Zambia’s economic trajectory remains under strain due to persistent power challenges, but there are encouraging signs of resilience and recovery across key sectors. According to PricewaterhouseCoopers (PwC) Country Senior Partner Andrew Chibuye, although the road to growth is far from smooth, the country’s economic outlook for 2025 is cautiously optimistic.
Speaking on the “Red Hot Breakfast” programme on Tuesday, Chibuye acknowledged the difficulties faced in 2024, citing the national energy crisis as a significant drag on economic momentum. However, he was quick to highlight that several sectors — particularly agriculture and mining — have shown remarkable adaptability, providing a foundation for renewed growth.
“It’s difficult and it’s been difficult,” Chibuye said. “But I think the story from 2024 is one of coping. So somehow a lot of sectors found ways to cope with that rate. It’s suboptimal, but at least there has been short-term survival and some economic growth in 2024, if we take the statistics given.”
One of the key bright spots Chibuye pointed to is the agricultural sector. Following improved rainfall patterns and government support initiatives, this year’s harvests are expected to surpass those of recent years, providing food security and a potential boost in export revenue.
The mining industry, long considered the backbone of Zambia’s economy, has also seen a rebound. A combination of higher global copper prices and increased investor confidence has helped revive output and stabilise foreign exchange inflows. Chibuye noted that renewed partnerships and policy support in the mining space are essential to sustaining this upward momentum.
Despite these gains, the ongoing power crisis — driven by reduced hydroelectric output and infrastructure constraints — continues to hamper industrial productivity and investor confidence. Load shedding remains a daily reality for businesses and households alike, and unless energy generation and diversification improve, economic growth could stall.
“Until the power situation is addressed decisively, we will be operating below our potential,” Chibuye warned.
Looking ahead, PwC remains cautiously optimistic. Chibuye stressed the importance of policy stability, public-private collaboration, and continued investment in infrastructure — particularly in the energy sector — as critical steps toward long-term economic resilience.
While 2024 may have been a year of economic “coping,” the signs heading into 2025 suggest that with the right strategies and sectoral support, Zambia has an opportunity to turn survival into sustainable progress.