(4 minutes read)
· Zambians are looking for a great change in the governance structure as the new president takes control of a fledgling economy steeped in debts and massive unemployment
· The president –elect Hakainde Hichilema (59) will be sworn in as the seventh president of Zambia today (Tuesday), after getting more than 2.8 million votes to President Edgar Lungu’s 1.8 million votes,.
· incidentally, it is one of the highest margin of electoral wins in the country’s history
Zambians are looking for a great change in the governance structure as the new president takes control of a fledgling economy steeped in debts and massive unemployment.
The president –elect Hakainde Hichilema (59) will be sworn in as the seventh president of Zambia today (Tuesday), after getting more than 2.8 million votes to President Edgar Lungu’s 1.8 million votes. Incidentally, it is one of the highest margin of electoral wins in the country’s history.
Hichilema, is a businessman, who contested the presidency for the sixth time. He promised democratic reforms, investor-friendly economic policies, better debt management and zero tolerance to corruption. The outgoing president Lungu embarked on large scale infrastructure projects committing more funds that the country could afford. The spending on this count resulted in a huge increase in the country’s foreign debt portfolio. The southern African country has got caught in a debt trap. The debt grew from around US$2 billion to over US$12 billion, resulting in the country defaulting on external debt payment.
The younger generation, who wants to see a modern Zambia, has pinned great expectations on the new president. Whether he would be able to deliver that, is the question being asked by people. Of course, the new president has many challenging tasks ahead of him, important among them are unstable local currency vis a vis dollar and massive unemployment.
Zambia recorded economic progress for more than a decade and achieved middle-income status in 2011. But now the country is beset by high inflation, high debt and allegations of corruption. Pandemic also hugely affected the southern African country which is billed as the bellwether of democracy due to the peaceful transition of power in the last few years. Increase in global copper prices has lifted the mood of the economy. But the pertinent point raised by analysts is that till when the copper prices could be sustainable and bail out the country from the debt trap, especially when the commodity prices are subjected to frequent fluctuations.
