29/11/2025
MORE GOOD NEWS!
FITCH UPGRADES ZAMBIA TO B- RATING: WHY THIS MATTERS FOR YOU, YOUR BUSINESS, AND ZAMBIA’S FUTURE
Fellow citizens, entrepreneurs, workers, farmers, investors,and all friends of Zambia
Zambia has just received another powerful vote of confidence from the international financial world. Fitch Ratings has officially upgraded Zambia’s sovereign credit rating from “Restricted Default” to “B–”, with a Stable Outlook.
Simply put, this means the world now sees Zambia as a country that has seriously corrected its economic course and is regaining trust.
From where we stand as Government, this is not just a technical announcement for investors in far-away markets. It is a message of renewed opportunity for every Zambian — from the market trader and farmer, to the factory worker, the young graduate, the miner, the transporter, and the small business owner.
***What Does a Fitch Upgrade Really Mean in Simple Language?
A credit rating is like a financial reputation score for a country. When Zambia fell into default a few years ago, that reputation was badly damaged. Money became expensive to borrow. Investors became cautious. Projects slowed. Jobs were lost. Prices rose.
Today, Fitch saying “Zambia is now rated B– again” means this:
Zambia is now seen as safer to invest in;
The risk of lending to Zambia has reduced;
The cost of borrowing over time will come down;
Confidence in our economy is returning; and,
Businesses can plan again with certainty.
This upgrade tells the world that Zambia is no longer a distressed economy, but a recovering and reforming one.
***Why This Brings Hope for the Cost of Living
Many citizens rightly ask: “How does this help me when mealie meal, fuel, rent, and transport are still expensive?”
The answer is simple:
Once confidence returns, pressure on prices eases gradually.
Because of this Fitch upgrade:
The Kwacha is supported by higher investor confidence;
Import costs will stabilise;
Inflation is expected to fall into single digits;
Businesses face lower financing pressure; and,
Over time, price increases slow down.
This is how, step by step, the cost of living begins to stabilise. Not overnight — but sustainably.
What This Means for Jobs, Youth & Business Growth
For us as Government, this is the most exciting part.
When ratings improve:
Mines expand;
Factories return to full production;
Tourism picks up;
Agribusiness grows;
Transport and logistics expand;
Construction projects restart; and,
SMEs receive more private financing.
And when business expands, jobs follow.
This is how the economy becomes more productive across multiple sectors — mining, agriculture, manufacturing, tourism, energy, trade, and services.
This is how more citizens are absorbed into employment, especially young people.
This is how Zambia begins to reclaim her productive strength — her “glory days” of opportunity and prosperity.
***Why Investors Are Watching Zambia Again
The Fitch upgrade confirms that:
Zambia has restored fiscal discipline;
Debt restructuring is nearly complete;
Government debt is falling steadily;
Inflation is on a downward path;
Growth in mining and agriculture is strong; and,
Policy direction is now stable and predictable.
For investors, this means lower risk. For citizens, this means more investment, more jobs, more opportunity.
A Strong Warning: Slippages Can Destroy This Progress
While we express hope and confidence, we must also sound a serious warning.
Economic recovery is fragile. Trust takes years to build — but only weeks to destroy.
The Fitch upgrade was achieved because Zambia avoided:
Reckless borrowing;
Hidden guarantees;
Opaque contracts;
Undisciplined spending;
Weak control of State-Owned Enterprises; and,
Poor procurement systems.
If these old habits return, the confidence we have rebuilt will disappear just as fast as it returned. Investors do not forgive repeat mistakes easily.
This is why discipline after recovery is even more important than discipline during crisis.
***The Bigger Picture: Where Zambia Is Headed
We now stand at a rare turning point in our nation’s economic story:
From default to recovery,;
From crisis to stability;
From despair to cautious optimism;
From survival to productivity; and,
From uncertainty → to opportunity.
If we stay disciplined, protect public resources, grow production, and attract investment responsibly, Zambia can truly return to her strong economic seasons — not built on debt, but on productivity, exports, and jobs.
***Our Message
To local businesses:
Plan boldly, but responsibly. The environment is improving.
To young people:
Skills, innovation, and enterprise will now find greater opportunity.
To farmers and producers:
Markets, value chains, and financing will grow.
To investors:
Zambia is back — with reforms, rules, and renewed confidence.
***Final Word to the Nation
The Fitch upgrade is not a miracle.
It is the reward of discipline, sacrifice, and reform.
It is a sign that better days are not wishful thinking — they are now possible again.
But only if we protect this progress fiercely.
Zambia is rising again — and this time, we must rise wisely.
***Dr Situmbeko Musokotwane, MP
Minister of Finance & National Planning.
