Zambia’s aquaculture sector is rapidly expanding as young entrepreneurs and government-backed programs drive record fish production. With rising demand and high imports, low-interest loans, private innovation and improved hatcheries are helping nearly 20,000 farmers enter the industry. Despite challenges like feed costs and climate pressures, production reached 89,000 tons in 2024, making Zambia a regional leader and showcasing aquaculture as a new engine of economic growth beyond mining.

Zambia’s rejected proposed regulations that would grant the state a free 15% stake in critical-mineral mines, saying the policy conflicts with efforts to attract investment. The draft rules, created by the Mines Ministry, also propose state rights to increase ownership to 40%. Officials say the ideas will be refined. The Presidency insists it won’t support free-carried interests as the nation aims to boost copper production ahead of 2026 elections.

Zambia’s tourism sector surged to 2.2 million international arrivals in 2024. Two million were recorded by October 2025, driven by marketing, infrastructure upgrades, and improved air connectivity. The sector supports 473,000 jobs, contributes significantly to GDP, and positions Zambia as a top Southern African destination for leisure and business tourism. Government initiatives, including eco-tourism, cultural promotion, and investor-ready site upgrades, are expected to sustain growth. Arrivals are projected to surpass 2.4 million in 2025.

Shuka Minerals will receive the remaining funds this month to complete its acquisition of Leopard Exploration and Mining (LEM) and Zambia’s Kabwe zinc mine. The initial tranche, giving Shuka a 22.2% stake, is settled. Further payments from Gathoni Muchai Investments will raise its interest to 49.9%, with full acquisition expected by December 31. The delay shifts some payments from November to December under an increased loan agreement.

China Zambia Petrochemical Corporation received its Investment License to build a $1.1 billion crude oil refinery in Ndola. The project, processing 3 million tonnes of crude annually, will create over 2,200 construction jobs and 600 permanent roles, while boosting fuel self-sufficiency and regional exports. The integrated refinery will spur downstream growth in LPG, bitumen, lubricants, and plastics, providing opportunities for SMEs and skills transfer, strengthening Zambia’s energy security and economic development.

Fitch Ratings upgraded Zambia’s sovereign credit from “Restricted Default” to B-minus with a stable outlook, reflecting successful restructuring of over 94% of its $13 billion external debt. The move signals progress in macroeconomic stability, reduced borrowing costs, and renewed investor confidence. President Hakainde Hichilema hailed the upgrade as a milestone supporting infrastructure, healthcare, and economic recovery, while analysts caution that continued fiscal discipline is crucial ahead of the 2026 elections.