Zambia’s Foreign Reserves Hit US$5.2bn
Zambia’s foreign exchange reserves have increased to US$5.2 billion, reflecting improved macroeconomic stability and the impact of sustained economic reforms, President Hakainde Hichilema has announced.
Speaking at the 4th Public–Private Dialogue Forum (PPDF) Private Sector Day in Lusaka, President Hichilema said Zambia has successfully exited debt distress, with the debt restructuring process now approximately 94 per cent complete. He attributed the progress to wide-ranging reforms implemented under the New Dawn Administration since 2021.
The President highlighted improved performance in key sectors, particularly mining, citing Kansanshi and Lumwana mines as examples of companies that have stabilised following renewed investment driven by predictable policy reforms.
He noted that Kansanshi Mine has increased copper production to about 500,000 tonnes, making it the country’s largest taxpayer and a major contributor to financing the Free Education Programme.
President Hichilema said the growth in foreign reserves marked a significant turnaround for a country that had faced critically low reserves in recent years. He explained that Government has deliberately shifted Zambia’s economic model from consumption to productive investment to support long-term growth.
“Our administration has moved the economy from consumption to productive investment. This requires a change in mindset among citizens and businesses if Zambia is to achieve genuine economic emancipation,” he said.
Reaffirming Zambia’s openness to investment, the President assured local and international investors of a stable and secure business environment. He encouraged the private sector to prioritise projects that promote job creation, value addition, and sustainable growth.
To further improve the ease of doing business, he announced plans to introduce a single business licence regime, urging local authorities to align with the reform.
On infrastructure development, President Hichilema said Government is intensifying investment in electricity generation and transmission to meet rising demand and support industrial expansion. He also revealed plans to upgrade airports in all ten provinces, confirming that works at Kasama Airport have already been completed.
The President highlighted the importance of digital transformation in improving efficiency, transparency, and service delivery. He noted that approximately 11 million Zambians are now actively using mobile money services, with digital payments increasing by more than 200 per cent.
He added that e-Government solutions are reducing administrative costs, curbing corruption, and expanding access to public services.
President Hichilema further announced that Government will gazette 12 December as an annual Public–Private Dialogue Forum Day, calling on the private sector to take ownership of the platform as a key driver of reform and innovation.
Meanwhile, Secretary to the Cabinet Patrick Kangwa commended the private sector for its role in job creation and economic development, emphasising the importance of continued collaboration between Government and business.
The 4th PPDF Private Sector Day reaffirmed Zambia’s commitment to building a resilient, inclusive, and investment-driven economy through sustained reforms, infrastructure development, digitalisation, and strengthened public–private partnerships.
