ABSA Bank Zambia Managing Director Mizinga Melu says the bank is seeing increasingly positive sentiment among customers as confidence grows in the continuity of Zambia’s economic reforms and the Government’s renewed focus on investment, production and economic growth. Melu made the remarks during a courtesy call on Finance and National Planning Minister Dr. Situmbeko Musokotwane, MP, in Lusaka. Her comments highlight the growing interest within Zambia’s private sector in the Government’s Grow Zambia Agenda and its focus on expanding production, exports, investment and employment. The engagement also underscored the importance of policy stability and clear communication between Government and businesses. For financial institutions such as ABSA Bank Zambia, stronger economic confidence can create opportunities to support businesses through increased financing and investment-related transactions.
Melu said the positive sentiment among ABSA customers was largely linked to expectations of continuity in Zambia’s economic policy direction. She said businesses were paying close attention to the Government’s Grow Zambia Agenda, particularly its emphasis on scaling up domestic production, increasing exports and attracting investment while preserving the economic stability achieved in recent years. According to Melu, Finance Minister Musokotwane’s public explanation of the Government’s growth strategy had helped businesses better understand the direction being taken by the leadership. She described the communication as important because businesses need clarity when making decisions about capital expenditure, expansion and long-term investment. Her remarks indicate that confidence is being shaped not only by economic measures but also by how clearly Government communicates its plans to the private sector.
The Grow Zambia Agenda places increased attention on production and investment as key drivers of economic expansion. For businesses, a stronger focus on productive activity can influence decisions about whether to expand operations, hire workers, increase exports or invest in new facilities and equipment. Melu said the private sector had taken keen interest in this approach because it provides a framework for businesses to participate directly in Zambia’s growth ambitions. She also welcomed the emphasis on maintaining economic stability, which remains relevant to companies assessing long-term financial commitments. The combination of policy continuity, fiscal discipline and an enabling business environment can provide businesses with greater certainty when planning future investments.
Melu also pointed to developments in Zambia’s mining sector as an example of ambitious production targets becoming increasingly tangible. She specifically referred to the country’s long-term objective of reaching three million tonnes of annual copper production. She said expectations of reaching approximately one million tonnes represented an important milestone on the way toward the larger three-million-tonne target. Zambia’s copper industry remains central to the country’s export earnings and its broader economic strategy, making production growth an important issue for Government, financial institutions and businesses. Melu recalled that there had initially been doubts about the three-million-tonne ambition, but said recent developments were making the target appear increasingly achievable.
The mining sector’s expansion also has implications beyond copper production itself. Higher mining output can create demand for equipment, transportation, construction, engineering, financial services and other supporting industries. It can also create opportunities for local suppliers and businesses that provide goods and services to mining companies. For banks, increased activity in the mining value chain can generate demand for working capital, project finance, trade finance and other financial products. The Government’s objective of increasing production therefore has the potential to connect the mining sector with broader private-sector development. The extent of these benefits will depend on investment levels, production performance, infrastructure, market conditions and the ability of local businesses to participate in expanding value chains.
Another major issue raised during the meeting was Zambia’s 2026 bond buyback initiative, which Melu described as an example of financial innovation that had attracted positive attention from the market. The Government launched the repurchase of approximately US$1.36 billion in Fixed Rate Step-Up Amortizing Notes due in 2053. The transaction was supported by US$600 million in financing from the African Development Bank together with Government resources. The initiative forms part of Zambia’s broader shift from sovereign debt restructuring toward more proactive debt management. By repurchasing part of its future debt obligations, the Government aims to improve the structure of its sovereign debt portfolio and reduce future obligations.
Melu said the bond buyback had surprised market participants and demonstrated the type of financial creativity she would like to see during the Government’s new term. Her comments reflect the broader importance of financial innovation in managing public resources and strengthening confidence in economic management. Debt management can affect investor perceptions, financing conditions and the Government’s ability to allocate resources toward development priorities. For the private sector, improvements in the structure and management of public debt can also form part of the wider economic environment in which businesses operate. The bond repurchase therefore represents not only a debt-management transaction but also an example of how financial tools can be used to address longer-term fiscal objectives.
Melu further welcomed the Government’s emphasis on discipline, efficiency and punctuality within the public service. She said the approach also challenged private-sector companies to improve their own standards of service delivery. Stronger institutional performance can matter to businesses because companies depend on predictable government processes when obtaining approvals, accessing services, participating in public programmes and planning investments. Improved efficiency can reduce delays and make interactions between businesses and public institutions more predictable. Melu’s comments therefore placed public-sector work culture within the broader discussion about improving Zambia’s business environment.
Responding to Melu, Musokotwane said positive sentiment from institutions such as ABSA was an important signal that confidence in Zambia’s economy was strengthening. He said the Government’s next task was to convert that confidence into greater capital facilitation, investment, production, exports and employment. The Minister also reaffirmed the Government’s focus on policy stability, fiscal discipline and an enabling business environment. These priorities are intended to give investors greater certainty when committing capital to Zambia. The exchange between the two officials shows the growing importance of cooperation between Government and financial institutions as the country seeks to translate macroeconomic improvements into increased economic activity.
The meeting also covered ABSA Bank Zambia’s community and sports programmes. Melu briefed the Minister on the bank’s football sponsorship and the ABSA Marathon, identifying both initiatives as major platforms for the institution’s social investment activities. The marathon has expanded considerably since its early editions, when fewer than 1,000 people participated. This year, more than 11,500 participants have registered, with overall participation expected to increase further. The growth of the event demonstrates the scale that private-sector supported sporting programmes can achieve when they attract sustained participation from communities, athletes and corporate partners.
The ABSA Marathon has also developed beyond a recreational running event. It attracts both recreational and elite athletes, including international runners, and provides competitive participants with opportunities to pursue qualifying times for other international competitions. The event attracts runners from several countries, giving it a regional and international dimension. ABSA subsidizes participation costs with support from corporate partners, helping make the event accessible to a wider range of participants. Its expansion also creates links between sport, tourism, hospitality, transportation and other areas of economic activity.
The continued growth of the marathon illustrates how partnerships between businesses, communities and sporting institutions can contribute to social and economic objectives at the same time. Large sporting events can encourage physical activity while bringing visitors and participants into cities and supporting businesses that provide accommodation, food, transportation and other services. The participation of elite and international athletes can also increase the visibility of Zambia as a destination for sporting events. For corporate sponsors, such programmes provide a way to combine brand engagement with community investment. The ABSA Marathon’s growth from fewer than 1,000 participants in its early years to more than 11,500 registered participants this year provides a measurable example of that development.
The courtesy call between Mizinga Melu and Situmbeko Musokotwane forms part of continued engagement between the Zambian Government and the financial sector. Such engagement is important as Zambia seeks to deepen private-sector participation in the Grow Zambia Agenda and convert improving macroeconomic conditions into stronger investment, production, exports and employment. Banks can play a significant role by facilitating capital, supporting businesses and providing financial services that enable productive activity. Government, meanwhile, has a role in maintaining policy stability, fiscal discipline and an environment in which businesses can plan and invest. The effectiveness of this relationship will depend on how successfully economic policy translates into measurable activity across different sectors.
Melu was accompanied to the Ministry of Finance and National Planning by senior ABSA Zambia executives Brian Kalero, Margaret Kanja and Mato Siamabale. Musokotwane was accompanied by Nalituba Mwale, the Ministry’s Director for Human Resource and Administration. The meeting brought together representatives from Government and one of Zambia’s major financial institutions at a time when investment, production, debt management and private-sector participation remain central to the country’s economic agenda. The discussion covered both national economic priorities and ABSA Zambia’s contribution to communities through sport and social investment. It therefore reflected the broad role that financial institutions can play in supporting economic activity while contributing to wider social programmes.
The remarks by ABSA Bank Zambia Managing Director Mizinga Melu point to growing attention within the private sector toward Zambia’s economic reform programme and the Government’s Grow Zambia Agenda. Her comments highlighted customer sentiment, mining production, financial innovation, debt management and public-sector efficiency as important areas shaping business expectations. The Government’s response focused on turning confidence into concrete outcomes through investment, production, exports and job creation while maintaining policy stability and fiscal discipline. At the same time, ABSA’s expanding marathon and community programmes demonstrate how private-sector institutions can contribute beyond traditional banking activities. Continued cooperation between Government, financial institutions and businesses will remain important as Zambia works to translate economic reforms and investment ambitions into sustained production, employment and broader economic opportunities.