Zambian President Hakainde Hichilema’s re-election is set to provide policy continuity for investors as Africa’s second-largest copper producer seeks to sharply expand mining output and build on recent economic stabilisation, according to a Reuters report.
Hichilema secured roughly 60% of valid votes, securing a second term as president. His victory comes as Zambia emerges from years of economic turmoil following its 2020 sovereign default, with his first term dominated by debt restructuring and IMF-backed reforms.
For investors, Hichilema’s victory offers continuity as Zambia looks to translate improved macroeconomic stability and fiscal discipline into stronger growth and investment. The government’s plans to seek a new IMF programme will provide an early test of that effort.
Mining will be central to Zambia’s growth ambitions. The country is targeting annual copper production of 3 million metric tons, nearly triple current levels, as it seeks to capitalise on rising demand for the metal from industries including power grids and construction.
However, achieving that target will require navigating persistent energy risks. Analysts have warned that intensifying El Niño conditions could threaten hydropower generation, a key source of electricity for the country.
Previous drought conditions reduced electricity generation, resulting in rolling blackouts and contributing to a decline in copper production.
Hichilema’s second term will therefore test whether policy continuity, economic reforms and Zambia’s ambitious copper expansion can overcome energy constraints and deliver sustained growth.
