Economic

Zambia’s Hichilema’s Makes His Case: Stabilisation, Reform and the Road to 2026

Ollus Ndhomu 8 minutes ago 3 min read

By Ollus R. Ndomu

LUSAKA — Speaking on Friday, February 20, Zambia’s President Hakainde Hichilema delivered his final National Values Address before the dissolution of Parliament in May, presenting what amounted to both a constitutional report and a political summation of his first term in office.

Addressing the National Assembly under Articles 8, 9 and 86 of the Constitution, the President anchored his speech on a single claim: that his administration inherited economic distress and has since restored stability. “When we came into office,” he reminded lawmakers, “inflation was standing at 23 percent.” He added that today, “we have now achieved the range of 6 to 8 percent.”

Currency performance featured prominently in his argument for regained credibility. “The Kwacha has been one of the best performing currencies in the world,” he said, linking that performance to fiscal discipline, improved reserves and renewed investor confidence. Referring to the recent move by the central bank, he told the House, “You saw the Bank of Zambia lowering the monetary policy rate. It simply means wholesale interest rate,” signalling what he described as easing pressure on borrowers and markets.

On investment, Hichilema pointed to mining as evidence of international trust. “In the last four and a half years, just in the mining sector, we have attracted well over 12 billion dollars,” he said. He framed Statutory Instrument No. 68 of 2025 as a shift toward value addition and local participation in mineral supply chains, arguing that Zambia must move “from extraction to participation” in order to maximise benefits.

Decentralisation formed another pillar of the address. The President highlighted the expansion of the Constituency Development Fund from “1.6 million per constituency in 2021… now to 40 million,” describing the increase as fulfilment of a campaign commitment and a tool for community-level empowerment.

Education and social protection also featured heavily. “In 2021, we introduced free education policies,” he said. “Today, over 2.5 million children have been given the opportunity to go back to school.” He noted that the school feeding programme has expanded from 1.5 million to 4.7 million learners and confirmed that Social Cash Transfers have doubled from 200 to 400 kwacha per month, with beneficiary households rising to 1.5 million.

On governance reform, Hichilema praised Parliament for passing Bill 7, which he said guarantees greater participation for “women, youth and persons living with disabilities at all levels of our governance system.” He also referenced the Independent Broadcasting Authority Act No. 26 of 2025 and the Zambia National Broadcasting Corporation Act No. 26 of 2025, stating that the reforms promote “independence, fairness and accountability in broadcasting.”

The President adopted a firm tone on corruption. “If you are corrupt, you are on your own,” he declared. He said economic crimes can now be prosecuted within five months and described the Operation Asset Recovery Initiative as delivering “the largest ever recovery of assets in the history of our nation.”

Closing his address, Hichilema urged citizens to “reject all forms of violence” and to “say no to hate speech” as Zambia approaches the August 13, 2026 general elections. Constitutionally, the speech fulfilled an annual obligation. Politically, it served as the foundation on which he will seek a renewed mandate once Parliament dissolves in May.

For international observers, the address framed a clear re-election narrative built on macroeconomic stabilisation, social spending expansion and institutional reform. Whether voters view these gains as sufficient to justify a second term will define Zambia’s next electoral chapter.