Zambia's upcoming election: five key aspects of the copper-rich nation
Zambia, Africa's second-largest copper producer, is preparing for an election where President Hakainde Hichilema seeks a second term. Copper is central to Zambia's economy, accounting for about 70 percent of export earnings, and the government aims to triple annual output to three million metric tonnes by 2031. This ambition has attracted significant investors, including OpenAI CEO Sam Altman and Microsoft co-founder Bill Gates, who are backing a $2 billion copper mining project. The country is also navigating a debt turnaround, having been the first sovereign default of the Covid era in 2020. A landmark debt restructuring has reduced its public debt-to-GDP ratio, though it remains at high risk of debt distress. China is Zambia's largest bilateral creditor and holds a broad economic presence in the country, playing a key role in debt restructuring negotiations. Zambia has a history of stable democracy since its independence in 1964, with peaceful transfers of power. President Hichilema has pursued market-friendly reforms and abolished the death penalty. However, a dispute over the burial of former President Edgar Lungu has highlighted political divisions. Beyond its mining sector, Zambia is known for Victoria Falls, a UNESCO World Heritage site, which anchors its tourism industry alongside national parks like South Luangwa and Lower Zambezi.
