Zambians went to the polls yesterday not only to choose their next president, but also to pass judgement on the direction of their economy.

When Hakainde Hichilema took office in 2021, Zambia was in a difficult position. The country had defaulted on its debt in 2020 and was struggling with high debt, weak investor confidence, shortages of foreign exchange and pressure on government finances. The new administration inherited an economy that needed more than political promises. It needed repair.

Inflation was also one of the biggest problems facing ordinary Zambians. When Hichilema took office, annual inflation was around 24%, putting severe pressure on household incomes and the cost of basic goods. Today, the situation is very different. Zambia’s annual inflation rate stood at 6.5% in June 2026, a level that is back within the Bank of Zambia’s target range of 6% to 8%.

Five years later, the picture is different, although far from perfect.

One of Hichilema’s biggest achievements has been Zambia’s debt restructuring. His government worked with creditors and international financial institutions to reduce the pressure created by the country’s heavy debt burden. By May this year, debt restructuring agreements covered about 94% of the restructuring programme, according to the International Monetary Fund.

That may sound like a matter for economists and government officials, but it is not. Debt affects ordinary people. When a government spends too much money servicing debt, there is less room for schools, hospitals, roads, jobs and other services. Restructuring the debt does not make Zambia debt-free, but it gives the country more breathing space to rebuild.

Hichilema can also point to stronger economic growth. The International Monetary Fund (IMF) expects Zambia’s economy to grow by about 5.5% in 2026, although growth has been revised because of weaker mining activity and energy problems.

The government has also attracted renewed interest from investors, particularly in mining. Copper remains the heart of Zambia’s economy and increased production is important for jobs, exports and government revenue. The administration has made rebuilding the mining sector a major part of its economic strategy.

There are other changes worth noting. Free education has been introduced, giving more children access to school. The government has also tried to improve relations with investors and restore confidence in Zambia as a place to do business. These are important steps in a country where many young people are looking for education, skills and opportunities.

But an honest assessment cannot stop there.

For many Zambians, the economy is not measured by debt figures or investor confidence. It is measured by what is left in their pockets after buying food. It is measured by the price of mealie meal, the availability of electricity, the cost of transport and whether a young person can find a job.

This is where Hakainde Hichilema’s record becomes more complicated.

Economic stability has improved, but the benefits have not reached every household at the same speed. High living costs, unemployment and power shortages continue to cause frustration. The IMF still describes Zambia’s public debt as sustainable but says the country remains at high risk of debt distress.

This was the difficult balance voters had to put into consideration yesterday.

Hichilema inherited a crisis and he deserves credit for helping Zambia move away from the edge. But fixing a broken economy is only the first step.

The real test is whether economic recovery can become better lives for ordinary Zambians.

The election therefore presents a simple but important question: Should Zambia continue with the economic path Hichilema has started or should voters give another leadership a chance to offer a different solution?

There is no perfect answer.

But elections are also moments for citizens to look beyond political slogans. Zambia must choose a leadership that can protect its economic gains, create jobs, control the cost of living, strengthen public services and make its copper wealth work harder for its people.

Hichilema’s first term shows that Zambia can move from crisis towards stability.

His next challenge, should voters give him another term, is to make sure that stability is felt not only in government offices and financial reports, but in the homes, businesses and pockets of ordinary Zambians.

That is perhaps the most important economic question on the ballot today.

*Pricilla Mukokobi is a business and finance reporter and she writes in her capacity.