AGP Executive Report

Maize & Food Security: The Food Reserve Agency says it will only export surplus maize, not core stocks, as talks with Kenya move toward a deal for about 10.8 million 90kg bags; Zambia says it has 5.1 million metric tonnes from the current season plus 1.6 million carried over, with FRA paying farmers over K6bn and expanding storage to keep up with purchases. Election & Governance Tensions: World Economic Forum congratulates President Hakainde Hichilema and pledges public-private cooperation, while telecom billionaire Mo Ibrahim warns Zambia not to squander its democratic legacy amid post-election arrests, court closures and a treason probe. Justice & Business Risk: Police formally charge Brian Mundubile, Makebi Zulu and 16 others with treason, adding to election fallout that could affect investor confidence and legal timelines. Digital Economy Expansion: Zambia is set to join the Digital Cooperation Organization as a member state, as DCO approves eight new countries and signals more cross-border digital trade rules. Cost of Living Signals: Mealie meal prices are easing as surplus maize strengthens supply, with ZNS selling mealie meal at lower rates in several towns. Health & Trade Controls: Government tightens cattle movement in FMD-affected areas to curb spread, a move that can disrupt livestock supply chains. Regional Energy & Finance: USTDA plans to modernise power infrastructure in Southern Africa, including Zambia, while Zambia’s external debt service is reported to fall to about US$900m.

Treason Charges: Police have formally charged NRPUP presidential candidate Brian Mundubile, running mate Makebi Zulu and 16 others with treason, bringing the accused in the matter to 18, with court appearances expected as the case unfolds. Election Integrity: Transparency International Zambia (TIZ) has flagged 32 constituencies for a transparent review of results after monitors recorded procedural irregularities, citing weaknesses in enforcement of electoral laws and uneven application of procedures. Maize & Cost of Living: Food Reserve Agency (FRA) says it has paid farmers over K6 billion for maize, buying more than one million metric tonnes since August 20, while mealie meal prices are easing as Zambia’s surplus supports both domestic supply and export demand. Regional Trade: Government has begun talks with a Kenyan business delegation on exporting about 10.8 million 90kg bags of maize to Kenya, as Kenya seeks supplies after below-normal harvest expectations. Debt & Macroeconomy: Zambia’s external debt service has fallen to about US$900m per year following restructuring, with inflation easing to around 6.2% and more room for social spending. Digital Cooperation: The Digital Cooperation Organization (DCO) has approved eight countries—including Zambia—for membership, potentially expanding the bloc’s reach to 24 countries, with Tajikistan joining as an associate member. Power & Infrastructure: USTDA is seeking partnerships to modernise power infrastructure in Southern Africa, including a delegation from Angola, Botswana, Mozambique and Zambia to the US. Climate Outlook: Namibia faces below-normal rainfall in 2026/27, with forecasts also pointing to generally above-normal temperatures across much of the region.

External Debt Relief: Zambia’s annual external debt-service is projected to drop to about US$900m from 2026 after restructuring, down from an estimated US$2.6bn, easing fiscal pressure and freeing money for education, health, agriculture and infrastructure. Inflation & Cost of Living: President Hakainde Hichilema says his second-term agenda will focus on lowering the cost of living and creating jobs, as inflation eases to 6.2% in August. Food Security & Prices: ZNS has cut Eagles mealie meal prices, with a 25kg breakfast bag now K185 retail (roller K145), aiming to keep the staple affordable. Maize Exports: Government has started talks with a Kenyan delegation on exporting about 10.8m 90kg bags of maize to Kenya. Digital Cooperation: The DCO approved Zambia’s membership, alongside seven other countries, expanding its digital cooperation footprint. Investor Sentiment & Politics: Zambia’s opposition leader Brian Mundubile and running mate Makebi Zulu were held over alleged treason offences following the disputed election, raising concerns about democratic space and investor confidence. Value Addition in Forestry: ZAFFICO is moving ahead with a US$25m particle board factory to reduce imports and lower costs for construction and furniture.

Debt Relief Watch: Zambia’s annual external debt-service is projected to drop to about US$900m from 2026, down from an estimated US$2.6bn without restructuring, easing fiscal pressure and freeing money for education, health, agriculture and infrastructure. Cost of Living Push: President Hakainde Hichilema says his second-term agenda will be judged by two targets—cutting the cost of living and creating jobs—backed by inflation easing to 6.2% in August. Food Prices: ZNS has reduced Eagles mealie meal prices, with 25kg breakfast meal now at K185 (from K250) and roller meal at K145, aiming to keep the staple affordable. Election Fallout & Governance: Zambia’s opposition leader Brian Mundubile and running mate Makebi Zulu were held over alleged treason offences after a disputed election, raising concerns about democratic space and investor confidence. Trade & Industry: ZAFFICO has started work on Zambia’s first particle board factory (about US$25m) to cut import costs and boost local value addition. Regional Finance: NMB says it is expanding productive-sector lending, including mining, supported by over US$200m in external lines of credit. Infrastructure Deal: DR Congo and Angola signed a US-backed Lobito Corridor railway agreement to speed mineral transport to the Atlantic coast.

Manufacturing & Jobs: ZAFFICO has started work on Zambia’s first particle board factory, a $25m project to cut import dependence and lower costs for ceiling boards and furniture, with about $18m already committed to design, production and installation. Inflation Watch: ZamStats says annual inflation eased to 6.2% in August from 6.5% in July, helped by slower food and non-food price rises, keeping it within the Bank of Zambia’s 6–8% target band. Cost of Living: ZNS cut Eagles breakfast mealie meal from K250 to K185, while roller mealie meal is now K145, aiming to ease household pressure. Banking & Growth: NMB says it is expanding productive-sector lending, especially mining, after securing over $200m in external lines of credit to boost financing capacity. Trade & Payments: eZi Remit and Mastercard Move are teaming up to speed up cross-border remittances from South Africa to 25 countries, including Zambia, using bank, mobile wallet and cash channels. Cybersecurity: Government warns cyber risk is now both an economic and security issue as mobile subscriptions rise and cyber incidents continue to be reported. Legal/Politics: Police have taken opposition leader Brian Mundubile into custody over alleged treason amid a wider post-election dispute and court closure fallout.

Post-Election Security: Zambia’s opposition leader Brian Mundubile has surrendered to police and is being questioned over alleged treason, with his running mate Makebi Zulu also in custody after a police raid that followed the August 13 vote. Inflation & Markets: Zambia’s annual inflation eased to 6.2% in August (from 6.5% in July), while government bond demand stayed strong after the first auction since the election, signalling improving investor confidence. Courts & Business Risk: The Law Association of Zambia says the three-day court closure disrupted access to urgent legal remedies, raising risks for bail, injunctions and business deadlines, and is demanding answers from the Judiciary. Regional Trade & Infrastructure: TAZARA marked 50 years of commercial operations, highlighting its role as a key rail-sea corridor linking Zambia and Tanzania for regional trade. Entrepreneurship & Finance: Japan-funded Empower Africa is opening applications for 18–35-year-olds across 11 countries, training entrepreneurs in innovation, AI, leadership and investment readiness. Transport Safety: A bus-truck crash on the Great East Road in Rufunsa left four dead and 36 injured, underscoring ongoing road safety concerns. Industry Watch: Tycoons are pouring at least Sh133bn into cement expansion across East Africa, intensifying competition and challenging imports.

Zambia Politics & Justice: The judiciary says no “presidential petition” was formally filed with the Constitutional Court after the deadline, distancing itself from Chief Justice Mumba Malila’s receipt of documents via his private email. Election Fallout: Opposition figures Brian Mundubile and Makebi Zulu are expected to be handed over to Zambia Police after failed UN efforts to resolve the stand-off, following a raid that killed former minister Mutotwe Kafwaya. IMF & Diplomacy: The IMF signals continued support for Zambia after Hichilema’s re-election, while China’s ambassador also held a courtesy call with the President. Mining & Power: Zambia’s copper expansion push faces a growing electricity crunch, with drought and slow grid additions threatening output targets. Trade & Finance: Africa is urged to adopt harmonised product standards to cut repeated testing and unlock AfCFTA trade. Youth & Energy Participation: A Chinese firm donated 100 fuel tankers to Zambia’s youth empowerment programme to boost participation in the petroleum sector. Business & Investment: LuSE and ZDA move to unlock long-term business capital, as investors seek better disclosure and liquidity. Regional Deal: Angola and DR Congo sign contracts to operationalise the Lobito Corridor, a key route for Zambia’s trade.

IMF & China Signals: The IMF congratulated President Hakainde Hichilema on re-election and pledged continued support, while a Chinese envoy held talks with him in Lusaka—both pointing to steady external backing for Zambia’s reform push. Copper Power Crunch: Zambia’s copper recovery faces a growing electricity deficit as drought and mining demand strain the grid, threatening plans for major output expansion. Court Closure Fallout: Zambia’s courts have stayed shut amid the election dispute, with the judiciary saying no presidential petition was formally filed—raising fresh concerns about access to justice and business/legal uncertainty. Capital Markets Push: ZDA and LuSE signed an MoU to boost long-term funding, encourage more listings, and support SMEs, including work on green bonds. Mining & Metals Deals: Nkana FC secured a K200,000 MUZ partnership for 18 months, while Shuka Minerals reported new high-grade zinc at Kabwe and Zambia’s gold sector moves toward a single-buyer model. Regional Business Links: Zambia also featured in wider regional trade and infrastructure moves, including Lobito Corridor deal activity and cross-border investment missions. Fintech & Telecom Momentum: MTN is edging toward banking licences in parts of Africa and continues fintech expansion as it progresses its IHS Towers takeover.

Regional Diplomacy: AUDA-NEPAD and leaders from Seychelles and Zimbabwe continue congratulating President Hakainde Hichilema on re-election, signalling strong regional backing for continuity in Zambia’s development agenda. Gold Sector Reform: Government says it will introduce a single-buyer model for gold, with the Bank of Zambia remaining the sole authorised buyer as licensing and regulation tighten. Capital Markets & Growth: LuSE and ZDA sign an MoU to improve access to long-term capital, encouraging more SMEs to consider listing and use the Zambia Investment Deal Room to reach funding. Trade Facilitation: ZRA signs for advanced X-ray cargo scanning at Livingstone Border Post to boost security and speed up goods movement. Governance & Courts: State House denies Hichilema ordered courts closed, while courts remain shut amid security concerns and election-petition procedural disputes. Cyber Security: DEC reports 79 cybercrime suspects targeted to attack government systems, including ECZ, after a Lusaka operation uncovered a clandestine digital lab. Lobito Corridor: DR Congo formalises its commitment to the Lobito Corridor with a contract signing, aiming to boost trade flows and tackle environmental crimes. Tech & Finance: MTN weighs banking licences in markets where Mobile Money has scale, as it pushes deeper into lending and deposits. Business Climate Signal: LuSE says new listings could raise up to $1bn, pointing to renewed investor confidence post-election.

Swearing-in Watch: Zambia’s President-elect Hakainde Hichilema is set to be sworn in on Tuesday, September 1, after the seven-day election petition window expired, though the Chief Justice says a “people’s presidential petition” sent to his private email was “highly irregular” and was referred to the Constitutional Court. Capital Markets: The Lusaka Securities Exchange (LuSE) says new listings could raise up to US$1bn as it partners with the Zambia Development Agency to help SMEs access long-term capital and consider listing. Border Tech & Trade: ZRA has signed for a drive-through X-ray cargo scanner at the Livingstone Border Post to speed inspections, boost security and improve trade facilitation. Education Reform: NCDC confirms primary syllabus changes will roll out in 2028, including fewer lower-primary subjects, more PLE examinable areas, and Kiswahili integration. Court Access Disruption: Courts remain closed for a second day amid security concerns, with pressure groups warning the move blocks access to justice. Weather Risk: Eastern and Southern Africa braces for extreme El Niño-linked rainfall, with Kenya warning of floods, mudslides and large-scale displacement. Health & Funding: WHO says Africa is making progress on key health targets despite sharp cuts to global health financing. Animal Health for Exports: ZAMRA launches a project to strengthen regulation of veterinary medicines to protect livestock health and support Zambia’s US$1bn beef export goal. Post-Election Finance Signal: Zambia’s first bond auction after the election was oversubscribed by about 37%, signalling renewed investor confidence.

Zambia’s Second Term Mandate: President Hakainde Hichilema has been re-elected for a second five-year term, winning 61.4% of votes, with promises to push growth, investment and jobs. Election Court Closure: Zambia’s highest courts were closed as the deadline for filing election challenges neared, raising fresh tension around the petition process. Border Security Upgrade: The Zambia Revenue Authority signed an MoU with U.S. firm Astrophysics to install X-ray cargo scanners at Livingstone border to speed trade and curb contraband. Cybercrime Crackdown: Police, DEC and immigration arrested 79 people in Lusaka’s New Kasama over a suspected organised cybercrime network, seizing computers, phones, Starlink kits, cash and passports. Regional Energy & Trade Corridors: AFDB approved US$265m for Zambia’s Lobito Corridor participation, while Mozambique-Zimbabwe Pipeline Company (CPMZ) plans to raise fuel capacity to five million cubic metres by end-2027. Banking & Infrastructure Finance: CBZ Bank committed US$100m to rehabilitate Zimbabwe’s Harare–Chirundu highway, a key route linking Zambia and the region. Business & Investment Signals: LuSE CEO said investor confidence stayed weak in H1 due to elections, leaving market activity subdued. Tech for Growth: Yellow, a solar and digital finance firm, raised undisclosed Series C funding to expand across markets including Zambia.

Zambia Election Petitions: Zambia’s courts were shut “for security reasons” as the seven-day deadline for presidential election challenges expired, leaving opposition candidate Brian Mundubile’s legal options in doubt. Democracy & Governance: A new analysis says late electoral changes and weak checks raise the stakes for President Hakainde Hichilema’s second term, even as the ruling party’s parliamentary numbers reshape power. Uranium Investment: Atomic Eagle surged after agreeing terms with Niger to restore a 60% interest and operational control in the Madaouela uranium project, expanding its Zambia-linked uranium portfolio. Mobile Money Modernisation: Ericsson and MTN Group completed migration of MTN MoMo to cloud-native infrastructure in Eswatini, Ghana, Rwanda and Uganda, aiming for faster, more reliable digital payments. Health Access in Kabwe: Bayer and Zambia’s Ministry of Health handed over the Munzele Health Centre in Kabwe, cutting a 20km travel barrier for about 10,000+ residents. Regional Power Trade Watch: Tanzania commissioned the Julius Nyerere Hydropower Project and says surplus generation could support exports, including discussions with Zambia. Crypto Markets: Bitcoin jumped about 20% as investors renewed interest in crypto income ideas like cloud mining.

Uranium Deal Boost: Atomic Eagle shares jumped after agreeing a new mining convention with Niger for the Madaouela Uranium Project, giving it 60% interest and operational control (Niger 40%), with arbitration to be withdrawn within days; the deal pairs Madaouela’s 116.5m lbs U3O8 resource with Atomic Eagle’s Zambia Muntanga asset for a dual-portfolio push. Regional Finance: Afreximbank reported first-half 2026 net income of $534.7m, up 30%, as lending and trade-related fees rose alongside a 7.8% asset expansion. Trade Protection Watch: South Africa’s Italtile flagged flat revenue and falling earnings amid dumped tile imports, but said provisional anti-dumping duties (from July 2026) could bring relief once existing stock clears. Power for Trade: Tanzania’s JNHPP hydropower project commissioned at 2,115MW is set to lift electricity exports to Zambia via the interconnector, strengthening regional power pooling. Banking Talent Pipeline: UBA inducted 374 young professionals across eight African countries into its GMAP programme, reinforcing a service-led growth strategy. Education Impact: EAA Foundation and partners completed Zambia’s EVE project in Namwala, supporting 10,193 vulnerable learners and re-enrolling 1,780 out-of-school children. Post-Election Politics: Zambia’s election petition debate continues, with calls to allow legal processes to run while opposition and reconciliation messaging intensify.

Education & Social Protection: Education Above All (EAA) Foundation, with Qatar Fund for Development support and partners including World Vision Zambia and FAWEZA, says its EVE project in Namwala District exceeded targets by supporting 10,193 vulnerable learners across 37 schools, achieving a 98% survival rate and re-enrolling 1,780 out-of-school children through SAFE Clubs and parent engagement. Youth & Jobs: UBA has inducted 374 young professionals into its Graduate Management Accelerator Programme (GMAP), with graduates drawn from UBA operations across several African countries including Zambia. Mining & Investment Outlook: A new report says Gulf states are ramping up investment in critical minerals such as copper, cobalt and rare earths to diversify economies and secure supply chains, with Africa highlighted as a key destination. Governance & Rule of Law: UPND calls on the Commonwealth and EU to avoid statements that could be seen as endorsing insurgency or terrorism, while legal commentary argues that election petitions don’t cancel elections but can affect inauguration timing. Markets & Security: ZNS says it restored order at Lusaka markets after reports of trader harassment, including alleged extortion by suspected cadres. Animals & Community Response: Police helped rescue 11 dogs from the meat trade in Kabwe, with LAWS appealing for donations for food and veterinary care.

Copperbelt Business Mood: Copperbelt business leaders say UPND’s 2026 election win brings relief and confidence that debt restructuring and currency stability will continue, but they want stronger support for SMEs and mining-led investment. Animal Welfare & Enforcement: Police in Kabwe rescued 11 dogs from the meat trade after stopping a truck; one dog died, and LAWS is seeking donations for food, vet care and rehabilitation. Political Tensions: Former home affairs minister Katele Kalumba alleges UPND officials planned to arrest him for treason; UPND and police deny knowledge. Regional Trade & Borders: Zimbabwe and South Africa are pushing the One-Stop Border Post model at Beitbridge to cut clearance delays and boost AfCFTA trade flows. Capital Markets: Zambia’s August GRZ bond auction drew K8.6bn in bids against K6.3bn offered, signalling strong post-election investor demand. Cross-Border Health Security: ECSA-HC launched a six-month Ebola response along major DRC trade and migration corridors, including Zambia, to strengthen early detection at points of entry. Energy & Industry Linkages: Tanzania commissioned the 2,115MW Julius Nyerere Hydropower Project, creating surplus power and opening talks to export electricity to countries including Zambia. Standards for Exports: ZABS certified Fecko Investment’s Usingini Upland Coffee, clearing the way for formal exports and tackling smuggling concerns in Zambia’s coffee sector.

Government Bonds: Zambia’s domestic market showed strong post-election appetite as the August GRZ bond auction reportedly drew K8.6 billion in bids against K6.3 billion offered, oversubscribed by about 36.5% (bid-to-cover 1.37). Mobile Money Competition: Stanbic Bank Zimbabwe launched StanPay, a mobile wallet aimed at challenging EcoCash dominance with cash-in/cash-out and ATM withdrawals via phone vouchers. Trade & Infrastructure: Communities in Zambia’s Zambezi region were urged to support the Kongola–Mulangu road rehabilitation, a 22km stretch expected to ease cross-border truck traffic. Standards & Exports: Zambia’s Bureau of Standards certified Fecko Investment’s Usingini Upland Coffee, clearing the way for formal exports and tackling the smuggling problem. Regional Health Security: ECSA-HC rolled out a six-month Ebola response across 33 border points and 16 trade/migration corridors, including Zambia, to strengthen detection and isolation. Politics & Labour: ZCTU urged Zambians to unite behind President Hichilema and accept election outcomes peacefully through lawful channels. Sports Media: ZNBC secured English Premier League broadcast rights for the 2026/27 season.