HH Named Among World Leaders of 2025: Zambia’s Economic Turnaround Story

By Maxwell Shumba 

President Hakainde Hichilema has been named among The Telegraph’s World Leaders of 2025, a global recognition that places Zambia’s head of state among influential leaders shaping the world’s political and economic direction. The honour reflects not just personal leadership, but a broader story of national recovery, reform, and resilience after years of economic distress.

From Economic Crisis to Global Recognition

When President Hichilema assumed office in August 2021, Zambia was grappling with one of the most difficult economic periods in its history. The country had defaulted on its external debt in November 2020, becoming the first African nation to do so during the COVID-19 pandemic. Public finances were strained, investor confidence was fragile, inflation was high, and essential public services were under pressure.

According to The Telegraph, Zambia was widely viewed at the time as an “economic basket case.” However, four years later, the narrative has changed significantly. Judges on the awards panel cited President Hichilema’s economic discipline, reform agenda, and diplomatic balancing act as key reasons for his inclusion among the world’s top leaders in 2025.

Fiscal Discipline and Economic Probity

Central to President Hichilema’s leadership has been a strong emphasis on fiscal discipline. His administration prioritised reducing wasteful public spending, improving budget transparency, and restoring credibility in government finances. These measures laid the foundation for renewed engagement with international financial institutions and creditors.

The government embarked on painful but necessary reforms, including subsidy rationalisation and public sector reforms, to stabilise the economy. While these measures were politically challenging, they signaled a serious commitment to long-term economic sustainability rather than short-term populism.

Debt Restructuring and Financial Breathing Space

One of the most significant milestones under President Hichilema’s leadership has been Zambia’s progress toward completing a comprehensive debt restructuring process. Negotiations with bilateral creditors, private bondholders, and multilateral institutions have been complex and prolonged.

Despite setbacks, Zambia is now close to finalising a debt revamp that will sharply reduce annual repayment obligations. This has provided government with critical fiscal breathing space to redirect resources toward social services, infrastructure, and economic growth.

The Telegraph notes that this achievement represents a major confidence boost for both domestic and international stakeholders.

Navigating Global Geopolitics

President Hichilema has also been praised for skilfully managing Zambia’s relationships with both Eastern and Western partners. At a time when global geopolitics are increasingly polarized, Zambia has maintained strategic neutrality while securing investment, development support, and trade opportunities from multiple blocs.

This balanced foreign policy approach has strengthened Zambia’s position as a reliable partner on the international stage and helped restore investor confidence.

Economic Growth and Sector Revival

Despite severe challenges such as the El Niño-induced drought that disrupted agriculture and hydroelectric power generation, Zambia’s economy has shown strong signs of recovery. Economic growth is projected at 5.8% in 2025 and 6.4% in 2026, positioning Zambia among the faster-growing economies in the region.

The mining sector, long considered the backbone of the economy, is expected to record historic production and revenue levels. Policy reforms, improved regulatory certainty, and renewed investor trust have revitalised the sector, attracting major capital inflows.

Restoring Investor Confidence

Perhaps one of President Hichilema’s most impactful achievements has been the restoration of investor confidence. Clear policy direction, respect for the rule of law, and institutional reforms have reassured both local and foreign investors.

Businesses that had previously taken a cautious stance are now re-engaging, while new investors are entering key sectors such as mining, energy, agriculture, and manufacturing.

A Leadership Style Rooted in Reform

The recognition by The Telegraph underscores a leadership style defined by discipline, reform, and long-term vision. While challenges remain—including poverty reduction, job creation, and climate resilience—Zambia’s economic fundamentals have markedly improved.

President Hichilema’s inclusion among the World Leaders of 2025 is not merely symbolic. It reflects tangible progress and positions Zambia as a case study in how disciplined governance, transparency, and strategic diplomacy can reverse economic decline.

Conclusion: Zambia’s Story Still Unfolding

As Zambia moves toward 2026, the country stands at a critical juncture. The foundations for growth have been laid, but sustaining momentum will require continued reform, inclusive development, and social cohesion.

President Hakainde Hichilema’s global recognition serves as both validation and responsibility—affirming progress made while highlighting the expectations that come with leadership on the world stage.