06/05/2026
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Investment Is Not Sentimental. It Is Rational. Zambia Is Finally Getting That Right.
By Magret Mwanza
There is a tendency in Zambia to argue against evidence simply because it is inconvenient. Charles Musonda’s analysis has triggered exactly that kind of reaction. Yet the facts remain stubborn. The resurgence in Zambia’s mining sector is not a public relations creation.It is a measurable shift anchored on renewed investor confidence and policy direction that is beginning to make economic sense again.
Zambia’s mining sector is not rising because of friendships or political patronage. It is rising because, for the first time in over a decade, the country is beginning to behave like a serious investment destination again. The KoBold Metals investment at Mingomba is not just another project. It is a signal. In global capital markets, signals matter more than political noise.
When a company backed by individuals such as Jeff Bezos and Bill Gates commits over USD 3 billion into a jurisdiction, it is not an emotional decision. It is a calculated vote of confidence in policy direction, institutional stability, and long-term predictability.
But KoBold is not the only signal. Those who are paying attention will have noticed a pattern that can not be dismissed. Over the last four years, Lusaka and State House, in particular, has quietly become a meeting point for serious global capital. Investment bankers, mining executives, sovereign wealth representatives, and industrialists have been coming in, not for courtesy calls but for business.
KoBold’s investors themselves have been in and out of Zambia multiple times over the past three years, including engagements at State House. That alone tells a story. Serious investors do not repeatedly visit jurisdictions that they do not trust. They do not spend years conducting due diligence in environments where policy risk is high or governance is erratic.Then there was the high-powered delegation last year.
A cluster of top-tier global investment banks, accompanied by senior leadership from First Quantum Minerals, including the CEO, COO, and the Zambia's Country Director, all converging on State House in September. That was not ceremonial diplomacy. That was capital positioning itself ahead of opportunity.
And let us not pretend we have forgotten the visit by Aliko Dangote. His message was blunt and, frankly, instructive. Zambia must fix its energy deficit if it wants to unlock full economic potential.That statement was not criticism. It was strategic advice from someone who understands industrial scale better than most African policymakers.These are investors scouting opportunities in energy, mining, infrastructure, and industrial value chains. Their consistent presence in Lusaka is not accidental. It is confirmation that Zambia is back on the radar.
Furthermore, Gbolahan Taiwo of JPMorgan Chase, serving as Executive Director for Global Economic Research, led a delegation of global investors from major financial centres including London, Geneva, Boston and Dubai to visit Hakainde Hichilema at State House in January 2026.
The visit followed Zambia’s successful 36-month debt restructuring, a milestone widely viewed as a turning point in restoring investor confidence and repositioning the country for a new phase of economic growth. Speaking during the engagement, Taiwo did not mince his words when he stated,
“Zambia's policies are consistent and the financial discipline of the current government is testimony to its seriousness,” a statement that effectively signaled the renewed global financial endorsement of Zambia’s macroeconomic direction
This engagement was further complemented by a broader coalition of investors spanning the United Arab Emirates, India and China, alongside international market development actors linked to platforms such as the Invest Zambia International Conference, all converging around a common and uncompromising message that Zambia must sustain policy consistency, deepen transparency and provide long-term investment security if it is to attract serious capital at scale.
As one Middle Eastern investor bluntly put it, “we are ready to deploy capital aggressively, but only where there is certainty and protection of investment,” reinforcing the reality that while Zambia’s mineral wealth is attractive, it is governance credibility and economic discipline that will ultimately determine whether that interest translates into lasting investment.
Now, let us confront the uncomfortable truth that some would rather avoid. Is the operating environment perfect? Certainly not. Even the outgoing United States Ambassador, Michael Gonzales, pointed out areas that require improvement.
And he is right on that point. No serious analyst would argue that Zambia has reached peak efficiency or eliminated all structural weaknesses.
However, acknowledging imperfections is not the same as denying progress. What matters is trajectory. And Zambia’s trajectory is no longer downward. For nearly 10 to 12 years, the country operated in a climate of policy inconsistency, abrupt regulatory shifts, and a level of unpredictability that made serious investors step back.
Capital stalled, projects were delayed, and confidence eroded. That period was not misunderstood. It was correctly judged by the market, and the consequences were visible. What we are witnessing now is not a miracle. It is a correction. The KoBold Mingomba project is one side of that correction. The commissioning of the 136MW solar plant by Copperbelt Energy Corporation in Kitwe the very next day is the other side.
Mining and energy are not separate conversations. They are inseparable. You cannot talk about expanding copper production while ignoring power supply constraints. The fact that both developments are happening almost simultaneously is not coincidence. It is alignment. The fact that both developments are happening simultaneously is no a coincidence. It is alignment and evidence that It’s ‘onwards and upwards’ for Zambia henceforth.
