Zambia flag

Zambia

Republic of Zambia
English Currency ZMW Common and Customary law SADC • COMESA • AfCFTA

Copper led economy in Southern Africa that is diversifying into nickel, agriculture, and renewables. Power supply has faced drought pressure which is accelerating solar additions and grid upgrades. For investors the key touchpoints are PACRA for registration, ZRA for tax, and ZDA for incentives and facilitation.

Overview

Growth is anchored in copper and allied supply chains with reforms to raise power capacity, streamline permits, and deepen regional trade. Policy remains tight to contain inflation while investment focuses on mining, energy, logistics corridors, and agro processing.

Snapshot

Population
~21.9 M 2025
Population reference
GDP current USD
$26.3 B 2024
National accounts reference
GDP per Capita
$1,235 2024
National accounts reference
Inflation y over y
13.0% Jul 2025
Inflation bulletin reference
Policy Rate
14.5% May 2025
Central bank reference
Internet Use
33% 2023
ICT indicator reference
Electrification
46.7% 2020
Energy access reference
Market Note
LUSE equity and govt bonds
Exchange reference

Focus Sectors

Copper and Cobalt Nickel and Manganese Agribusiness Solar and Renewables North South and Lobito Corridors Construction and Materials Tourism Victoria Falls Digital and Data Financial Services Health Education

Trade

Top Export Partners 2023

  • Switzerland~38.5%
  • China~20.7%
  • DR Congo~13.6%
  • Singapore~10.5%
  • South Africa~2.3%
Trade snapshot reference

Top Export Goods

Copper cathodes and anodes Gold and gemstones Electricity exports

Top Import Partners 2023

  • South Africa~30.0%
  • China~15.4%
  • United Arab Emirates~7.6%
  • DR Congo~7.3%
  • India~6.5%
Trade snapshot reference

Top Import Goods 2023

  • Refined petroleumvalue leader
  • Crude sulphurinput for processing
  • Copper ores and concentratesfeedstock
  • Cobalt oxides and hydroxidesfeedstock
  • Medicamentsconsumer and hospitals
Trade composition reference

Finance and Capital Markets

Currency and Policy

  • CurrencyZambian Kwacha ZMW
  • Monetary policy rate14.5%
  • FX regimeManaged float via market
Central bank reference

Markets

  • ExchangeLUSE equity and government bonds
  • Capital flowFocus on mining and power investments
Exchange reference

Regulations and Taxes

Start a Business

  1. Reserve name and register entity — PACRA
  2. Obtain TPIN and tax registration — ZRA
  3. Open bank account and set up payroll
  4. Sector licences as required
  5. Consider incentives — ZDA
PACRA and ZRA and ZDA

Key Taxes

  • Corporate Income Tax30% standard rate
  • VAT standard16%
  • WHT Dividends15% resident • 20% non resident
  • WHT Interest15% resident • 20% non resident
  • WHT Royalties15% resident • 20% non resident
Tax summary reference

Talent

Median Age
~18 yrs
Demographic reference
Adult Literacy
~87.5% 2020
Education reference
Tertiary Enrolment
low teens gross
Education reference
Languages
English official • major local languages include Bemba, Nyanja, Tonga, Lozi, Kaonde, Lunda, Luvale
Language reference

Policy

  • AfCFTARatified and operational for Zambia
  • Regional integrationActive in SADC and COMESA with TFTA in force
  • EnergySolar build out to reduce hydro drought risk
Regional agreements reference

Risks

  • Commodity exposureHeavy dependence on copper price and volume
  • Power constraintsDrought driven load shedding can disrupt industry
  • FX and inflationExchange rate pass through to import prices
Macro risk reference

Resources

PACRA registry ZRA tax portal ZDA investor guide Bank of Zambia Lusaka Securities Exchange WITS trade snapshot OEC country profile

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Data Notes
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