“Following the general elections on 12 August, the Kwacha gained 30% against the dollar to hit K15.89 ($0.93),” Besnat Mwanza, the director of communications at the Bank of Zambia (BOZ) tells The Africa Report.
It is a remarkable improvement from July 2021 when the Kwacha fell to K22.6 per dollar.
“There was euphoria over HH’s win, [because] of widespread recognition that [defeated president] Edgar Lungu’s economic risk-taking was unsustainable,” Stephen Chan, professor of Africa’s economies at the SOAS, University of London, tells The Africa Report.
