Zambia Showcases Economic Recovery and Reform Agenda at 2026 Mining Indaba
Zambia Highlights IMF Programme Success, $12bn Mining Investment and Copper Growth at 2026 Mining Indaba
Situmbeko Musokotwane, Zambia’s Minister of Finance and National Planning, described President Hakainde Hichilema’s address at the 2026 Investing in African Mining Indaba as a strong endorsement of the country’s economic recovery and a clear roadmap for partnership-led growth.
In a fiscal and macroeconomic assessment of the President’s speech, Dr Musokotwane said the address delivered shortly after Zambia concluded its International Monetary Fund Extended Credit Facility (ECF) Programme in January 2026 underscored the importance of macroeconomic stability and disciplined reforms in achieving sustainable development.
He noted that the President outlined two mutually reinforcing priorities: safeguarding economic stability as the foundation for growth, and strengthening strategic partnerships to accelerate value addition and shared prosperity in Zambia and across Africa.
From a fiscal perspective, Dr Musokotwane said the address highlighted the significant turnaround since 2021, when Zambia faced acute debt distress, policy uncertainty and economic contraction.
He stated that reforms implemented by the New Dawn Administration have restored policy credibility and investor confidence, repositioning Zambia as a dependable regional and international investment destination.
The Minister cited approximately US$12 billion in mining investments mobilised since 2021 as tangible evidence of renewed confidence.
He attributed this to strengthened fiscal governance, predictable mining policies and debt restructuring under the G20 Common Framework, which collectively reduced sovereign risk and unlocked private capital flows.
Copper production has also shown consistent recovery, rising by about 12% in 2024 and a further 8% in 2025. Although power supply constraints prevented the achievement of the one-million-metric-tonne target in 2025, Dr Musokotwane said the upward trajectory is boosting mineral royalty revenues and corporate income tax collections, reinforcing fiscal sustainability.
Improved energy stability in 2026 is expected to further support output as Zambia advances toward its goal of producing three million metric tonnes of copper annually by 2031.
On mineral beneficiation, the Minister emphasized the fiscal and structural importance of moving up the value chain. Expanding processing capacity, he said, would strengthen export resilience, broaden the tax base and deepen linkages with manufacturing, logistics and services thereby amplifying mining’s contribution to overall economic growth.
Dr Musokotwane also situated the President’s message within the broader African development landscape. He noted that Zambia’s improved macroeconomic fundamentals including declining inflation, foreign reserves exceeding four months of import cover and sustained real GDP growth above 5% have created favourable conditions for long term investment in mining, energy and infrastructure.
He added that the focus on employment creation and enterprise development aligns with Zambia’s Eighth National Development Plan, ensuring mining-led growth translates into inclusive outcomes through local content participation, skills development and community investment.
Addressing Africa’s role in the global energy transition, the Minister said the President positioned Zambia and the continent as key suppliers of critical minerals, while advocating partnerships that extend beyond extraction to include processing, technology transfer and sustainable mining practices.
Dr Musokotwane concluded that President Hichilema’s address reflected both Zambia’s macroeconomic recovery and a forward looking strategy anchored in stability, partnerships and value addition.
“As Government, we remain committed to safeguarding macroeconomic stability while leveraging strategic partnerships to transform mineral wealth into jobs, enterprise development and resilient growth,” he said, reaffirming Zambia’s commitment to advancing its Vision 2030 development agenda.
