Key facts
- President Hakainde Hichilema was sworn in for his second term in Zambia.
- Hichilema's main rival, Brian Mundubile, and his running mate, Makebi Zulu, were charged with treason.
- Election observers reported irregularities, including vote tally manipulation and military presence at polling stations.
- Authorities reportedly barred access to courts for filing election complaints.
- Despite concerns, investor appetite for Zambian debt has remained strong.
Zambia's President Hakainde Hichilema began his second term on Tuesday amid a chaotic election process that has drawn criticism from observers and led to the arrest of his main rival on treason charges. Hichilema, who came to power in 2021 promising democratic reform, has seen his administration accused of irregularities during and after the August 13 vote.
International and local election observers reported indications of vote manipulation, though they concluded Hichilema would have won regardless. Concerns were also raised about the presence of soldiers at polling stations and the subsequent jailing of opposition lawmakers, including runner-up Brian Mundubile and his running mate, Makebi Zulu, who face treason charges. Authorities have provided limited details and evidence for these charges.
The Electoral Commission of Zambia suggested that any allegations of discrepancies should be examined by the courts. However, reports indicate that access to courts was barred as a deadline for filing complaints approached, and no formal complaint was received.
Despite the turmoil, investor sentiment towards Zambia has remained largely positive. The country's eurobonds have seen returns outpacing the African average since the election, and foreign investors have returned to the market. Citi upgraded Zambian international bonds to overweight. Analysts note that Hichilema's first term success in steering Zambia through debt restructuring makes him attractive for policy continuity, though some caution that the recent events may not foster long-lasting investment environments.
Historians and analysts have expressed concern that the election's handling could set a precedent for future leaders to consolidate power, potentially jeopardizing Zambia's democratic credentials.