President Hakainde Hichilema inherited Zambia with a heavily indebted economy, a spiralling currency, and a reputation for fiscal unreliability in August 2021. He has made notable progress on fiscal and mining tax reforms as part of his business-friendly policy stance. Zambia’s economic outlook for investors in 2023 is projected to be positive.

 To further strengthen investor confidence, Zambia’s macroeconomic stability has greatly improved as Hichilema’s government has managed to bring inflation rates down from 25.6% in August 2021 to 9.7% in June 2022. Additionally, the status of the Zambian Kwacha has been elevated from the world’s worst performing currency in 2021 to the second best against the US dollar in 2022.

To further diversify Zambia’s economy, a Ministry of Green Economy and Environment has been established to target Zambia’s untapped renewable energy and agricultural potential while mainstreaming climate change in all economic sectors.