Zambia slipped to 17th place in the 2026/27 RMB Where to Invest in Africa report released in late October 2026, a fall from its earlier surge, and the message from the bankers is blunt: copper has handed us a golden chance, but only resilience will keep it.
According to the report covered by Zambian Mining News, the ranking shows a country that has climbed out of the wreckage of its 2020 sovereign default and now faces a harder question. Can we turn stronger copper prices, reopened mines and repaired finances into a lasting investment case, or will we squander it like before?
What the RMB report actually says about Zambia
The 2026/27 edition, produced by Rand Merchant Bank, tracks investment conditions across the continent. Zambia shot up sharply in the previous edition as debt restructuring progressed, market access returned and copper output strengthened. Now the country has eased back to 17th place.
That is not a disaster. The report itself says the shift signals recovery has advanced, even if the structural problems are far from solved. The earlier rise captured real delivery: debt deals done, copper flowing, reforms moving. The easing shows the next battle is keeping that momentum alive.
Isaah Mhlanga, Chief Economist at RMB, put it plainly.
Zambia's recovery from its 2020 sovereign default is one of the continent's most notable recent turnarounds. Completing the external debt restructuring helped secure the first credit-rating improvement in six years and restore market access, while copper output strengthened.
He added that Zambia's position has since eased, which underlines that the next phase depends on the durability of reform, not the applause of foreign analysts.
Copper is our weapon, but one weapon is not enough
Let no one pretend copper is a small matter. The world is scrambling for the metal that powers the energy transition, and Zambia sits on some of the richest deposits in Africa. The reopening and expansion of the Konkola and Mopani assets back the national ambition to push production above one million tonnes in 2026.
The numbers are real. CNBC Africa reported that First Quantum's expanded Kansanshi mine is on track to exceed its processing target, a key piece of Zambia's plan to lift annual output to 3 million tonnes by 2031, up from 890,346 tonnes last year. That is the spirit of a nation that knows what it owns.
But here is the hard truth our leaders must hear. Copper is still roughly two thirds of our goods exports, about US$7.5 billion worth in 2024, as an analysis by Discovery Alert noted while scrutinising the recent gold refinery claims. One metal, one market, one price cycle. When copper sneezes, our kwacha catches pneumonia.
Why resilience matters more than the ranking
The RMB report includes a Resilience and Vulnerability Matrix, which tests whether recent gains rest on foundations strong enough to survive pressure. The findings should worry every Zambian.
Environmental management is our strongest resilience pillar. Social development is our weakest. That uneven profile means headline improvements do not automatically translate into a stronger, more durable economy for ordinary people.
The ranking captures improving investment conditions, but resilience determines how much of that progress can be retained when conditions weaken. For Zambia, the key test is whether policy credibility and reform can reduce the economy's exposure to the next commodity or financing shock.
That is Mhlanga again, and he is right. A concentrated export base means prices, production disruptions and shifts in global demand can hit our fiscal position fast. If we want to control our own destiny, we cannot leave it to the London Metal Exchange.
The value question: who benefits from our copper?
There is a deeper issue that the bankers' rankings do not fully capture, but Zambians feel it in their pockets. Are we simply digging and shipping, or are we building value at home?
Africa Economic Development Strategies argued that the new gold refinery signals a shift from simply extracting minerals to creating value at home, a strategy the organisation called essential for long-term development. Copper accounts for roughly 70 percent of our export revenues. The same logic must apply to our red metal: refining, processing and manufacturing on Zambian soil, with Zambian workers and Zambian benefits.
We have been here before. Previous generations watched our copper wealth leave these shores while our towns stayed poor. Sovereignty over our resources is not a slogan; it is the difference between a nation that owns its future and one that rents it out.
What happens next for Zambia's economy
The report's verdict is that Zambia's macroeconomic rehabilitation is meaningful but exposed, both to copper prices and to whether reform momentum survives an electoral transition. Politicians take note: investors are watching whether the next government protects the gains or burns them.
A higher ranking does not guarantee investment performance, and a lower position does not erase real progress. Mhlanga concluded that Zambia now has the opportunity to consolidate the gains made since the default, but that sustained policy credibility, continued reform and improved shock-absorption capacity will decide whether the investment case endures.
The three year comparison tells the story. Between 2024/25 and 2026/27, Zambia moved out of repair mode and into a period where delivery matters more than promises. The copper is ours. The chance is ours. Whether the legacy is ours too depends on what we build now, before the next downturn tests our foundations.
FAQ
Where does Zambia rank in the 2026/27 RMB Where to Invest in Africa report?
Zambia ranks 17th in the 2026/27 edition, easing from a sharp improvement in the previous edition that followed debt restructuring progress and stronger copper output.
What is Zambia's copper production target for 2026?
Zambia aims to lift copper production above one million tonnes in 2026, supported by the reopening and expansion of the Konkola and Mopani assets, with a longer term goal of 3 million tonnes by 2031.
What did the RMB report identify as Zambia's strongest and weakest resilience pillars?
The report found environmental management is Zambia's strongest resilience pillar and social development is its weakest.