Follow CAP on Social Media

Listen to the CAP Podcast

Unlike Many Other African Currencies, the Zambian Kwacha Had a Great 2021, Buoyed by Hope for a Debt Deal

While currencies like the Kenyan shilling and the Nigerian naira lost value in 2021, the Zambian kwacha enters the new year with some serious momentum. The kwacha surged 27% last year, mostly on the hope that President Hakainde Hichilema will turn around the economy and restructure the country’s huge $17 billion debt — almost a third of which is owed to Chinese creditors.

Beyond a $1.4 billion IMF deal, President Hichilema has yet to provide details on how he plans to do to reach a settlement with creditors. Meanwhile, the strong kwacha and high copper prices are buying him a bit more time to reach a deal. (BLOOMBERG)

This marketing content will be shown in place of your protected content to anyone who is not allowed to read the post…

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

What is The China-Africa Project?

Independent

The CAP is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Africa stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalist and a variety of stakeholders in the China-Africa discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.