Transparency International Zambia (TI-Z) wishes to commend President Hakainde Hichilema for signing into law the Bank of Zambia (BOZ) Act No. 5 of 2022, which will, among other things, protect the Central Bank Governor and his deputies from unwarranted dismal. TI-Z notes the overwhelming empirical evidence drawn from best practices around the world on the importance of Central Bank independency and the need to safeguard monetary policy from political interference. We also affirm the position that a credible and independent Central Bank is better equipped to carry out its mandate of price stability while offering a balanced check on fiscal policies.
According to Article 13(3) of the Bank of Zambia Act No. 5 of 2022, “The President shall, where the President considers removing a Governor or Deputy-Governor under this section, appoint a tribunal to inquire into the matter and submit its findings and recommendations to the President.” Article 13(6-7) adds that “The tribunal shall investigate and conclude the question of removing the Governor or Deputy-Governor within fourteen days of commencement of the investigation and submit its report, containing reasons for its recommendation, to the President within seven days of concluding its investigations, [and that] The President shall remove the Governor or Deputy-Governor from office if the tribunal recommends to the President that the Governor or Deputy-Governor should be removed from office.” Clearly, these provisions will enhance the security of tenue for the governors and should therefore be commended.
In light of this progressive development, TI-Z calls upon the UPND administration to extend this aspect of institutional strengthening through securing the tenure of heads of Law Enforcement Agencies (LEAs) and critical Oversight Bodies (OBs) such as the Anti-Corruption Commission and the Drug Enforcement Commission, the Office of the Auditor General, the Financial Intelligence Centre and the Electoral Commission of Zambia. This will enhance their oversight role and therefore promote good governance and a more effective fight against financial and electoral corruption.
TI-Z however, wishes to take this opportunity to challenge the current government and future regimes against interfering and/or reversing this progressive development now or in years to come. We further challenge them to consider Zambia as a constant where political parties come and go but focus remains on strengthening institutions of governance and progressive development.
Sampa J. Kalungu (Mr.)
TI-Z CHAPTER PRESIDENT
