Archive note: Lusaka Brief launched in September 2026. This entry was added retrospectively so the record of a significant national moment is preserved. It is based on reporting and official statements that were publicly available at the time.
It is not often that gross international reserves become a campaign slogan, but July made it one. With reserves at about US$6.5 billion, Tonse Alliance presidential candidate Brian Mundubile asked the question his whole campaign is built on: what do the reserves do for an ordinary Zambian facing high prices?
Mundubile also challenged the government's inflation messaging, arguing that a lower rate of increase is not the same as lower prices — "lower inflation does not mean that prices have fallen."
The government's answer came from former finance minister Situmbeko Musokotwane, who called reserves and inflation fundamental indicators: reserves pay for imports, meet external obligations and cushion the economy against shocks. President Hichilema, launching his campaign on 28 June, had made the same case — reserves are insurance for droughts and crises — and accused Mundubile and running mate Makebi Zulu of wanting to spend them.
"The reserves question is really the election question: stability in the account, or relief at the market?"
Both sides are right about their half. The reserves are real and historically significant; so is the cost-of-living squeeze. Voters will arbitrate on 13 August.
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