Zambia is pointing to a stronger next year, calling for 6% economic growth that would mark its fastest expansion since 2021. Looking ahead, the finance ministry said in its 2027-29 medium-term budget plan released over the weekend that growth is seen at 7.5% in 2028. The outlook leans heavily on copper, where the country ranks as Africa's second-biggest producer.
Copper is doing the heavy lifting. The ministry says production is expected to exceed 1 million tons, supported by all-time-high copper prices, a key material for electric wiring. A period of stable policies has also lured billions of dollars in mining investment, which is feeding through to higher output. Those tailwinds are supporting a broader turnaround as Zambia emerges from a painful, years-long debt restructuring.
Confidence has improved enough that the government has leaned more on local-currency borrowing, and yields have fallen sharply across the curve. The medium-term plan adds that Zambia plans to roll out a 20-year government bond to lengthen the yield curve.
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If copper stays hot and policy stays steady, Zambia's growth story strengthens, local yields ease, and its bond market gets a longer-dated option. For everyday investors, that is a reminder that real assets tied to electrification, plus countries stabilizing after debt cleanups, can reshape where growth shows up next.
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