HeadlinesBriefing favicon HeadlinesBriefing.com

Zambia’s Election: Copper Windfall in the Crossfire

Financial Times Markets •
×

Hakainde Hichilema’s re‑election launch tights in Chingola, Zambia’s copper‑mining hub, when protestors chanted “Senseli” and stones hurled at the president’s podium. The incident underscored the growing tension between a government that touts a 4.3 per cent growth rate and an impoverished populace.

The country’s inflation rate has halved to 6.5 per cent, and Zambia’s debt was restructured in 2024, drawing around $10 bn of foreign investment into mining. Yet ordinary citizens say the copper windfall has not translated into visible gains, with many questioning how much of the metal’s value is retained locally.

Opposition lawyer Brian Mundubile criticises the government’s cost victimes and human‑rights record, while investors warn that abandoning fiscal discipline could jeopardise Zambia’s access to capital markets. Analysts predict Hichilema’s United Patriotic National Development (UPND) will likely fall short of a parliamentary majority, leaving the president with limited room to push his agenda further.

The election is a litmus test for whether ordinary Zambians feel the benefits of the country’s mineral wealth.