Zambians are set to vote on August 13 in a keenly contested presidential election that has shaped up as a referendum on economic management, with incumbent President Hakainde Hichilema facing his most serious electoral challenge from opposition candidate Brian Mundubile. Up to 8.7 million registered voters — a majority of them women and nearly half aged between 18 and 35 — will decide whether four years of macroeconomic reform deserve a second term, or whether persistent hardship at the household level demands a change of direction.

Hichilema, leader of the United Party for National Development (UPND), came to power in 2021 — on his sixth attempt at the presidency — inheriting a country in sovereign default after years of heavy borrowing under his predecessor Edgar Lungu. His government has since completed a landmark debt restructuring deal that cut over $900 million from Zambia's debt burden, restored an International Monetary Fund programme and returned the economy to growth. Inflation has fallen sharply from 24.6% at the time of the last election to just 6.5% by June 2026, and the Zambian kwacha was the world's best-performing currency in 2025. Zambia, Africa's second-largest copper producer, has also set an ambitious target of tripling mining output by 2031, with Chinese firms among the major investors in the sector.

Despite these gains, many Zambians say the recovery has not reached them. The cost of a basic needs basket rose by 43% between 2021 and 2026 while wages have failed to keep pace, according to the Jesuit Centre for Theological Reflection. In a country where more than 70% of the population lives on less than three dollars a day, food prices and unemployment remain dominant concerns.