ZAMBIA IS LEADING AGAIN: “ANOTHER ZAMBIAN FIRST” THAT SHOULD MAKE US PROUD*

*ZAMBIA IS LEADING AGAIN: “ANOTHER ZAMBIAN FIRST” THAT SHOULD MAKE US PROUD*

_By Kennedy Chileshe, Executive Director, Jubilee Leaders Network | Economic Literacy Advocate_

Fellow citizens, let me sit with you for a few minutes and talk like we talk at the market or at the bus station. There is news about our country that many people have not celebrated enough. The headline is simple but powerful: *“Another Zambian First”*. This time it is not about copper production or football. It is about how our government is managing debt and putting Zambia on the world map for smart financial decisions.

You will remember that when Covid-19 hit in 2020, the whole world suffered. Businesses closed, money became tight, and many countries struggled to pay their debts. Zambia was the first country in Africa to say “we cannot pay on time”. That was painful. People felt shame. They said “Zambia has failed”. I want you to understand something important. To fall is not the same as to fail. A person who falls and refuses to stand up has failed. But Zambia fell, then stood up and opened a new road for everyone.

Because we were first to default, we also became first to test the G20’s new plan for renegotiating debt. The big countries of the world used Zambia as a pilot project. Today other African countries are following the same path that Zambia opened. So our pain became a lesson for the continent. That is what strong leadership does. It turns shame into a stepping stone

Now we have “Another Zambian First”. Zambia has become the first country in the world to do what experts call a “debt-for-energy swap”. Let me explain this in language we all understand. Imagine you owe your neighbor K1,100 but you have no cash. Instead of selling your field cheaply, you tell him “Let me use part of my field to build a solar plant that will give us both cheap power for 20 years. Then you reduce my debt.” That is exactly what Zambia has done, but on a scale of more than $1.1 billion.

How did the team do it? First, they secured $600 million from the African Development Bank. This is cheaper money with better terms than the old dollar bonds we borrowed in 2024. Then the government used its own money, money from copper, to pay the rest. Yes bantu bandi, copper is speaking again. The same copper under the ground in the Copperbelt is now helping us clean our debt and build our future. That is wisdom.

And the results are showing where it matters most, in your pocket. Today the Zambian Kwacha is the best performing currency in the whole world this year. Against the US dollar, the kwacha has gained 24.6%. The Russian ruble is second with 9.7%. Israel, Costa Rica, Madagascar are all behind us. When the kwacha is strong, the things we buy from outside like fuel, medicine, and mealie meal inputs become cheaper. That is real relief for the ordinary mother in Kalingalinga and the young man running a small shop in Masansa.

This tells us one thing clearly. The team running Zambia today understands money and understands our people. They took a bad situation of Covid debt and default, and turned it into two world “firsts”. They sat down with the World Bank, African Development Bank, and bondholders in New York and London, and negotiated deals that protect Zambia. They did not just sell copper raw and waste the money. They used copper to strengthen our currency and reduce our debt burden. That is not luck. That is planning. That is leadership.

I know some of you will ask, “But Kennedy, what does this mean for me?” It means three things. First, when we reduce expensive old debt, government has more money for clinics, schools, roads, and CDF projects in your constituency. Second, the “energy” part of this swap means part of the money will go to power projects. More megawatts means less load shedding and small businesses can work longer hours. Third, a strong kwacha is like a quiet tax cut. It makes imported goods cheaper without government having to shout about it.

I am not saying all our problems are finished. Unemployment is still high. Prices are still painful for many families. The hustle is still hard. But we must also learn to give credit where it is due. For many years people said Zambia is “copper-rich but economically poor”. Today we are using that copper to rewrite our debt story and make our currency number one in the world. That deserves applause.

So the next time someone says “nothing is working in Zambia”, tell them this: We led the world in debt management. Our kwacha is number one. And it was done by a Zambian team. Let us support them with prayers and hard work. Let us also do our part as citizens by working hard, paying tax, and supporting local products. Because economic freedom is a team game. Government must play its part, and we citizens must play ours.

One Zambia, One Future. Thanks  to the team for giving us “Another Zambian First” that we can all be proud of.

_Kennedy Chileshe_ 
_Executive Director, Jubilee Leaders Network_