For the finance section of @TheEconomist, I cut through the noise about the Dangote IPO. There’s a bigger story here, hopefully one that outlives Aliko.
What Africa’s biggest IPO can do for its stock markets
https://t.co/6A1LCqUs9a
Solarmaax
KS Eco Solutions
EnerSynk
would be interesting to see how many of these Zambian 500MW solar deals materialize, of course - hoping they all do!
Actually a very good question, Diyana. 😅
Honest answer. These days I sleep five hours, built around aligning Africa, Asia and Europe, which is why I go quiet in the afternoons. I am genuinely asleep.
The fuller truth is that for a decade I slept four. My friends in Zambian financial markets know the toll that took, and I do not advise it to anyone. It is what the job demanded at the time. I wanted to be the best trader in Zambia among seriously competitive friends, the person who knew what had happened in global markets overnight and what it meant for us by morning, and who could translate that for the market and for clients. It is why I ran a daily market voice note long before the current flood of shows and charts. That work has honestly been the joy of my life. Zambia is my home, and the hours came from loving the work that serves it.
There is also a part of my story people miss, and it is the difference between working under an institution and working for yourself. For most of my career I analysed these markets from inside institutions. When you speak from inside one, you speak in its voice. The analysis is the same, but it arrives in ranges, in careful language, in what the mandate allows, because everything you say carries the institution with it. Institutions must protect their continuity, and that incentive is legitimate. But it means the public never hears the full sharpness of what the analyst sees. In 2023 and 2024, when I began writing under my own name, that constraint fell away. I was one of the first to lay out in full detail what had gone wrong fiscally in the previous era.
From 2021 to 2024, I was called a UPND sympathiser for that work. From 2024 to 2026, I have become a PF sympathiser, because I write about diffusion and the cost of living. It is what it is. The macro repair has been real. The cost of living crisis is real. The state's account of the past few days has holes. All three sentences come from the same method, and I publish all three, whichever side each one lands on. Criticism from both directions is the cost of that method, and I accept it.
So when you ask why I am awake at these hours writing about Zambia, here is the full answer. I am a communitarian libertarian. It is why I understand capitalist structures and also why I know a society needs certain social structures. The first thing for me, above everything, is the rule of law. Because of that, national security matters deeply to me, and so does sovereignty. These are the conditions under which everything else I write about, markets, transmission, dignity, becomes possible.
I hold no brief for any global power. None of them is my dog in this fight. My dog in this fight is Africa. This is my continent and these are my people. Foreign interference in African politics is real, it is documented across this continent's recent history, and I have written about external actors before this week and will after it. Whoever alleges interference, including the state, must name the actors, state their interest, and show the evidence. And whoever conducts it, from whatever capital, east or west, will find this publication on the other side.
So when I question the state's account of this week, understand what you are reading. It is not opposition to the state. It is the only position a person who holds rule of law, security and sovereignty this seriously can take: the accounts must reconcile, the evidence must be shown, and the institutions must be credible enough that no foreign hand finds a gap to work with. A country with no holes in its story is a country that cannot be interfered with. That is the Zambia I am awake for. I am loyal to the work. I agree with you today, disagree with you tomorrow, and the analysis decides which.