President Hichilema Reaffirms Commitment to Economic Reform as Zambia’s Capital Markets Surge

 President Hakainde Hichilema says his administration remains firmly committed to dismantling long-standing rigidities in Zambia’s economy, adding that fears surrounding reform are unfounded.

Speaking at State House during a courtesy call by the Lusaka Securities Exchange (LuSE) delegation led by Chief Executive Officer Nicholas Kabaso, President Hichilema said the government was elected on a reform mandate and has since implemented measures that are driving growth across key sectors, including capital markets.

“Our reforms have enabled Zambia to survive the worst drought in living history. We are committed to reforming the capital market sector and want all bottlenecks addressed,” President Hichilema said.

Zambia was recently ranked among the world’s top-performing stock markets in 2025, with its main index rising by 56 percent between January and August. The surge, highlighted in Bloomberg’s latest global ranking, places Zambia ahead of several larger and more established exchanges.

President Hichilema urged capital market players to amplify public awareness of the economy’s improvement, encouraging broader participation by Zambians in financial markets.

“We want you to do more by increasing activity in the capital markets; make them attractive and rewarding,” he said.

The President also commended LuSE for facilitating Zambia’s first green bond, issued by CEC Renewables, a subsidiary of Copperbelt Energy Corporation. The bond, listed on LuSE, is part of a $200 million programme aimed at expanding solar energy infrastructure nationwide. He called on the exchange to mobilize further investment in strategic sectors such as energy.

LuSE CEO Nicholas Kabaso said Zambia’s economic stability has boosted investor confidence and led to increased participation by local investors.

“The market has been growing steadily since 2021, largely due to the President’s policy pronouncements and the enabling environment. We’re seeing significant interest from retail Zambians, which signals that the market is increasingly becoming locally owned,” Mr. Kabaso said.

He thanked President Hichilema for the continued support, which he said has contributed to the improved performance of Zambia’s capital markets.