Zambia’s central bank governor, Denny Kalyalya, is sounding the alarm about the strengthening U.S. dollar’s impact on Zambia’s economy. A stronger dollar, fueled by Donald Trump’s election victory, could lead to decreased capital flows, increased inflation, and reduced access to cheaper financing, the central bank argues. This is particularly concerning for Zambia, which is still recovering from a default in 2020 and is in the final stages of debt restructuring. To mitigate these effects, Zambia is exploring ways to reduce its reliance on the US dollar. One strategy is promoting the use of local currencies, such as the kwacha, for domestic transactions. Keeping regional cross-border payments within Africa and avoid routing them through U.S. or European banks is another strategy.

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