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Zambia at 58: Gains, pains as President Hichilema gives hope of better days

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The president of Zambia, Hakainde Hichilema, in his speech for the commemoration of the country’s 58th independence has called on Zambians to uphold the values and virtues of its past heroes.

The theme for this year’s independence anniversary is: “Promoting Inclusiveness towards a sustainable Social and Economic Recovery.”

With a population of over 18 million, Zambia is located in Southern Africa, east of Angola. The country until independence in 1964 was known as Northern Rhodesia.

The Southern African country has had a mixed political history from its precolonial era, colonialism, and the era of self-rule which was characterized by one-party rule for 19 years from 8 December 1972 and 1991, military interregnum, and the current multi-party system.

The country currently enjoys some sort of political stability under President Hichilema. The Economist Intelligence Unit (EIU) has consistently put Zambia among the top ten most democratic African countries, ranking it 8th in Africa and 99th in the world as of 2018 (167 states).

But there is a struggle on the economic side. Zambia was the first African country to default on its external loan during the COVID-19 era as it struggled with debt that reached 133% of GDP at the end of 2021.

It then opted to bow out of a $42.5 million Eurobond repayment in 2020 and is seeking $8.4 billion of debt relief from 2022 to 2025.

As recently hinted by a senior official of the International Monetary Fund, IMF, Kristalina Georgieva, work is on for a timely debt restructuring for Zambia as the country now seeks a present value of $6.3 billion debt reduction or 49% of the external debt being restructured, a level some bondholders have said would be unacceptable.

There is a lot to cheer for Zambia on its 58th independence. Hopefully, the government’s projection of the country’s economic growth at 4% per year in the medium term and its focus on resolving the country’s debt crisis would hit the target.

Happy Independence Zambia.

Politics

Mozambique’s top court affirms governing party’s victory in recent election

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The highest court in Mozambique affirmed Monday that the incumbent Frelimo party won the October election, sparking widespread demonstrations from opposition parties who claim the vote was manipulated.

Fears of fresh bloodshed have been raised in the nation already shaken by weeks of fatal protests after Mozambique’s top electoral court mostly confirmed the results of the country’s contentious October elections, reinforcing the Frelimo party’s decades-long hold on power.

The final decision on the election process rests with the Constitutional Council. Mozambique, a nation of over 35 million people in Southern Africa that Frelimo has ruled since 1975, is expected to see more protests in response to its judgement.

Mozambique operates a framework of a semi-presidential representative democratic republic in a multi-party system. The president of Mozambique serves as both the head of state and the head of government.

The government exercises executive power. The administration and the Assembly of the Republic have the authority to enact laws.

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Politics

Alliance of Sahel States opposes ECOWAS disengagement schedule

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The Economic Community of West African States (ECOWAS) withdrawal timeline has been rejected by the Alliance of Sahel States (AES), which is made up of Mali, Burkina Faso, and Niger.

The AES claims that the ECOWAS is attempting to destabilise their newly formed organisation.

During a meeting last week in Abuja, Nigeria, the regional organisation announced a six-month withdrawal period to give the three nations time to change their minds after their official departure date at the end of January 2025.

However, this decision is “nothing more than yet another attempt by the French and its auxiliaries to continue planning and carrying out destabilising actions against the AES,” according to the heads of state of the AES.

“This unilateral decision is not binding on the ESA countries,” the statement continues. Before the conference, they stated that their choice to leave the organisation was “irreversible.”

According to the president of the Ecowas Commission, this will be a “transition period” that ends on “July 29, 2025” to “keep the doors of Ecowas open.”

The three nations accused the bloc of neglecting to assist them in resolving their domestic security challenges and of imposing “inhumane and irresponsible” sanctions related to the coup.

The three nations that were involved in the coup have mostly rejected ECOWAS’ attempts to undo their withdrawal. They are creating their alliance and have begun thinking about how to issue travel passports independently of ECOWAS.

It is anticipated that they will finish giving their one-year notice of departure in January.

Visa-free travel to other ECOWAS members is a significant perk of membership, and it is unclear how this would alter after the three nations exit the group.

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