Zambia Targets 7% Average Growth Over Next Three Years After Debt Restructuring
By Aboki Forex —
Zambia plans to lift economic growth to an average of 7% over the next three years, the finance ministry said, as the Southern African copper producer builds on progress in restructuring its external debt.
The government's medium-term macroeconomic framework projects growth of 6.0% in 2027, 7.5% in 2028 and 7.1% in 2029. The finance ministry announced the targets in a statement on Sunday.
Growth targets
Zambia's budget, presented in September last year, projected growth of 6.4% for 2026. The International Monetary Fund has a more modest forecast of 4.3% growth this year.
Investment and jobs
The growth plan is tied to Finance Minister Situmbeko Musokotwane's push to move beyond stabilising the economy. Musokotwane said the government wants to secure more investment, stronger exports and boost job creation by harnessing sectors like mining, energy and agriculture.
Debt restructuring and IMF programme
Musokotwane, recently reappointed after last month's election, oversaw protracted debt-restructuring negotiations after Zambia defaulted during the COVID pandemic. The country hopes to agree a new IMF programme before the end of the year after its previous $1.7 billion arrangement ended in January.
What it means for African markets
Zambia's targets come as investors watch debt workouts and IMF talks across African economies. For Nigerian businesses with exposure to African commodity markets, the pace of Zambia's copper-led recovery and its access to fresh IMF financing will be key signals on risk appetite for the region.