Latest news with #ZambiaEconomy
Zawya
09-07-2025
- Business
- Zawya
World Bank Backs Mining as Zambia's Economic Engine Ahead of African Mining Week (AMW) 2025
International financial institution the World Bank has underscored the role the energy transition metals (ETM) value chain plays in unlocking sustainable economic growth in Zambia. In a report released this week, the institution has shown that while Zambia recorded 4% GDP growth in 2024, the country can further accelerate economic growth through scaling-up ETM production, maximizing fiscal potential and adding value to mineral resources. The upcoming African Mining Week (AMW) conference – taking place October 1-3 in Cape Town - will feature a country spotlight session on Zambia. The session – titled Zambia: Accelerating Exploration and Development Through License Allocation - will provide insight into the country's mineral potential, connecting project and investment opportunities with financiers and mining operators. As Africa's premier gathering for mining stakeholders, AMW 2025 is well-positioned to support Zambian economic growth by facilitating new investment across the mining sector. Scaling Energy Transition Metals Production To support economic growth in Zambia, the World Bank underscores the need to scale-up the production of ETM. To achieve this, recommendations include the implementation of reforms aimed at boosting mineral output, exploration across new deposits and workforce development. In line with these recommendations, Zambia is already advancing a national plan to increase ETM production, specifically copper, while enhancing seismic data acquisition to support future exploration activities. Zambia has set a national target of increasing annual copper production to three million tons by 2031. In line with this goal, the country saw a 29.9% rise in copper output from Q1, 2024 to Q1, 2025. Major projects are also underway, including the Mimosa Resources-led Kashime copper mine, the relaunch of the Vedanta Resources-led Konkola mine and the International Resources Holding-led Mopani mine. Meanwhile, to support exploration efforts, the country is implementing a nationwide geomapping campaign to better understand its geology and mineral basins. As of June 2025, the campaign was 80% complete. Maximizing Fiscal Potential As production increases across the ETM sector, the World Bank has underscored the role of improved revenue management and better allocation mechanisms to support fiscal sustainability and sectoral service delivery. Such mechanisms would ensure that mining revenue creates long-term impacts for the economy. In line with these, Zambia's Ministry of Mines and Minerals Development is operationalizing the Minerals Regulation Commission and restructuring its departments to include dedicated units for Geological Survey, Artisanal and Small-Scale Mining (ASM) and Large-Scale Investment Promotion. These reforms aim to improve governance, transparency and institutional efficiency. The government also unveiled the Zambia Integrated Mining Information System - a digital platform to track mining company activities, monitor local content and tax contributions and provide public access to data on mineral prospects. Adding Value to Mineral Resources In addition to ETM production and revenue, the development of Zambia's copper value chain creates a range of economic opportunities for the country, from job creation to business participation to trade and financing. By redirecting capital to local businesses and downstream projects, the country will be able to address barriers to value-adding activities, thereby stimulating more inclusive economic growth. Progress is already underway in this regard. Zambia plans to establish mineral market centers and washing plants in Mumbwa, Rufunsa, Chisamba and Kasempa to empower small-scale miners, as part of its value addition strategy. A national training program for licensed artisanal miners is also in the pipeline to improve safety, productivity and skills. These efforts seek to support local miners, creating greater value from the ETM value chain. Distributed by APO Group on behalf of Energy Capital&Power. About African Mining Week (AMW): African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@
Bloomberg
26-06-2025
- Business
- Bloomberg
Kwacha Rally Drives Zambia Inflation to 14-Month Low
Zambia's annual inflation eased to a 14-month low in June after a rally in its currency helped curb the cost of imports. Consumer prices rose 14.1% compared with 15.3% in May, Acting Statistician-General Sheila Mudenda told reporters Thursday in Lusaka, the capital.
Zawya
11-06-2025
- Business
- Zawya
African Development Bank cuts sod for construction of permanent Country Office, cementing over five-decades of partnership with Zambia
Permanent office strengthens Bank's partnership with Zambia. African Development Bank has financed and facilitated major projects at country and continent level to support regional integration - Finance Minister Musokotwane The African Development Bank Group ( commenced construction of its permanent country office in Lusaka on Friday, marking a transformative milestone in the institution's 54-year partnership with Zambia. Since establishing its temporary country office in 2007 with just four staff members, the African Development Bank's presence in Zambia has grown to 20 permanent staff. The Bank's cumulative investment in Zambia now stands at $2.7 billion across multiple sectors, with a current active portfolio worth nearly $1 billion. The groundbreaking event was attended by Finance and National Planning Minister Dr. Situmbeko Musokotwane; African Development Bank's Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo; the Bank's Director of Real Estate Management, Procurement and General Services, Gail Meakin, as well as other senior government officials, members of the diplomatic community, other development partners, and private sector chief executive officers. The new office design incorporates cutting-edge sustainability features and wellness-focused design. It will house expanded operations while contributing to Zambia's economic growth through job creation and business stimulation during both construction and operation. The building is expected to be completed by 2027. It will be a smart building with conferencing and staff wellness facilities, with low energy consumption, a wastewater recycling system, and large green spaces. Dr. Musokotwane emphasized the significance of a permanent office. "This occasion is not just ceremonial – it's a vote of confidence in our country, our government, and our people. It recognizes Zambia's commitment to forge a better future for Africa." The Minister thanked the African Development Bank for providing much-needed financial support during Zambia's development journey and conveyed the President of Zambia's support for the Bank's decision to establish a permanent office building and continued development work in the country. 'The African Development Bank's support has produced many positive results in sectors such as transport, agriculture, water and sanitation, and energy. This shows the Bank's commitment to deliver on its vision for the African continent,' the Minister said. 'AfDB's support to Zambia has been instrumental in supporting the country's development goals espoused in the national development plans, which emphasize, among others, the need to build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation in all the sectors of the economy.' Musokotwane listed some of the Bank's transformative work in Zambia, singling out the Kazungula Bridge Project ( for special commendation. 'We also wish to take this opportunity to commend the Bank for the support rendered to Africa. Through the Bank, major projects have been implemented both at country and continent level to support regional integration in Africa. Key among the projects implemented is the Kazungula bridge project, which is a major infrastructure initiative that involves constructing a road and rail bridge connecting Zambia and Botswana.' Other notable projects in Zambia include the Integrated Small Towns Water and Sanitation project, the Lusaka Sanitation Programme, Skills Development and Entrepreneurship Project, and the Multi-Purpose Small Dams Project. Musokotwane urged the Bank to consider expanded support for regional drought recovery efforts, emphasizing the need for building economic resilience across the region. The Southern Africa region is still recovering from the devastating droughts of 2023-2024. Nwabufo thanked the Government of Zambia for providing the prime land within Lusaka for the construction of the Bank's country office. "This new office demonstrates our continued commitment to strengthening our partnership with Zambia. We are here to stay – after all, the African Development Bank is your Bank," said Bank Vice President Nwabufo. She reaffirmed the Bank's commitment, announcing a $250 million commitment to the transformative Lobito Corridor Development Project ( The Lobito Corridor is a major economic route connecting the port of Lobito in Angola to the Katanga province in the Democratic Republic of Congo and the Copperbelt in Zambia. It encompasses the construction of the Zambia-Angola railway, the rehabilitation of the DRC segment of the railway with the establishment of a public-private partnership, and the upgrading and operationalisation of the Angolan railway. The African Development Bank's investments in Zambia continue to deliver impactful results: The 923-meter-long Kazungula Bridge ( project – supported by the African Development Bank Group with a US$ 81.6 million investment - has revolutionized cross-border trade, reducing transit times from 2.5 days to just half a day. The Chinsali-Nakonde road rehabilitation and Nacala Road Corridor projects have similarly enhanced regional connectivity. National water access has increased from 69% to 72% between 2015-2022, while sanitation coverage rose from 50% to 58%, providing 1.9 million additional people with improved water access. Through the Bank's agriculture sector, over 1.5 million households have seen their average annual incomes surge from US$320 in 2017 to US$1,300 in 2022. Agricultural productivity has soared, with maize production increasing from 2.9 million tonnes to 3.9 million tonnes and aquaculture output expanding from 20,000 tonnes to 76,000 Tonnes. The Bank's interventions in the sector have generated approximately 500,000 jobs. Following the Bank's intervention in the social sector, including the $30 million Skills Development and Entrepreneurship Project, SME productivity and competitiveness have improved, leading to increased job creation. Eight industrial yards have been constructed in Chipata, Kasama, Mongu, Ndola, Solwezi, Lusaka, Mansa, and Kitwe, with the capacity to accommodate 172 SMEs across various light manufacturing sub-sectors. The African Development Bank's 2024-2029 Country Strategy Paper for Zambia focuses on two key priorities: enhancing private sector development through infrastructure investments and promoting agricultural value chains to support youth and women's employment. This will guide the Banks' interventions in Zambia for the stated period. African Development Bank Country Manager for Zambia, Olaniyi Durowoju, noted that 'the office would serve as a modern and efficient workspace, and a beacon of innovation and a vibrant hub for partnerships, and collaboration with the Bank's stakeholders, enabling us better to serve our clients and the people of Zambia'. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Additional Photos: Media contact: Emeka Anuforo, Communication and External Relations Department, media@ About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Bloomberg
10-06-2025
- Business
- Bloomberg
Zambia Sees Economic Growth Surging to Highest Since 2021
Zambia's economy will expand at least 6% this year as Africa's second-largest copper producer reaps the benefit of improved rainfall and higher metal production, the finance minister said. Growth will accelerate to what would be the highest since 2021, Situmbeko Musokotwane said in an interview on Monday. The economy grew by about 4% last year.
Bloomberg
29-05-2025
- Business
- Bloomberg
Zambia Inflation Slows to 11-Month Low as Food Prices Ease
Zambia's annual inflation rate eased to an 11-month low in May as improved rains helped cool price rises of corn meal and vegetables. Consumer prices rose 15.3% in May compared with 16.5% in April, Chief Statistician Chola Daka told reporters on Thursday in Lusaka, the capital.
