AGP Executive Report

Debt Buyback Debate: Zambia has secured bondholder support to proceed with a proposed US$1.36bn Eurobond buyback, even after the 2025 restructuring that stretched repayments to 2053—raising fresh questions on debt strategy and financing. Capital Markets Momentum: The Securities and Exchange Commission says Zambia’s capital markets grew in Q1 2026, with the LuSE All Share Index up 5.29%, market capitalisation rising to K342bn and investor numbers up to about 92,000. SME Finance Push: Bank of Zambia has committed K5bn to the Small Business Growth Initiative, targeting MSMEs with credit guarantees, technical assistance and a learning lab (launch expected in Q4 2026). Power Stability Signal: ZESCO says nationwide load management is not expected to return this year, citing improved generation and stronger links with IPPs and traders, though local outages from faults or vandalism can still happen. ZAMPOST Retirees Paid: Government released K48m to settle terminal benefits for ZAMPOST retirees under a first-retired, first-paid approach. Election Season Economics: Hichilema is set to launch the UPND 2026 manifesto on 11 June, promising jobs, lower cost of living, and electricity capacity gains. Water Sector Costs Cut: Vice-President Mutale Nalumango says water treatment chemicals have been zero-rated to reduce costs and expand access to safe water. Illicit Finance Warning: The Financial Intelligence Centre estimates Zambia lost US$3.5bn to illicit financial flows over five years, urging stronger controls to protect development spending.

Debt-for-energy Deal: Zambia cleared a key hurdle in a $1.36bn debt buyback, unlocking funds for power expansion, with the government aiming to redirect savings into electricity infrastructure. Power Stability: ZESCO says nationwide load shedding is not expected to return this year, citing improved generation and stronger links with independent power producers and traders. Illicit Financial Flows: Zambia lost an estimated US$3.5bn to illicit financial flows over five years, while Tax Justice Network Africa urges tougher, African-led action to protect domestic resources. Mining & Growth: Copper output rose to 890,345.79 tonnes in 2025 and is projected to exceed one million in 2026; Shuka Minerals also reported strong zinc grades from a third drill hole at Kabwe. Markets & Business: Airtel Zambia crossed US$1bn market cap on the LuSE, and MTN launched MTN One TV to push into cheaper video streaming. Policy & Social: Government released K48m for ZAMPOST retirees’ terminal benefits, and water treatment chemicals were zero-rated to cut costs in the water sector. Education: Hichilema signed a law making free education a legal right.

Graphite Push in Petauke: Zambia’s Ministry of Mines is conducting a EU-backed survey of graphite in Chief Mumbi’s chiefdom in Petauke, aiming to update the national geoscientific database and build local geologists’ skills. Streaming Battle: MTN is rolling out MTN One TV in South Africa and Zambia, with pricing starting as low as R30 a month and options from free-to-view to subscriptions. Free Education Becomes Law: President Hakainde Hichilema has assented to Zambia’s Education (Amendment) Bill, 2026, making free education a legal right so children can’t be denied schooling for lack of fees. Eurobond Buyback Clarity: Fitch says Zambia’s US$1.36bn Eurobond tender is not a distressed exchange, with the June 10 deadline and settlement expected two days later. Kwacha & Food Relief: Mealie meal prices have eased to about K220–K230 on a bumper harvest and a strengthening kwacha, while the exchange-rate explainer links currency stability to cheaper imports. Copper Output Update: Jubilee Metals says Molefe Mine deliveries to Sable refinery are rising toward higher targets, supporting Zambia’s copper growth plans. ZAMPOST Retirees Paid: Government released K48m for terminal benefits for former ZAMPOST employees, using a first-retired, first-paid approach. Digital Trade Payments: Ghana, Rwanda and Zambia are piloting a digital trade corridor for instant cross-border payments to cut dollar-mediated frictions. Elections Campaign Disruption: Independent candidates in Kasempa complain ECZ’s withdrawal of the candle symbol after nominations caused losses and confusion. Chess Sponsorship Deal: Chess Federation of Zambia partners with Mobile City to back the Chief Mukuni International Chess Championship in Livingstone from July 4–6.

Sovereign Debt Meets Power Investment: Zambia’s Eurobond buyback is being linked to a grid resilience push, with the country using an AfDB $600m loan alongside its own resources and committing up to $275m over 15 years to modernise electricity distribution—an approach Fitch says is not a distressed exchange. Kwacha & Cost of Living: A fresh explanation of how the kwacha moves with dollar inflows and copper earnings comes as mealie meal prices fall to about K220–K230 on a bumper harvest and a stronger currency. Copper Production Update: Jubilee Metals says Molefe Mine has restarted high-grade run-of-mine deliveries to the Sable refinery, targeting 6,000 tons per month in June and stepping up to 10,000 tpm by October. Retiree Benefits: Government releases K48m to clear outstanding ZAMPOST terminal benefits for former employees, using a first-retired, first-paid approach. Digital & Telecom Push: Zamtel signs an MoU with Ericsson to deploy private 4G/5G networks, while MTN launches One TV streaming in Zambia and South Africa. Payments Innovation: Ghana, Rwanda and Zambia test a pilot digital trade corridor for instant cross-border payments to cut dollar-mediated settlement frictions. Sports & Business Culture: Chess Federation of Zambia launches the Chief Mukuni International Chess Championship in Livingstone, backed by Mobile City, aiming to draw regional players and boost sports tourism.

Digital Sovereignty: Zambia signed an MoU with Huawei to use AI infrastructure for digital government services across 25 ministries, including co-investing in a national data centre to keep critical data in-country. Mining & Local Jobs: President Hakainde Hichilema says new 2025 mining local content rules (effective Jan 1, 2026) will lift Zambian supplier participation, with core procurement rising from 20% to 40% and non-core services reserved for locals. Copper Expansion Risk: Vedanta’s CopperTech Metals IPO filing in the US flags “going concern” doubts tied to Konkola Copper Mines’ losses, even as Vedanta targets about $2.7bn for expansion. Debt-to-Power Deal: Zambia is using an AfDB-backed $600m loan to help buy back costly sovereign bonds, linked to a Grid Resilience Programme to modernise electricity distribution. Capital Markets: FMDQ approved quotation of Sycamore Integrated Solutions’ N1.82bn and N5.07bn commercial papers under its N20bn programme to strengthen working capital and lending growth. Entrepreneurship Push: The Ministry of SMEs endorsed Zambia Governance Foundation’s “Entrepreneurship Train,” a mobile mentorship programme linking Lusaka and Livingstone to support young business owners. Wildlife Trade: KAZA states met in Victoria Falls to align on elephant conservation and elephant product trade positions, with EU funding pledged for regional conservation plans. Elections & Economy Mood: Tonse-Pamodzi’s Brian Mundubile says the August campaign feels subdued mainly because people and candidates have little money.

Ebola Preparedness: Zambia received WHO Ebola preparedness supplies worth over K400,000 to strengthen surveillance, lab testing and response, even as the country has recorded no Ebola cases. Election Economy Mood: Tonse-Pamodzi presidential candidate Brian Mundubile says the August campaign feels unusually quiet because people—and candidates—have little money to spend. Defamation Risk in Politics: Social media commentator Chellah Tukuta has been served a K10 million defamation demand letter over a Facebook post alleging links to government contracts. Debt-to-Power Link: Zambia is using an AfDB-backed $600m loan plus its own resources to buy back $1.36bn sovereign bonds, while tying the deal to a Grid Resilience Programme for electricity distribution upgrades. Mining & Local Content: Government says new 2025 mining local content rules (Statutory Instrument No. 68 of 2025) are raising the share of core procurement for Zambian-owned firms to 40% by design. Regional Trade & Borders: Zambia and Zimbabwe are installing floating buoys to make Lake Kariba’s boundary visible, aiming to cut clashes among fishermen and boat operators. Copper Capital Markets Watch: Vedanta’s planned US IPO for its CopperTech Metals unit faces scrutiny after auditors flagged “substantial doubt” over Konkola Copper Mines’ going-concern viability.

Ebola Readiness Boost: The WHO has handed Zambia medical supplies worth about $22,000, including PPE, lab reagents and specimen transport materials, to strengthen detection and response as the DRC/ Uganda outbreak threat grows. Pension Reform Watch: Zambia’s NAPSA gets its biggest shake-up in 30 years after the National Pension Scheme Act of 2026, introducing more flexibility for contributors and raising minimum monthly pensions and replacement rates. Copper & Energy Governance: Energia appoints Tai Oshisanya as an independent non-executive director, reinforcing board oversight as the firm pushes energy security and financial stewardship. Labour Focus: ZCTU is urged to stay non-partisan and concentrate on workers’ issues ahead of August polls, including arrears for retirees and deployment of senior staff. Fuel Cost Pressure: Global oil-linked fuel price hikes continue to squeeze household budgets, with the Strait of Hormuz disruption cited as a key risk to energy affordability. Trade & Connectivity Angle: A new look at Africa’s shifting trade corridors highlights how projects like the Tanzania-Zambia railway and Indian Ocean gateway ambitions could reshape regional commerce. Business & Community Giving: A Dorset family firm donated nearly 4,500 hospital uniforms to Chama District Hospital in Zambia, showing how private sector support is reaching frontline health needs.

Debt & Growth Debate: A fresh commentary argues Zambia’s debt restructuring isn’t “pushing debt to future generations”, saying it protects the economy’s recovery while preserving reserves. Labour Politics: Tonse Alliance urges ZCTU to focus on workers’ conditions, deployment of senior staff and arrears to retirees, warning against partisan election talk. Pensions Reform: An explainer breaks down NAPSA’s biggest shake-up in 30 years after assent to the National Pension Scheme Act, highlighting new flexibility for accessing benefits and higher minimum pensions. Ebola Preparedness: WHO hands Zambia $22,000 in Ebola medical supplies (PPE, lab reagents and specimen transport) to strengthen detection and testing as regional preparedness plans expand. Fuel Costs Pressure: A global update links recent fuel price hikes to geopolitical risks and shows how affordability varies by income across Europe. Election Campaign Noise: Multiple pieces keep spotlighting August 13 politics, including claims of political violence concerns and high-profile endorsements ahead of the polls. Trade & Industry Signals: Zambia’s copper export-duty waiver extension and ongoing mining/energy developments continue to feed the business agenda.

Shelter Afrique AGM: Pan-African Shelter Afrique Development Bank will hold its 45th AGM in Rabat, Morocco (June 9-11) under the theme “The Future of Cities,” focusing on financing inclusive, green and resilient urban development and affordable housing. Water security: A new Environmental Performance Index assessment flags unsafe drinking water as a major public health risk, with many African countries among the lowest-ranked globally. Zambia politics & unity: Southern Province outreach by NRPUP presidential candidate Brian Mundubile pushes a message of national unity over tribal and regional divisions ahead of August 13 elections. Leadership change at SSCL: Salima Sugar Company has appointed Clement Kumbemba as its new CEO, promising improved efficiency and growth. Banking controversy: PF leader Miles Sampa renews claims that Bank of Zambia fired him in 2010 “like a common criminal,” alleging political motivation. Political violence warning: Civil society groups issue a joint statement alarmed by rising political violence, harassment and suppression of opposition figures. Mining & environment: World Environment Day coverage spotlights pollution impacts in Zambia, including lead exposure risks in Kabwe. Energy governance: ZRA says it has joined the International Hydropower Association to strengthen technical capacity as it advances major projects like Kariba rehabilitation and Batoka.

Banking & Politics: UPND-linked Miles Sampa says Bank of Zambia dismissed him in 2010 “like a common criminal,” alleging politically motivated treatment and gun-wielding officers during his firing. Elections & Civil Society: ZCTU says President Hakainde Hichilema will bounce back after August polls, while CSOs warn of rising political violence, harassment and suppression of opposition figures. Macroeconomy & Currency: Commentary questions why people still struggle despite higher foreign exchange reserves, as the Kwacha continues to strengthen against the dollar. Mining & Power: ZRA joins the International Hydropower Association to boost technical capacity for Kariba rehabilitation and the Batoka Gorge project; Zambia also extends copper concentrate export-duty waiver to September amid smelter constraints. Trade & Business Environment: Treasury in Zimbabwe warns “off-book” contracts are choking payments for roads, clinics and schools. Humanitarian Logistics: DHL launches the DHL Academy of Humanitarian Logistics to train local responders in customs, safety and dangerous goods handling. Social Impact: World Clubfoot Day highlights that about 808 children are born with clubfoot in Zambia each year, with only around 40% receiving treatment. Tourism: ZATEX opens with Hichilema reiterating tourism’s role in diversification and jobs, targeting 2.5m visitors and $1bn revenue by 2026.

Eurobond Debate: Zambia’s move to buy back about US$1.3bn in Eurobonds after a “successful” debt restructure is drawing sharp pushback, with critics arguing the deal is costly and shifts burdens to future budgets. Environment & Mining Justice: World Environment Day spotlights Kabwe’s lead pollution and renewed calls for tougher action against companies licensed to extract from toxic waste, while Caritas Zambia urges climate action that also delivers justice for the poor. Energy & Industry Regulation: ZEMA has approved 103 development projects across mining, energy, manufacturing and recycling, including solar and waste-to-fuel initiatives, as green growth remains a policy priority. Trade & Logistics Skills: DHL launched the DHL Academy of Humanitarian Logistics to train local responders in customs, dangerous goods handling and safety, while Smart Hands Africa added Supermicro services across multiple African markets including Zambia. Tourism Push: President Hichilema used ZATEX to underline tourism’s role in jobs and diversification, with Zambia and Zimbabwe positioning themselves as “co-opetitors” rather than rivals. Education for Food Security: Government launched the Presidential Irrigation Initiative for Schools to boost food security and STEM learning through school-based irrigation and innovation. Health Access: World Clubfoot Day in Lusaka heard that about 808 children are born with clubfoot annually, but only around 40% receive treatment—driving calls for early diagnosis and timely care. Regional Cooperation: Zambia and Zimbabwe plan floating buoys on Lake Kariba to reduce arrests and vessel seizures caused by unclear boundaries.

Tourism Push: President Hakainde Hichilema opened ZATEX 2026, urging African collaboration on intra-Africa tourism, better air connectivity and joint bids for major conferences, while targeting 2.5m visitors and $1bn tourism revenue. Irrigation for Schools: Government launched the Presidential Irrigation Initiative for Schools to boost food security, STEM learning and school feeding sustainability through hands-on water management and agriculture skills. Child Health: Hope Walks Zambia says about 808 children are born with clubfoot yearly, but it reaches only 40% for treatment; organisers stress early detection and the Ponseti method. Energy & Mining: ZCCM-IH signed with Wonderful Group Services to build a 600MW coal plant in phases to cut peak power shortages and reduce reliance on hydropower. Environment & Approvals: ZEMA approved 103 development projects across mining, energy, manufacturing, infrastructure, agriculture and tourism, including solar and recycling facilities. Digital & Services: Smart Hands Africa became an authorised Supermicro Services Partner, expanding installation, support and maintenance across multiple African territories including Zambia. Trade & Markets: Zambia extended its copper concentrate export-duty waiver to September as smelter maintenance limits processing, while the kwacha continues strengthening. Governance & Compliance: ZRA denied impounding Tonse Alliance campaign materials, calling the claims false.

Pensions & Education Laws: President Hakainde Hichilema has assented to five Bills—Education (Amendment) and four pension reforms—aimed at expanding social protection, boosting retirement benefits and locking in free education. Labour Welcomes Reforms: NAPSA’s acting boss Asa Msusa says the pension changes will deliver flexible, user-friendly benefits, while unions including ZCTU and BETUZ praised the move for strengthening dignity at work and in retirement. Green Growth Approvals: ZEMA has approved 103 development projects across mining, energy, manufacturing, infrastructure and tourism, including 300MW solar, recycling plants in Lusaka and Kalumbila, and upgrades to the Chipata–Chadiza road. Copper Export Relief: Zambia extended the 10% copper concentrate export tax waiver to September 30, covering about 271,742 tonnes to ease smelter bottlenecks during maintenance. AfDB Backs Trade Insurance: The AfDB will invest US$125m in ATIDI, raising its stake to about 14% to expand political risk and credit insurance and support intra-Africa trade. 5G Indoor Upgrade: MTN Zambia and Huawei completed a commercial multi-band 5G indoor deployment at Mulungushi Conference Centre, targeting higher capacity for business events. Trade Agenda Push: Zambia used the Korea-Africa Foreign Ministers’ Meeting to court Korean investors, focusing on trade, industrialisation and digital transformation. Mining Output Update: Jubilee Metals says its Roan concentrator is back to full capacity after maintenance, with commissioning of a new dewatering facility and recovery improvements.

Copper Sector & FX: Zambia extended the 10% export duty waiver on copper concentrates to September 30, covering 271,742 tonnes as smelter maintenance and processing constraints keep stocks building. Energy Resilience: ZESCO warned of possible power disruptions linked to El Niño and urged households to invest in backup solar solutions and net metering, while saying load shedding will be managed, not eliminated. Currency Watch: The kwacha pushed into the K17 bracket, trading around K17.65–K17.91 per US dollar, supported by copper inflows, a projected bumper harvest and improved debt management. Agriculture Outlook: ATPSUZ welcomed expectations of a near 5 million-tonne maize harvest for 2025/26, calling it a boost for food security and growth. Mining Operations: Jubilee Metals restarted Roan concentrator at full capacity after May maintenance, commissioning a new fine copper concentrate dewatering circuit and targeting 30,000 tonnes of ore per month. Policy & Social Protection: President Hichilema is set to sign five bills, including education amendments to lock in free education and pension reforms raising minimum pensions and improving benefits for members. Trade & Finance: IFC and Standard Chartered launched a $300m risk-sharing facility to expand supply chain finance across eight African countries, including Zambia. Local Tax Dispute: ZRA denied claims it impounded Tonse Pamodzi Alliance campaign trucks, saying interceptions are routine customs and tax compliance checks. Capital Markets: Vedanta’s CopperTech Metals is seeking a New York listing to fund expansion of Zambia’s KCM copper operations.

Kwacha Rally: The Zambian kwacha strengthened further to K17.9 per US dollar, with Bank of Zambia citing improved foreign exchange inflows from mining and foreign financial institutions. Copper Export Relief: Zambia extended the suspension of the 10% duty on copper concentrate exports to September 30 to clear smelter stockpiles amid maintenance disruptions, allocating duty-free quotas to major mines including Mopani and Lumwana. Trade Pressure: Zambia’s copper processing bottlenecks come as regional trade signals remain mixed, with Zimbabwe reporting a wider April trade deficit as exports fell. Finance for Trade: IFC and Standard Chartered launched a $300m risk-sharing facility to boost supply chain finance across eight African countries, including Zambia, targeting faster supplier payments. Mobile Payments Push: Airtel Money and Stanbic Bank rolled out mobile wallet payments on POS machines in Zambia, making merchant and consumer transactions easier. Mining Expansion Watch: Vedanta’s CopperTech applied to sell shares on the New York market to fund its Zambian copper complex, while Moore Global expanded into Zambia with Moore Zambia CFS. Energy Access: Rural electrification projects worth K463m were handed over to Zesco, reinforcing efforts to narrow the urban-rural electricity gap. Health Preparedness: Isoka launched a second round of the nOPV2 polio vaccination campaign, while Hurungwe activated Ebola emergency preparedness amid cross-border risk.

Election Security: North-Western Province Police Commissioner Brighton Siwale orders officers to act firmly against political violence and public disorder, saying the move protects democratic governance, unity, stability and investor confidence. Public Health: Zambia launches the second round of the nOPV2 polio vaccination campaign in Isoka District, targeting children under five after detection of cVDPV2 in Lusaka’s sewer system earlier this year. Copper Policy: Zambia extends the 10% duty suspension on copper concentrate exports to 30 September 2026 to help clear stockpiles while smelters undergo maintenance and repairs. Energy & Climate: A report highlights how climate change is draining hydro-power generation, raising concerns for water-dependent power systems across the region. Finance & Markets: The kwacha continues to appreciate, closing around K17.9 per US dollar, driven by mining inflows and foreign financial institutions. Payments Innovation: Airtel Money and Stanbic Bank roll out mobile wallet payments on Stanbic POS machines, boosting cashless trade for merchants. Regional Minerals: UN ECA launches a €15m project to strengthen responsible critical minerals value chains across SADC, including Zambia. Corporate/Mining IPOs: Vedanta’s CopperTech Metals targets a New York IPO as it seeks funding for Zambia’s Konkola Copper Mines expansion.