TONSE ALLIANCE OPPOSES INTRODUCTION OF NEW CURRENCY NOTES
The Opposition Tonse Alliance has urged the government to reconsider its plan to introduce a new series of Zambian banknotes, citing concerns about the lack of public consultation and the potential economic impact on citizens. This follows an announcement by the Bank of Zambia (BoZ) that the redesigned notes will officially enter circulation on March 31, 2025.
Concerns Raised by Tonse Alliance
Speaking on behalf of the alliance, spokesperson Sean Tembo voiced strong reservations regarding the introduction of the new notes, emphasizing that the decision would have far-reaching effects on the daily lives of all Zambians. He highlighted the need for greater transparency and public engagement, particularly with key stakeholders such as trade associations, business groups, and ordinary citizens.
“A change of this magnitude requires thorough consultation with the people it affects the most. Every Zambian will be impacted by this decision, and yet, there has been no meaningful engagement with the public to explain the rationale behind this move,” Tembo said.
He also raised concerns about the design of the new currency notes, pointing out that they omit significant national symbols, such as the Freedom Statue, which has been a long-standing representation of Zambia’s independence and resilience.
“The Freedom Statue is a powerful symbol of our history and struggle for independence. Removing it from our currency disregards our heritage and identity as a nation,” he added.
Government’s Justification for the New Notes
In response to these concerns, Chief Government Spokesperson Cornelius Mweetwa clarified that the planned changes involve the design of Zambia’s banknotes, not a complete currency change. He stated that the decision was made following expert recommendations from the Bank of Zambia and financial sector specialists, who advised that modernizing the country’s notes was necessary for enhanced security features, durability, and ease of use.
“This is not a currency change but a redesign of our banknotes. The Bank of Zambia, in consultation with financial experts, has determined that this update is necessary to ensure our currency remains secure and meets international standards,” Mweetwa explained.
He assured the public that the introduction of the new notes would not affect the value of the Zambian Kwacha, nor would it require citizens to exchange their money at banks. Instead, the new notes would be introduced gradually, with the old ones remaining in circulation until they are phased out naturally over time.
Economic and Public Reactions
Economists and financial analysts have offered mixed reactions to the planned banknote changes. While some argue that an update is necessary to combat counterfeiting and improve durability, others believe that the process should have involved more transparency and consultation with key stakeholders.
Some business owners have raised concerns about the potential costs associated with adjusting cash-handling systems, such as ATMs, vending machines, and accounting processes. Meanwhile, many citizens remain uncertain about how the changes will affect them, reinforcing the need for greater public awareness and education on the matter.
What Happens Next?
With the new notes set to be introduced on March 31, 2025, the government and Bank of Zambia are expected to release more details on the transition process. The Opposition Tonse Alliance has vowed to continue pressing for more consultation and revisions to the design, particularly to ensure that Zambia’s cultural and historical symbols remain represented.
As the country prepares for the change, all eyes will be on the government’s next steps in addressing public concerns and ensuring a smooth rollout of the new currency notes.
By Best Jere
