LUSAKA, Sept 28: Zambia wants its economy to grow by an average of 7% over the next three years, building on progress in restructuring its external debt, according to the finance ministry.
Growth Projections Through 2029
In a statement issued Sunday, the ministry projected growth of 6.0% in 2027, 7.5% in 2028 and 7.1% in 2029. The current-year budget had assumed 6.4% growth for 2026, while the International Monetary Fund expects a lower 4.3%.
From Stabilisation to Investment and Jobs
Finance Minister Situmbeko Musokotwane said the aim now goes beyond steadying the economy. The government wants more investment, stronger exports and more jobs, drawing on mining, energy and agriculture. Musokotwane was reappointed after last month’s election and led the lengthy talks with creditors after the copper-producing country defaulted during the pandemic.
Call for Joint Effort
He said the next phase will depend on the government, private sector and citizens working together to turn stability into measurable growth. He also asked researchers and policy specialists to help refine the government’s revenue, spending, investment and growth assumptions.
Fiscal and Monetary Targets
The framework sets out several targets: inflation held within a 6–8% band, reserves covering more than three months of imports, domestic revenue rising to at least 22.8% of GDP by 2029, and net domestic borrowing capped at 2% of GDP.
Copper Remains the Key Driver
Copper is expected to do much of the heavy lifting, with output forecast to pass one million tons as Zambia seeks to accelerate economic growth. The government sees higher copper production, alongside increased investment in mining, energy and agriculture, as central to boosting exports and creating jobs. Together, these sectors are expected to support the broader strategy of achieving average annual growth of about 7% through 2029.
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