Zambia : President Hichilema's Second Term Opportunity For Prosperity-Economist

Renowned business expert, Paul Chisunka, says President Hakainde Hichilema’s second term of office is a pivotal opportunity for Zambia to transition from macroeconomic stabilisation to sustained, inclusive and shared prosperity.

Commenting on the President’s inauguration speech, Mr Chisunka said the renewed mandate must be leveraged to implement disciplined, long-horizon decisions in debt management, energy, industry, skills development, infrastructure, taxation, and local content.

The seasoned Economist emphasised the urgent need for predictable, investor-friendly policies, enhanced accountability in public financial management and credible, transparent national budgets.

He has since called for timely and accurate reporting on national productive capacities, exports, and job creation to enable the government to measure progress and recalibrate strategies where necessary.

 “We have an opportunity to build on economic stabilisation, but project outward into the ambitious growth agenda that the President has clearly articulated, so that we can create a more productive, resilient and inclusive Zambia,” Mr Chisunka said.

Mr Chisunka further called for accelerating reforms in clearing verified Value Added Tax (VAT) refunds, publishing aging data on outstanding refunds, reviewing tax expenditures, and strengthening procurement, cash management and internal controls.

He also advocated for a meritocratic, world-class public service which is driven by expertise, professionalism and experience, adding that Zambia must reposition itself as a competitive, export-oriented economy with robust local procurement frameworks.

Mr Chisunka identified the country’s vast and strategic natural assets, copper, cobalt, manganese, gold, gemstones, forests, farmland, hydro and solar as critical drivers that must generate greater shared value for communities.

“Our natural resources must be managed as national assets that can generate greater shared value for the entire country through enhanced livelihoods, increased incomes and dignified jobs,” he said.

The business expert also stressed the need for expanded and innovative micro, small and medium enterprises (MSME) financing, describing small businesses as the backbone of the Zambian economy.

He proposed non-traditional financing models such as blended finance, impact financing, and patient capital, with reduced reliance on collateral and greater focus on verifiable cash flows.

Mr Chisunka further suggested that the government should provide strategic guarantees in priority sectors such as energy and agriculture to spur productivity and crowd-in private investment.

“We need to ensure that supply and development initiatives are well integrated into local content commitments so that we build a cadre of Zambian suppliers and co-mining contractors that can compete at an international level,” he said.

Mr Chisunka also called for targeted economic opportunities for youth and women in mining and other sectors, backed by strong environmental and social safeguards.

He urged the government to broaden the tax base, formalise the informal sector, and bring order to artisanal mining.

He further advocated for the mobilisation of domestic capital from pension institutions and insurance funds, and diaspora investment, alongside prioritising concessional development financing and green, social and sustainability-linked bonds.

Mr Chisunka stated that with a young, agile and trainable population, and a presidency that articulates a clear development agenda, Zambia is well positioned to emerge as a leading economy in Southern Africa.

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