The Zambian government has confirmed the death of President Michael Sata shortly after 11pm on October 28 in London, where he had reportedly been receiving treatment at King Edward VII Hospital for an undisclosed illness.
President Sata won his presidential campaign in September 2011 in a peaceful election that served to further strengthen the country’s democratic credentials.
Following his death, Vice President Guy Scot was named interim president and, according to the Zambian constitution, a new presidential election must be held within 90 days.
According to the World Bank, Zambia has seen significant economic growth over the past decade as a result of judicious macroeconomic management, market liberalization policies and sizeable increases in the country’s copper prices.
In a report by Reuters, a Lusaka-based trader indicated continued confidence that the Zambian economy will remain stable during the transition.
“Obviously there will be a sentimental temptation to go long dollars, but I’m also quite confident the central bank will do everything it can to protect the currency,” said the trader, “In terms of the economy, everything should still be on track.”
President Sata is survived by his wife and eight children.
The team at ZambiaInvest sends its deepest condolences during this difficult period.