By Prof Lubinda Haabazoka
President Hakainde Hichilema’s 2026 inauguration speech sets out a clear economic direction for his second term: Zambia must move from macroeconomic stabilisation to accelerated growth, expansion, opportunity and prosperity.
This transition is both necessary and timely. During the first term, the Government concentrated on restructuring external debt, rebuilding international reserves, reducing inflation, stabilising the kwacha and restoring investor confidence. These are important achievements because no country can sustain investment and development in an environment of excessive debt, high inflation, currency instability and declining confidence.
However, economic stabilisation is not an end in itself. It must eventually translate into more jobs, affordable credit, expanding businesses, higher household incomes and improved living standards. The President acknowledged this reality when he admitted that many families continue to experience a high cost of living and have not yet felt the benefits of economic stabilisation.
The central challenge of the second term will therefore be converting improvements in national economic indicators into tangible benefits at household level.
More Than Doubling the Economy
The inauguration speech has a firm message on the economy: To double the Country’s GDP!
Where will this growth come from?
The President reaffirmed his campaign promise: The “10–10–5–3–3–1–1–1” Agenda
The economic centrepiece of the speech is the “Grow Zambia Agenda,” represented by the targets of 10 million tonnes of maize, 10,000 megawatts of electricity, five million tourists, three million tonnes of copper, three million tonnes of soya beans, one million tonnes of wheat, one million tonnes of sugar and US$1 billion in beef exports.
These targets give the second-term programme a strong production orientation. They also identify sectors that can generate employment, exports, foreign exchange, tax revenue and opportunities for local businesses.
The targets are inspiring and must now be translated into a properly financed implementation programme.
Increasing copper production to three million tonnes would transform Zambia’s economy. It would expand export earnings, strengthen the supply of foreign exchange, increase government revenue and stimulate demand for engineering, construction, transport and mining services. Zambia will need billions of dollars in new investment, additional electricity, predictable taxation, faster licensing, stronger geological exploration and improved transport infrastructure. Assessing the last 5 years, Zambia is on course when it come to having a predictable mining policy.
The country must also avoid remaining merely an exporter of raw or semi-processed minerals. Increased copper production should support the development of cables, electrical equipment, components, batteries and other mineral-based industries. The real economic prize is also retaining a greater proportion of its value within Zambia.
Energy Will Determine Everything
The target of 10,000 megawatts of electricity may be the most important component of the entire agenda. Mining, agriculture, manufacturing, tourism and digital services cannot grow without reliable and competitively priced energy.
Zambia must accelerate investment in a diversified energy mix that includes solar, hydroelectricity, thermal power, wind and other appropriate technologies. New generation must be supported by transmission lines, substations, storage facilities and regional interconnection.
The country must also reduce its excessive dependence on hydropower, which has made the economy vulnerable to drought and climate variability.
Electricity should be viewed as productive infrastructure rather than simply a public utility service. Every new mine, factory, irrigation scheme, hotel and processing plant will depend on adequate power. If the energy target is not achieved, most of the other production targets will also be compromised. We hope to see the many projects initiated in the first term to come online. The 2MW per constituency solar projects should continue without fail!
Agriculture Must Become a Business
The agricultural targets represent a welcome attempt to move Zambia beyond dependence on maize. The proposed increases in soya beans, wheat, sugar and beef could support food processing, edible oils, stockfeed, livestock production and regional exports.
Producing 10 million tonnes of maize could strengthen national food security and establish Zambia as a major regional supplier. Nevertheless, increasing production without expanding storage, processing and export markets could create surpluses that depress farmers’ incomes.
The agricultural programme must therefore address the entire value chain. Zambia requires irrigation, mechanisation, extension services, improved seed, affordable finance, storage facilities, agro-processing plants and predictable export policies.
The proposed US$1 billion in beef exports is also achievable. Zambia needs to continue strengthening animal health systems, veterinary services, disease-control zones, breeding, traceability, abattoirs and cold-chain infrastructure. Traditional livestock farmers must be deliberately integrated into this value chain.
Tourism and Economic Diversification
Attracting five million tourists would provide Zambia with an important source of foreign exchange and employment. Tourism can create opportunities in accommodation, aviation, transport, restaurants, entertainment, handicrafts and conservation.
To achieve this target, Zambia must improve air connectivity, roads, destination marketing, visa administration and tourism infrastructure. It must also develop tourism beyond Victoria Falls by promoting national parks, cultural heritage, conferences, domestic tourism and integrated regional circuits.
Tourism growth should benefit surrounding communities. Communities living near national parks and other attractions must see tourism as a source of employment, enterprise and local development.
Growth Must Reach the Dinner Table
Perhaps the most important line in the speech is the President’s declaration that economic growth must mean something at the dinner table.
This is the correct standard by which the “Grow Zambia Agenda” should be judged. Citizens do not experience economic development through GDP statistics alone. They experience it through food prices, wages, employment, electricity, business opportunities, healthcare and education.
Economic expansion does not automatically benefit everyone. Government must deliberately connect growth to local procurement, SME participation, skills development, affordable finance, decent employment and social protection.
The President is correct that poverty cannot simply be redistributed. Zambia must expand its productive base before it can sustainably finance education, healthcare, infrastructure and social protection. However, production and redistribution must occur together. Growth that benefits only a narrow group will not build a stable and prosperous society.
Building the Skills for Growth
The speech appropriately commits the Government to increased investment in education, skills development and healthcare. Zambia’s economic ambitions will require engineers, geologists, technicians, electricians, agronomists, veterinarians, hospitality professionals, artisans and digital specialists.
The country therefore needs a national human-capital plan aligned with the eight production targets. Universities, colleges and technical institutions must prepare graduates for the sectors expected to drive the economy. On education, the President has already scored 10 out of 10!
Public-sector reform
The commitment to an efficient, accountable and delivery-oriented public service is essential. Ambitious investment targets can be undermined by slow approvals, bureaucratic duplication, weak procurement, corruption and poor coordination among ministries. The speech President promises stronger anti-corruption efforts.
Political tone and national unity
The speech is notably conciliatory. It recognises citizens who voted for other parties and discourages taunting, humiliation and political retaliation.
The statement that political competitors are not enemies is important in rebuilding national cohesion after elections. The invitation to the opposition to provide ideas and constructive criticism also creates a framework for inclusive governance.
