Key facts about Zambia, a country abundant in copper, ahead of its upcoming vote

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Copper-rich Zambia, once a byword for sovereign debt distress, heads to the polls Thursday in an election that will test whether President Hakainde Hichilema has convinced voters his economic reforms are paying off.

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Hichilema is seeking a second term against a fragmented field of opposition candidates.

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From Chinese influence to Victoria Falls, here are five things to know about the southern African nation of 22 million people.

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• Copper is king –

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Zambia is Africa’s second-largest copper producer, behind the Democratic Republic of Congo, and the world’s eighth-largest, according to the US Geological Survey.

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Copper remains the backbone of Zambia’s economy, generating around 70 percent of export earnings.

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The country is positioning itself as a critical supplier for the global energy transition, with demand surging for copper used in electric vehicles, power grids and renewable energy infrastructure.

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The government has set an ambitious target of tripling annual copper output to three million metric tonnes by 2031.

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The drive has attracted high-profile investors, including OpenAI CEO Sam Altman and Microsoft co-founder Bill Gates who are backing KoBold Metals, which broke ground in May on a US$`2 billion project expected to become one of Zambia’s largest copper mines.

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• Debt turnaround –

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Zambia became Africa’s first sovereign default of the Covid era in 2020 after years of heavy borrowing and a collapse in commodity revenues.

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The government, already in the red before the pandemic, secured a landmark debt restructuring with official and private creditors, unlocking an IMF bailout and easing pressure on public finances.

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Zambia’s public debt-to-GDP ratio stood at more than 90 percent in 2025, according to the government’s debt sustainability analysis published in March, down from a peak of 124.3 percent in 2021, though the country remains at high risk of debt distress.

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China remains Zambia’s largest bilateral creditor, with about US`$4.5 billion owed to Chinese lenders, equivalent to roughly 15 percent of total public and publicly guaranteed debt, according to the IMF.

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• China a dominant player –

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Beyond its role as a major creditor, China has built a broad economic presence in Zambia, with interests spanning copper mining, roads, airports, power projects and industrial parks.

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Beijing played a central role in Zambia’s debt restructuring negotiations, making the country a closely watched test case for how China works with Western governments and multilateral lenders to resolve sovereign debt crises.

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Chinese investment remains vital to the economy, even as concerns periodically surface over labour practices, local employment and the country’s dependence on foreign capital.

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• Stable democracy –

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Since gaining independence from Britain in 1964 under founding president Kenneth Kaunda, Zambia has earned a reputation as one of southern Africa’s more stable democracies, with a history of peaceful transfers of power.

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Hichilema, a businessman who won office in 2021 on his sixth attempt, has pursued market-friendly reforms, abolished the death penalty and sought to restore investor confidence.

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A prolonged dispute over the burial of former President Edgar Lungu exposed deep political divisions. Lungu, who died on June 5 last year, remains unburied.

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Hichilema’s government had wanted to bring Lungu home for a state burial, while his family wants him laid to rest in South Africa where he died.

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In June, a South African court ruled he could be buried there, a decision Zambia’s government said it disagreed with but would not appeal.

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• Victoria Falls –

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Beyond mining, Zambia is renowned for Victoria Falls, named Mosi-oa-Tunya (the smoke that thunders) by the local people before being named by Scottish explorer David Livingstone after Britain’s queen in 1855.

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Straddling the border with Zimbabwe on the Zambezi River, the UNESCO World Heritage site anchors Zambia’s tourism industry alongside safari destinations such as South Luangwa and Lower Zambezi national parks.

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AFP

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