Zambia is on track to achieve at least 6% economic growth this year, fuelled by favourable rainfall and increased metal production for Africa’s second-largest copper producer, according to Finance Minister Situmbeko Musokotwane.

He noted that this would be the country's fastest economic expansion since 2021, compared to roughly 4% growth recorded last year.

Zambia is recovering from a prolonged and challenging debt restructuring process, and stronger economic growth boosts the chances of larger returns for creditors, including bondholders.

The country is rebounding from a severe drought last year that devastated crops and depleted hydroelectric power sources.

Now, both the corn harvest, its staple crop, and copper output are expected to reach record levels, Bloomberg reports.

Musokotwane expressed confidence in reaching the 6% growth target, speaking in Livingstone, the Zambian town nearest to Victoria Falls. “We just need to maintain this for 10, 15 years - positive growth every year. I think people will begin to see that it’s not a certainty that you are born in poverty and you will end in poverty. Things can change,” he said.

In addition, Zambia’s Dollar-denominated notes maturing in 2033 rose for the third consecutive day, reaching their highest value since the mid-2024 restructuring, while yields fell to 7.62%.

Inflation is beginning to ease, and the Kwacha has become Africa’s second-best performing currency against the Dollar this year, following a strong rally last week. Indeed, the Kwacha has appreciated by 11% in 2025.

The International Monetary Fund, however, holds a more cautious view, projecting economic growth at 5.8%.

The Washington-based lender also cautioned that rising debt-servicing costs have forced the government to amend its 2025 budget by introducing additional revenue measures, according to a statement released on Monday.

Musokotwane made these remarks on the sidelines of Bloomberg’s annual Africa Business Media Innovators conference.