
Towards the end of November 2014, Zambia Railways Limited (ZRL) told the nation that it had spent US$ 96 million of the US$ 120 million Eurobond in a continued effort to restore the country’s railway system, track and infrastructure and included projects aimed to improve its signalling and telecommunications system as well as the procurement of rolling stock.
The company went further to indicate that the remaining US$ 23 million had already been committed to suppliers of rolling stock materials. According to a report from ZRL, the project that had been completed with the Eurobond funds included the insertion of 140,179 sleepers on more than 126 km of the country’s rail; the overhauling and redeployment of 7 of the 12 trains that were scheduled for a periodic servicing; the rehabilitation of 45 wagons; and the purchase of 30 new coaches.
When you borrow, you must have an idea of what you want to get out of the investment you decided to undertake. What is it that the country got out of this Eurobond? What works were done using this Eurobond and how has the expenditure of such a huge sum of money helped to revamp the company or the economy at large?
Clearly, one can tell that this was a case of clueless hyenas making clueless decisions on behalf of the country, all because they were aiming at personal gains and cared less to understand the repercussions of not paying back.
Truthfully speaking, even at the time that the PF Government was borrowing this money, they knew they were not going to pay it back. They were too quick to defend their extravagance because they knew they had no idea on how they were going to pay back the money they got. We may not be far from the truth if we suggested this money was obtained to fund personal activities.
Under the PF, everything was well-rehearsed; get the money, invest in capital projects that are inflated, tell cadres to open companies overnight and get contracts from the same inflated contracts, and get the money.
This is the reason some contracts were not executed all because those who were awarded had no clue on what was expected of them and the worst part was that regardless of whether or not these contracts were executed, the PF cadres got the money. It is because of this recklessness that we are today bleeding as a country.
We are today suffering because of the money that was given to people that provided no service and because this money came easily to cadres, that is the money they were throwing around. We, as a country, had reached a point where cadres would compete on who burns the most amount of money. Our money had no lost respect because it was placed in the hands of infidels who did not know what to do with it.
So, it was either burnt in the fire during their numerous parties or was used to buy big machines for showing off on social media about who, among them, had more money. If the money which we saw in cadres’ hands in reckless abundance was genuinely acquired, why have they stopped burning it today? Why have they stopped competing on who has the latest big machines in Zambia?
So, we agree with President Hakainde Hichilema that we need to know where the money went. We need an account of how that money was spent because today, we are suffering as a country partly because of a few selfish individuals who presided over the affairs of the country as though they were running a chicken run or piggery.
In this crusade, there must be no sacred cows. Whoever may have put his filthy hands on the money which has left us in this dire situation, must explain where the money is or why they took the money that belonged to Zambians and used it for personal reasons.
Politics aside, the PF should do us a favour by explaining to us where the money went. We are not asking for too much. Every one of them who had a hand in this must be made to account for this money without the fear of political backlash because, to a larger extent, politics have messed up this country where whoever is being asked to explain certain things, is crying political prosecution.
Zambia needs to recover assets from plunderers for several compelling reasons. Plundering and corruption have a detrimental impact on the economy by diverting resources away from essential services and infrastructure development. Recovering stolen assets can help replenish public coffers and redirect funds towards projects that benefit the country as a whole, such as healthcare, education, and infrastructure.
Allowing plunderers to escape without consequences undermines the rule of law and erodes public trust in the Government. By actively pursuing asset recovery, Zambia can demonstrate its commitment to holding wrongdoers accountable and upholding the principles of justice and transparency.
Failing to recover assets from plunderers sends a dangerous message that corruption is tolerated and that there are no repercussions for engaging in illicit activities. By actively pursuing asset recovery, Zambia can deter future instances of corruption and send a strong signal that such behaviour will not be tolerated. This is the only way those in power today will realise that nothing lasts forever and soon or later, the law will also visit them. When we have this sense of responsibility, officer bearers will learn to be responsible.
Zambia’s reputation on the global stage is also at stake when it comes to addressing corruption and recovering stolen assets. Demonstrating a commitment to fighting corruption and recovering stolen assets can enhance Zambia’s standing in the international community and attract investment and partnerships that are crucial for the country’s development.
Recovering assets from plunderers is essential for Zambia’s economic development, the promotion of the rule of law, the deterrence of future corruption, and the enhancement of its international reputation.
By actively pursuing asset recovery, Zambia can take a significant step towards building a more transparent, accountable, and prosperous society for its citizens and so, we support President Hichilema’s call to ask questions about where our money vanished.
This money is not for PF. The PF simply borrowed on our behalf. As a matter of fact, we did not want this money because we had no plan for it. They forced us to get it because they wanted to plunder it, so we, the owners whom they left in this economic malaise, want answers.
We want our money. We want to improve our economy and therefore, nobody should think that this is about politics. It is bigger than that and we will not stop asking this pertinent question; where is our money?
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