Africa’s second largest copper producer, Zambia on August 24 resounded true and resilient democratic posture for the third time since its multiparty state shift in 1991, when the 7th Republican President H.E. Hakainde Hichilema was sworn in at a function held in Lusaka the capital. This followed a landslide victory of Hichilema the President of the United Party for National Development – UPND who defeated the Patriotic Fronts Edgar Lungu (Zambia’s 6th President).
The inauguration ceremony attracted sitting heads of state and opposition leaders from within the region and international community with senior dignitaries from the the United States, United Kingdom and other jurisdictions signaling immense confidence in the new regime.
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“We choose not to call this a power transfer, lend me your ears, we choose not to call this a power transfer because power does not belong to us but to you the people of Zambia who elected us to this office,”
“I wish to thank my colleague, my brother Dr. Edgar Chagwa Lungu, the 6th President of the Republic of Zambia for a smooth transition of power to us.”
Zambia’s 7th Republican President said in his inauguration speech.
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The copper producer saw its currency rally 12.8% over the last 6 business days from the announcement of Hichilema as the red metal producers President in a confidence boost that increased valuation on dollar bonds 12% on the international capital markets.
Wall Street investment banks such as JP Morgan have tipped offshore players to seek yield in Zambian local currency bonds in a political risk hedge trade following new leadership change.
The Kwacha Arbitrageur