Zambia's Hichilema Wins Second Term as Investors Eye Growth

AFRICAN BUSINESS AND ECONOMYAugust 20, 2026 at 9:10 PM UTC

TLDR

Zambian President Hakainde Hichilema wins second term with 61% of votes, bringing policy continuity for investors.
Hichilema's United Party for National Development focuses on restoring Zambia's finances after becoming Africa's first pandemic-era sovereign defaulter in 2020.
Investors look to the economy as Zambia aims to increase copper production to 3 million metric tons annually under Hichilema's leadership.

Zambian President Hakainde Hichilema won a second 5-year term, giving investors policy continuity as the government seeks to build on its debt restructuring and increase copper production. Hichilema won about 61% of votes in the August 13 election, while his main challenger, Brian Mundubile, received 38%, according to the electoral commission.

The result gave Hichilema more than the 50% required to avoid a runoff. The 64-year-old leader, an economist and businessman, took office in 2021 after 5 previous defeats. His United Party for National Development has focused on restoring Zambia’s finances after the country became Africa’s first pandemic-era sovereign defaulter in 2020.

The election was followed by claims of fraud from Mundubile, who said he plans to challenge the result in court. Vote counting was halted for several hours after attacks on election officials and reports of stolen ballot papers. Authorities also arrested 11 people, including opposition figures, on election night. The government said they were linked to plans for violence, a claim the opposition rejected.

European Union observers said voting was peaceful in most areas but raised concerns about limits on political freedoms, legal changes and unequal campaign conditions. Mundubile said result forms may have been altered and called for an investigation. Hichilema’s party rejected the accusations.

Investors are now focused on the economy. Zambia completed a debt restructuring under a $1.7 billion International Monetary Fund programme and is seeking another agreement. The government also wants copper production to reach 3 million metric tons a year, from less than 1 million now. Mining investment has increased since 2021, but power shortages, government spending and the cost of living remain risks during Hichilema’s second term.

Points clés à retenir

Hichilema’s win removes one source of uncertainty for investors, but his second term will be judged on whether Zambia can move from financial repair to growth. His first government completed much of the work needed to restructure debt after the 2020 default and attracted more than $10 billion of mining investment commitments. The next task is harder. Zambia wants to raise copper output to 3 million metric tons a year as demand for the metal grows from power grids, electric vehicles and data infrastructure. Copper provides about 70% of export earnings, so higher output could support government revenue, foreign exchange and growth. Reaching that target will require mines, power and transport. Zambia’s reliance on hydropower has left mines exposed to drought and electricity shortages, while the government also needs a new IMF programme after its previous $1.7 billion arrangement ended in January. Investors will watch spending, central-bank policy and debt management as Hichilema starts his next term. The election dispute adds another issue. Mundubile plans to challenge the result, while EU observers raised concerns about parts of the process. For markets, policy continuity is clear. The question is whether that continuity can produce more copper, jobs and income.

Zambia