Zambia is entering a new phase of its economic development agenda, with Minister of Finance and National Planning Dr. Situmbeko Musokotwane calling on the Ministry to place greater focus on investment, production, exports, job creation and higher incomes for Zambians. Speaking during a strategic visioning meeting with management and staff, the Minister emphasised that the country’s efforts to restore macroeconomic stability should now provide a foundation for stronger economic expansion. The message signals a broader focus on how government policies and institutions can help unlock productive activity across the economy. Fiscal discipline, debt sustainability, inflation management and exchange rate stability remain important parts of the economic framework. However, the next phase is expected to place greater attention on turning these gains into increased economic activity and improved livelihoods.
Macroeconomic stabilisation remains a key foundation of Zambia’s economic strategy, but the focus is now expanding beyond stability alone. Maintaining fiscal discipline and debt sustainability provides the conditions needed for businesses and investors to make longer term decisions. Inflation and exchange rate stability also remain important because they affect household incomes, business costs, investment decisions and the wider economy. The Minister’s message does not suggest that these responsibilities will receive less attention. Instead, they are being positioned as the platform from which Zambia can pursue stronger private sector led growth.
The shift towards growth places investment and production at the centre of the next phase. Government is looking at how it can create conditions that encourage businesses to expand their operations, increase output and enter new markets. Greater production can support employment while also creating demand for services, infrastructure, finance and other inputs. Increased economic activity can also strengthen supply chains and create opportunities for smaller businesses that support larger producers. The emphasis on growth therefore extends beyond government programmes and places greater importance on the role of businesses and investors in expanding the economy.
Exports are expected to become a major part of this growth strategy. Zambia has significant ambitions to increase production in sectors that can generate foreign exchange and expand the country’s participation in international markets. The targets highlighted include producing three million metric tonnes of copper, generating US$1 billion in annual beef exports and reaching production of one million metric tonnes of sugar. These ambitions would require significant investment in technology, processing capacity, logistics, storage, energy and supporting infrastructure. They also create a need for stronger coordination between producers, investors, financial institutions and government agencies.
The production targets also demonstrate that Zambia’s economic opportunities extend beyond the traditional focus on mining. Agriculture, manufacturing, fertiliser production, transport, retail and other domestic sectors can contribute to increased production and export growth. Expanding these sectors can help create a more diversified economic base while providing additional opportunities for businesses and workers. Agriculture in particular can play a larger role through increased production, processing and access to regional and international markets. A broader production base can also help connect different parts of the economy through stronger local supply chains.
Government is also expected to take a more active role in facilitating investment. The Ministry of Finance and National Planning has been encouraged to examine what government needs to do to remove obstacles that may prevent private investment and production from expanding. This means looking beyond economic indicators and considering the practical challenges businesses face when starting, expanding or operating projects. Investment can be affected by infrastructure, regulatory processes, access to finance, government approvals and the availability of essential services. Addressing these challenges can help create conditions in which private capital can contribute more effectively to economic growth.
Improving government services is another important part of the proposed approach. The planned review of the institutional service charter points towards clearer expectations around government processes, including approvals, responses, payments and other services. Businesses need predictable processes because delays can increase costs, disrupt cash flow and affect investment decisions. Clear service standards can also help government institutions understand what is expected from them and allow businesses to plan with greater certainty. Faster and more predictable government services can therefore support the wider objective of making the economy more responsive to investment and production.
Accountability will also play an important role in the implementation of the growth agenda. The introduction or strengthening of institutional key performance indicators and service standards can provide clearer measures of how government institutions are performing. These measures can help identify whether commitments are being delivered within agreed timelines and whether institutions are contributing to broader economic objectives. Stronger accountability can also make it easier to identify delays and areas where additional intervention is required. The focus on measurable performance reflects the need for government plans to produce practical results rather than remaining at the level of policy commitments.
Infrastructure will be critical to achieving Zambia’s production and export ambitions. Roads, electricity, irrigation and water systems were identified as essential components of the growth agenda because businesses require reliable infrastructure to produce and move goods efficiently. Agricultural expansion, for example, depends on access to irrigation and water while manufacturers require reliable electricity and transport networks. Exporters also need efficient logistics systems to move products from production areas to domestic and international markets. These requirements create opportunities for investment in energy, transport, water infrastructure, irrigation, construction, engineering and public private partnerships.
Private capital and financial institutions will also have a central role in the implementation of the economic growth agenda. Government has recognised that the scale of the targets cannot be achieved by the public sector alone. Banks, institutional investors, development finance institutions and private equity firms can provide different forms of financing for businesses and infrastructure projects. This includes working capital, project finance, trade finance, infrastructure finance and expansion capital. Stronger coordination between government and financial institutions can help identify viable projects and address financing challenges that may otherwise slow down investment.
Foreign exchange generation is another important reason for the stronger focus on exports. Increased export activity can bring more foreign exchange into the country and support Zambia’s external payment capacity. Higher export earnings can also contribute to the broader resilience of the economy by strengthening the availability of foreign currency. This makes export expansion important not only for individual businesses but also for the wider economic environment. The connection between production and foreign exchange generation means that investment in productive sectors can have wider implications for economic stability.
Youth employment and entrepreneurship will also shape the implementation of the growth agenda. Zambia needs expanding businesses and productive industries that can provide opportunities for young people to develop skills, earn incomes and build enterprises. Agriculture, manufacturing, technology, logistics, services and other sectors can provide opportunities for both employment and entrepreneurship. Businesses that invest in skills development and the expansion of small and medium enterprises can contribute to broader participation in economic activity. The focus on jobs and incomes places the experiences of ordinary citizens alongside investment, production and export figures as important measures of economic progress.
The changing focus also gives Treasury oversight a broader role in the economic development process. While debt, the budget, inflation and the exchange rate remain important responsibilities, Treasury is also being encouraged to consider what government actions are needed to unlock production and exports. This approach brings investment constraints closer to the centre of economic policymaking. It can encourage government institutions to look more closely at the practical factors that determine whether businesses can invest and expand. Stronger attention to these issues can support closer coordination between economic policy and the needs of productive sectors.
The message from Dr. Musokotwane effectively places production, investment, exports, infrastructure, enterprise growth and employment at the centre of Zambia’s next economic phase. The country’s macroeconomic stabilisation efforts remain important because they provide the foundation for sustainable growth. The challenge now is to translate that foundation into stronger productive activity and broader economic opportunities. Achieving the stated production and export targets will require coordinated action from government, businesses, investors, financial institutions and other economic stakeholders. The ultimate focus will be on creating an economy that produces more, exports more, attracts investment, creates jobs and delivers higher incomes for Zambians.