Zambian election the one to watch

For investors with exposure to Zambia, the upcoming election will be an important event to monitor.

Earlier this year during the WhyAfrica Business Trip to Zambia, we had the opportunity to listen to an address by Zambian President Hakainde Hichilema and engage with stakeholders from across the mining, energy and investment sectors.

Zambia has made significant progress in rebuilding confidence among investors over the last few years. Since taking office, President Hichilema in August 2021 President Hichilema and his administration have worked hard to improve relations between the government and the mining industry, helping to create a more predictable and collaborative operating environment.

Renewed optimism about growth

This has been particularly important for a country whose economic fortunes are closely tied to the mining sector, especially copper production. Efforts to resolve longstanding disputes, attract new investment and support mine expansions have contributed to renewed optimism about Zambia’s long-term growth prospects.

Attention turns to election

However, while the mining sector remains a major focus, attention is increasingly turning toward the country’s upcoming general elections. Zambia has long been regarded as one of Africa’s more stable democracies, and the next election will be closely watched by investors, policymakers and political observers across the continent.

At present, President Hichilema remains the favourite to secure another term in office, supported by ongoing economic reforms and a generally positive investment narrative. Nevertheless, there are indications that the electoral contest could be more competitive than many initially anticipated. Economic challenges, cost-of-living pressures and shifting political dynamics could provide opposition parties with greater traction than expected.

Election outcome will be an indicator of stability

For investors with exposure to Zambia, the election will be an important event to monitor. The outcome will not only influence the future direction of economic policy and mining regulation but could also serve as an indicator of political stability and investor confidence in one of Africa’s most important mining jurisdictions.

The 2026 WhyAfrica Business Trip to Zambia was organized and operated by WhyAfrica’s sister company and tour operator Endorphin Expeditions.

Image: Zambian President Hakainde Hichilema. Image credit: Leon Louw for WhyAfrica

Zambian election the one to watch