The Editor Zambia
The deafening silence from critics and pessimists of President Hakainde Hichilema on the increased foreign reserves speaks volumes about their prioritisation of politics over the nation’s economic progress.
It’s striking that the very loud voices who are always quick to spread propaganda on every perceived misstep are now curiously muted. This suggests that their criticism is more about misleading people than genuinely championing Zambia’s economic welfare. 
With foreign reserves on the rise, it is clear the government is making headway on the economic front, a fact that’s getting the silent treatment from those invested in narratives of despair.
Zambia has, for the first time in history, reached a significant economic millstone to reach a gross foreign reserve of US$6.5 billion dollars.
This is a no mean achievement for Zambia. It is a major indicator of growing macro-economic stability, renewed investor confidence, and improved economic management.
The rise to US$6.5 billion in foreign reserves is, therefore, extremely important for Zambia as it indicates a positive economic outlook.
In the recent past before President Hakainde Hichilema assumed office, Zambia, struggled with external vulnerabilities ranging from exchange rate instability and debt distress to inflationary pressures and limited foreign currency liquidity.
However, the recent rise in reserves signals that the country is moving toward a more stable and resilient economic trajectory.
The higher reserves are an indication that Zambia is better positioned to sustain imports of fuel, medicines, machinery, fertilizer, and industrial inputs even during periods of global uncertainty.
This is not whether one likes President Hichilema or not. This economic millstone is just an indication that he has delivered the economy from the Intensive Care Unit (ICU).
In 2021, before forming the government, Zambia’s foreign exchange reserves were critically low, at approximately US$1.2 billion dollars.
The low foreign reserves exposed the country to external vulnerabilities ranging from exchange rate instability, inflationary pressures, and limited foreign currency liquidity.
According to statistics, under the PF administration between 2011 and 2021, Zambia’s reserves declined sharply from US$3.1 billion in 2014 to around US$1.2 billion in 2020 before slightly improving to US$1.4 billion in 2021.
Under the UPND government, reserves have steadily increased over the last four years.
Figures indicate that reserves rose to about US$3 billion in 2022 before climbing further to US$3.3 billion in 2023 and US$4.5 billion in 2024. In 2025, Zambia reportedly crossed the US$5 billion mark for the first time in history, with reserves now estimated at US$6.5 billion in 2026.
For starters, gross international reserves are essentially a nation’s foreign currency savings account. In an event of a crisis, the savings account is a fallback.
The reserves are held by the Central Bank, and consist of foreign currencies, gold, Special Drawing Rights (SDRs), and other reserve assets used to support the value of the local currency. The reserves are also used to finance imports and cushion the economy during external shocks.
Economic analysts say foreign exchange reserves are important because they help stabilise the Kwacha, support the importation of essential goods such as fuel and medicines, and improve confidence among investors.
In practical terms, strong reserves provide confidence to investors, businesses, and ordinary citizens that the country has sufficient capacity to meet its international obligations.
The historic reserve level should, therefore, be viewed as both an achievement and a responsibility.
It is evidence that Zambia’s economy is gradually regaining credibility and resilience, but it is also a reminder that continued discipline, policy consistency, and economic diversification remain essential.
It is sad that today, individuals who destroyed the economy want to claim to be good leaders. Zambians have moved on, and they will not allow disgruntled individuals in authority.
Under the Patriotic Front (PF) regime, billions of dollars were lost through corruption and mismanagement, institutions were weakened, dissenting voices were persecuted, and many patriots, including President Hichilema and others who spoke for justice were arrested and harassed simply for standing up for Zambia.
The same people who want to rule today, under former President Edgar Lungu, oversaw high levels of corruption, with large sums of borrowed money mismanaged or diverted for personal use.
Infrastructure projects were used as a vehicle to steal public resources, with most of the projects being overpriced and of low quality. They claimed to have constructed roads, but there was no meaningful development achieved
Zambians should continue strengthening domestic production and implementation of sound economic reforms. The country should position itself toward sustainable middle-income prosperity by 2023.
