The Editor Zambia
At a time when political arguments can easily drown out economic facts, political analyst Jones Mupishi has offered an important reminder: Zambia’s economic progress should be assessed through evidence rather than political noise.
His argument on inflation, investment diplomacy and renewed engagement with the International Monetary Fund deserves serious consideration because the latest economic indicators point to a country that has moved considerably from the instability of recent years towards greater macroeconomic stability and an increasingly growth-oriented agenda. 
Take inflation. Zambia’s annual inflation rate fell to 6.1 percent in September 2026 from 6.2 percent in August, according to the Zambia Statistics Agency. Food inflation also declined from 6.0 percent to 5.8 percent.
This is significant because inflation is not merely an abstract economic statistic. It affects the cost of food, transport, household necessities, and business operations. A sustained reduction, therefore, provides a more predictable environment for households and investors.
Mupishi is consequently right to focus attention on fiscal and monetary discipline. The fact that inflation has continued to moderate during an election year is noteworthy. It provides evidence that political competition does not necessarily have to result in reckless economic management.
The broader growth figures are also encouraging. Zambia’s economy grew by 7.2 percent in the second quarter of 2026, according to ZamStats, with information and communication, agriculture, construction, mining, and manufacturing among the sectors contributing to growth.
This is precisely where the discussion about President Hakainde Hichilema’s economic diplomacy becomes relevant.
The President’s recent visit to Abu Dhabi was not simply a ceremonial foreign trip. At the Zambia-UAE Business Forum, the two countries signed memoranda of understanding valued at US$2.14 billion across sectors including healthcare, renewable energy, logistics, technology, and biotechnology.
The scale and diversity of these agreements illustrate the importance of actively pursuing foreign investment.
The largest component is a proposed US$2 billion Medical City in Lusaka, which is expected to provide specialised medical services, research, and training. Other agreements cover renewable energy and logistics, while additional partnerships seek to promote investment in agriculture, mining, infrastructure, and other sectors.
Of course, memoranda of understanding is commitments that still has to be translated into financed and implemented projects.
But, signing such agreements creates a platform from which actual investments can emerge. It is therefore reasonable to view economic diplomacy as an important instrument of Zambia’s growth strategy.
This also puts the debate over international engagements into perspective. A country seeking investment cannot afford to treat diplomacy as merely ceremonial. Meetings with investors, governments, and financial institutions can have direct economic consequences when they produce partnerships, capital, and access to markets.
The same principle applies to Zambia’s renewed discussions with the IMF. Reuters reported on September 30 that an IMF mission had arrived in Zambia for discussions on a potential new support programme.
These discussions should not automatically be interpreted as evidence of economic failure. The IMF itself said earlier this year that Zambia had made substantial progress in restoring macroeconomic stability under its previous Extended Credit Facility and that discussions on a successor arrangement were focused on consolidating stability while moving towards more inclusive, private-sector-led growth.
That is an important distinction.
Zambia needs financing, investor confidence, economic credibility, and policies capable of sustaining growth. Engagement with the IMF can form part of that framework, provided the programme ultimately supports sustainable public finances and protects essential development priorities.
Mupishi’s central message is therefore worth repeating: political disagreements are legitimate, but economic facts should remain facts.
Inflation is falling. Growth is strengthening. Investment discussions are expanding. Zambia is seeking new international partnerships while working to consolidate macroeconomic stability.
The challenge now is to convert these positive indicators and investment commitments into jobs, productive enterprises, higher incomes, and better living standards for ordinary Zambians.
That is where the real measure of Zambia’s economic transformation will ultimately lie.
