Zambia’s current macroeconomic stabilisation is creating a stronger foundation for a new cycle of sustainable economic growth.
But stability alone cannot deliver shared prosperity because the real opportunity now is to transform stability into investment, production, productivity and decent jobs.
Zambia appears to be entering a sweet spot of economic positivity, where improving macroeconomic conditions can reinforce investor confidence, unlock fresh capital and stimulate stronger private-sector activity.
The next priority must therefore be to expand productive capacity and accelerate investment across key sectors of the economy.
The 2027 National Budget should decisively prioritise growth-enhancing expenditure, particularly reliable energy, transport infrastructure, irrigation, digital infrastructure, skills development and industrialisation.
At the same time, the 2027–2031 Medium-Term Revenue Strategy should mobilise sustainable domestic revenue without undermining investment, competitiveness or economic expansion.
Copper remains a powerful engine of growth, but its contribution must extend beyond exports through greater beneficiation, mining services, local supply chains and manufacturing.
Agriculture must similarly move beyond raw production towards processing, value addition and regional exports.
Lower inflation and greater exchange-rate stability can create conditions for more affordable credit. Monetary policy must, however, ensure that improved liquidity reaches productive businesses and translates into tangible investment, expansion and employment.
Zambia now has a significant opportunity to convert macroeconomic stability into an investment, production and employment boom.
The ultimate test of the Grow Zambia Agenda will be faster productivity growth, stronger exports, increased private investment, more jobs and rising household incomes.
The foundation is being laid. The challenge now is disciplined execution, sustained investment and the determination to turn economic stability into Zambia’s long-awaited take-off.
By Kelvin Chisanga
