Zambia Projects Stronger Economic Growth Driven by Mining and Agriculture

Zambia’s economy is projected to grow from 5.8% to 6.4% this year, according to the Ministry of Finance, with continued momentum expected in the coming years. The growth is being fuelled primarily by robust performance in the mining and agriculture sectors.

This positive outlook marks a recovery from the economic slowdown triggered by recent droughts and the country’s protracted debt-restructuring negotiations. The government’s medium-term budget plan now forecasts GDP growth of 6.5% in 2027 and 5.1% in 2028.

To bolster resilience, the government plans to expand electricity generation from sustainable sources such as solar power, aiming to reduce its reliance on hydropower, which was significantly affected by the drought conditions.

Copper, Zambia’s most important export and a major source of foreign exchange, is central to the country’s growth strategy. Output is expected to surpass 1 million metric tons in 2026, rise to 1.2 million tons in 2027, and exceed 1.3 million tons in 2028.

Key mining investments are already underway. First Quantum Minerals has completed a $1.25 billion expansion of its Kansanshi Copper Mine and Enterprise Nickel Project. Meanwhile, Barrick Gold Corporation is implementing a $2 billion project to double production at its Lumwana Copper Mine and extend its operational life to 2057.