| Welcome to Next Africa, a twice-weekly newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. A resurgent Zambia is riding copper’s ascent. Since winning elections in 2021, President Hakainde Hichilema has rolled out the red carpet for mining investors, eager to reverse years of decline. Those efforts are paying off, with companies pouring in about $10 billion to build or expand copper operations. That will boost production already heading for a record this year, just as the metal’s price jumps. Some forecasts see output doubling over the next few years from levels before Hichilema took office.  Hichilema in June 2023. Photographer: Nathan Laine/Bloomberg At the same time, there are ample warnings of serious global shortages to come, fueled by growing demand for electric vehicles, renewable energy and power-hungry AI data centers. Supply was already struggling to keep pace, and recent incidents including a mudslide at Indonesia’s Grasberg mine, the world’s second largest, have amplified concerns. That bodes well for Zambia, as it emerges from an arduous debt-restructuring process after a years-long borrowing spree that — together with erratic mining tax policy — made it an investor pariah. The turnaround is piquing market interest: the kwacha is the world’s second-best performer against the dollar this year, and that’s helping drive down inflation.  Workers at the Mufulira mine in Zambia. Photographer: Zinyange Auntony/Bloomberg Still, that means little to millions of Zambians, more than 70% of whom live on less than $3 a day. Those who have electricity have to make do with only a few hours daily after last year’s historic drought drained hydropower dams. Mining companies have enjoyed priority and can afford pricier imported electricity. Hichilema’s government will want to ensure citizens benefit from the copper boom. He also needs to build up other industries for when the commodity cycle turns, as it inevitably will. While Zambia’s miners cheer the government on, next year’s election will show if that enthusiasm trickles down to its citizens. — Matthew Hill and William Clowes Key stories and opinion:
Zambia’s Record Copper Production Meets a Red-Hot Market
Zambia Targets IMF Extension by Year-End, Finance Minister Says
Copper Boom Helps Drive Zambia’s World-Beating Stock Gains
Zambia Targets Lowest Budget Gap Since 2011 in Election Year
Bond Traders May Have Found the Next Greece: Matthew Winkler  In this week’s Next Africa podcast, reporters Jack Ryan and William Clowes join Jennifer Zabasajja to look at the other commodity spurring market gains in Africa. The world’s oldest president wants to rule Cameroon at least until he’s 99. That has investors worried about strife in a country prone to conflict. Paul Biya, 92, has led the oil-exporting central African nation for more than four decades and is likely to win Sunday’s election. Most residents of Cameroon — home to 30 million people — have known no other leader.  Biya and First Lady Chantal Biya at a campaign rally in Maroua, Cameroon, on Tuesday. Photographer: Welba Yamo Pascal/AP Photo Madagascar’s president, Andry Rajoelina, asked protesters to give him a year to turn things around in the Indian Ocean island nation that’s in its third week of youth-led political upheaval. The 51-year-old, who first came to power in a coup in 2009, told a group of young, pro-government supporters he wouldn’t stand in the 2028 vote. At least 22 people have died in clashes with security forces and scores more were injured despite efforts to end the Gen Z riots, including Rajoelina firing his government. Seemingly minor decisions — like Beijing approving imports of blueberries from Zimbabwe and groundnuts and cashews from Gambia — send a loud message: US President Donald Trump’s tariff war is creating opportunities for African economies, especially when it comes to food. For China and other nations whose trade has been disrupted, the continent offers a chance to diversify away from politically risky agricultural imports. Check out our weekly Business of Food newsletter for more.  Workers fill sacks with cashew nuts at a factory in Tanji, Gambia. Photographer: Muhamadou Bittaye/AFP/Getty Images The World Bank-backed Mwinda Fund, which could become Africa’s second-largest financial facility for off-grid power projects, expects to start disbursing money in the Democratic Republic of Congo early next year. The fund will to be managed by GreenMax Capital and is expected grow to $500 million over three years. It aims to boost electrification in a country with the most people without access to electricity after Nigeria. Ethiopian Airlines has more than 100 planes on order with Boeing, but delays are hampering expansion at Africa’s biggest carrier. Its deliveries are expected between now and 2030, and the airline is waiting to place additional wide-body orders, confirming options and purchase rights with both Boeing and Airbus, CEO Mesfin Tasew said in an interview. Shipments of narrow-body jets are on track, he said, forecasting passenger growth of as much as 15% this year, despite the larger-plane delays.  An Ethiopian Airlines plane. Photographer: Tony Karumba/AFP/Getty Images South African authorities are investigating how electronic equipment made in the country ended up in Russian drones used to attack Ukraine. The part in question is a laser range finder made by Lightware Optoelectronics, based near Pretoria. The technology built into Lightware’s sensors is used in driverless cars and in applications ranging from monitoring ore movements at mines to counting endangered wildlife. It was found in a Russian Garpiya-A1 drone, a long-range so-called suicide drone that explodes when it reaches its target. Next Africa Quiz — Which African country has world’s best performing stock market this year? Send your answers to gbell16@bloomberg.net. The Bloomberg Africa Business Summit, an official sideline event of B20 South Africa 2025, convenes global leaders on Nov. 17 and 18 to address the critical issues shaping Africa’s future. Register your interest to attend. Data Watch - Locking in a lower South African inflation goal at 3% could underpin another rally in government bonds, central bank chief Lesetja Kganyago said in an interview at Bloomberg’s Johannesburg office.
 WATCH: Kganyago speaks with Jennifer Zabasajja on Bloomberg TV. - Nigeria is planning to raise as much as $2.3 billion in a eurobond sale in the fourth quarter, potentially joining other African issuers taking advantage of lower borrowing costs including Angola, which sold $1.75 billion of bonds this week.
- Kenya’s central bank cut its benchmark interest rate for an eighth straight time, to 9.25%, aiming to boost private sector credit and economic growth.
- A UK proposal for compensating consumers who were missold car loans — which could end up costing lenders £11 billion — goes beyond what it previously expected would be a reasonable outcome, according to FirstRand, the top African bank that’s been named in the case.
Coming Up - Oct. 11 Seychelles presidential run-off election continues
- Oct. 12 Cameroon election
- Oct. 14 South Africa mining-production data for August, Cape Verde inflation for September
- Oct. 15 Namibia interest-rate decision, September inflation data for Nigeria, Eswatini and Botswana, South Africa retail sales for August
- Oct. 17 Zimbabwe’s ruling Zanu-PF holds annual conference
| 
