WE WASTED TIME…HH apologises for Zambia’s historic debt mountain, urges voters to protect economic reforms

WE WASTED TIME
…HH apologises for Zambia’s historic debt mountain, urges voters to protect economic reforms

By DAVID KANDUZA
IN an emotional and sweeping national address on the eve of the general election, President Hakainde Hichilema has issued a historic apology to the people of Zambia.

Speaking during a live broadcast on the Zambia National Broadcasting Corporation (ZNBC) at Community House today August 12, 2026, the President took full responsibility for the fiscal failures of prior administrations, lamenting that political mismanagement and reckless borrowing historically choked the nation’s immense economic potential.

“We wasted time,” President Hichilema stated transparently. “I am sorry to the people of Zambia on behalf of the leaders before me. I take responsibility for leaders before me because I am the sitting president. If we had done things right, this country would stand today as $500,000 billion economy.”

Drawing a stark historical parallel, the President noted that at independence, Zambia’s economic trajectory was stronger than that of South Korea.

“Look at South Korea now. They are far much better than us. We should have been there. We have the minerals and a lot of water. Our citizens are in a hurry to a better life because we shouldn’t have been left behind.”

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The centerpiece of the President’s address focused on his administration’s aggressive fiscal cleanup.

Describing the inherited economic state as  ‘starting from the bottom,’ President Hichilema detailed the crushing reality of the sovereign debt crisis left behind by the Patriotic Front (PF) government.

Before his administration’s aggressive interventions, Zambia was suffocating under a massive debt servicing burden.

“The debt mountain killed our economy,” the President asserted, highlighting that Zambia achieved its internationally lauded, home-grown debt restructuring program ahead of many peer nations.

He warned voters against reverting to past habits: “In 2006, we came out of debt, but it came back with a vengeance under the previous regime. We should not allow that to happen again. That is why this election is so important. If you borrow, it must be for an investment venture that helps you pay back.”

Addressing the immediate financial pressures facing Zambian households, President Hichilema argued that aggressive macroeconomic reforms have successfully slowed down the rate of price increases.

“We intervened by pulling inflation down. The rate of rising prices has slowed down and this has helped families. If inflation had continued under the PF, families would be paying drastically more today,” he said.

To explicitly cushion citizens from structural adjustments, the administration successfully rolled out free education, absorbed University of Zambia (UNZA) boarding costs and established ‘Cash for Work’ social safety nets alongside the Farmer Input Support Programme (FISP) to safeguard vulnerable communities.

Despite battling severe climate shocks, the President announced aggressive expansions in domestic production:

“Our next millionaires will come from farming,” Hichilema projected, emphasizing value addition over raw exports.

In the mining sector, the President pointed to the revival of Konkola Copper Mines (KCM), which was rescued from liquidation five years ago and had since successfully attracted fresh international capital.

He praised First Quantum Minerals as the nation’s largest taxpayer and reiterated the enforcement of local content laws, urging local Zambian suppliers to improve their work culture and deliver on time to retain big business.

Acknowledging that severe drought were a natural phenomenon outside government control, the President revealed a comprehensive blueprint to permanently insulate Zambia from future power shortages.

The administration had set an aggressive target of 10,000 megawatts through a diversified energy mix, leveraging independent power producers, net metering and a dedicated rollout of two megawatts of solar power in each constituency via the Constituency Development Fund (CDF).

“There will be no load shedding after these elections,” the President promised, pointing to a heavily capitalised energy sector backed by a K70 million injection from NAPSA and K500 million from the Copperbelt Energy Corporation (CEC).

“Politics is a serious business. We have spent the last five years prioritizing education, peace, stability and cleaning up a painful, corrupt system.

“Citizens have the right to access and they give us feedback—that is exactly how democracy should work. As you vote tomorrow, look back at the immense strides we have made. Do not look backward as you decide. We either move forward or we move backward,” he said.

In the mining sector, the President pointed to the revival of Konkola Copper Mines (KCM), which was rescued from liquidation five years ago and has since successfully attracted fresh international capital.

He praised First Quantum Minerals as the nation’s largest taxpayer and reiterated the enforcement of local content laws, urging local Zambian suppliers to improve their work culture and deliver on time to retain big business.

Acknowledging that severe drought is a natural phenomenon outside government control, the President revealed a comprehensive blueprint to permanently insulate Zambia from future power shortages.