Who Owns Whom


Country Code: 894

ISO2 Code: ZM

ISO3 Code: ZMB

Country Economic Snapshot


Zambia is a landlocked country in central-east sub-Saharan Africa. It covers an area of 752,614km² and borders eight African countries, namely Angola, Botswana, Democratic Republic of Congo (DRC), Malawi, Mozambique, Namibia, Tanzania and Zimbabwe. It has a population of 20.5 million people and a GDP of US$30.6bn.

In 2021 the landslide poll victory by opposition leader Hakainde Hichilema, who replaced President Edgar Lungu, was an important milestone for democracy in Africa. The electoral swing shows voter determination to reject oppressive and corrupt government, and the handover of power was achieved without bloodshed. Hichilema is a successful businessman and is expected to restore respect for human rights and urgently address the country’s debt mountain.

Zambia has abundant natural resources such as minerals, wildlife, freshwater and farming land, and its economy has largely been developed through mining and agriculture. Zambia is the second-largest copper producer after the DRC, in Africa and its economy is historically highly dependent on copper mining activities. Agriculture provides more jobs than mining, and most Zambians in rural areas are subsistence farmers.

Zambia has one of the world’s highest grades of copper deposits and is ranked the seventh-largest copper producer in the world. Mining contributes over 70% of the country’s foreign export earnings and contributes on average over 20% to GDP.

Zambia has significant potential for tourism and offers a wealth of natural tourism assets. Attractions include Victoria Falls, one of the Seven Natural Wonders of the World and a UNESCO Heritage site as well as abundant lakes and rivers, and wildlife-protected areas in the form of 20 national parks and 34 game management areas that together occupy some 10 percent of the country’s total land area.

Lake Tanganyika, the longest and second-deepest freshwater lake in the world, is the only inland waterway in Zambia that connects it with the Great Lakes region (Burundi, Tanzania, DRC and beyond to Rwanda, Uganda and Kenya) and is used for commercial shipping. Zambia’s only harbour port, Mpulungu, is situated at the southern tip of the lake, which is shared by four countries – Burundi, DRC, Tanzania and Zambia. The harbour is the gateway to the north by ferry and provides an important outlet for exports and imports by ship.

The formal wholesale and retail food sector is comprised of modern retailers and includes supermarkets and fast food restaurants, mainly concentrated in the major shopping malls of main cities, urban towns and districts. Fast food chains include Nando’s, Debonairs Pizza, Hungry Lion and KFC. The food wholesale sector is predominantly in Lusaka and dominated by companies like Massmart’s Jumbo Cash and Carry, Shoprite’s Megasave and locally-owned wholesalers such as Shriman Zambia.

Real GDP recovered to 4.6% growth in 2021 and 3.0% in 2022 after contracting by 2.8% in 2020. The recovery was driven mainly by wholesale and retail trade, agriculture, and mining and quarrying.

GDP is projected to grow 4.0% in 2023 and 4.2% in 2024, underpinned by the continued recovery in mining, services, and manufacturing; higher global copper prices; and market confidence associated with ongoing fiscal consolidation measures.

Sources: Who Owns Whom sector reports, CIA Factbook, African Development Bank, World Bank, Trading Economics, African Statistical Yearbook and IMF.


Capital Lusaka
Currency (Name, Abbreviation, Symbol) Zambian kwacha , ZMK , ZMK
Area 752,618 sq km
Type of Government presidential republic
Languages (Bemba (official) 30.1%, Nyanja (official) 10.7%, Tonga (official) 10.6%, Lozi (official) 5.7%, Chewa 4.9%, Nsenga 3.4%, Tumbuka 2.5%, Lunda (official) 2.2%, Kaonde (official) 2%, Lala 2%, Luvale (official) 1.7%), English (official) 1.7%, other 22.5% (2000 Census)
Natural Resources copper, cobalt, zinc, lead, coal, emeralds, gold, silver, uranium, hydropower
Type of Industry copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture
Stock Exchange Lusaka Stock Exchange
Stock Exchange Location Lusaka
Stock Exchange Founded 1994
Tax Rate: Corporate 35%
Tax Rate: Individual 37.5%
Natural Resources copper, cobalt, zinc, lead, coal, emeralds, gold, silver, uranium, hydropower

Latest available information as sourced from:

African Markets

Trading Economics

Economy Watch

The World Fact Book

KPMG Tax Tables

Company Profile

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Sector Research

CompanyName Stock Exchange Listed Date Ticker Code Country Status
AECI Mining Explosives PLC Lusaka Stock Exchange 2006-09-00 AELZ Zambia Active
Airtel Networks Zambia PLC Lusaka Stock Exchange 2008-06-11 ATEL Zambia Active
British American Tobacco (Zambia) PLC Lusaka Stock Exchange 1995-12-15 BATZ Zambia Active
CEC Africa Investments Ltd Lusaka Stock Exchange 2016-00-00 CECA Zambia Active
Chilanga Cement PLC Lusaka Stock Exchange 1995-05-22 LAFA Zambia Active
Copperbelt Energy Corporation PLC Lusaka Stock Exchange 2008-01-21 CEC Zambia Active
First Quantum Minerals Ltd Lusaka Stock Exchange 2011-07-00 FQMZ Zambia Active
Investrust Bank PLC Lusaka Stock Exchange 2007-06-18 INVESTRUST Zambia Active
Madison Financial Services PLC Lusaka Stock Exchange 2014-09-01 MAFS Zambia Active
Metal Fabricators of Zambia PLC Lusaka Stock Exchange 2004-09-08 ZAMEFA Zambia Active
National Breweries PLC Lusaka Stock Exchange 1994-00-00 NATBREW Zambia Active
Pamodzi Hotels PLC Lusaka Stock Exchange 2001-12-24 PAMODZI Zambia Active
Puma Energy Zambia PLC Lusaka Stock Exchange 2002-07-18 PUMA Zambia Active
Real Estate Investments Zambia PLC Lusaka Stock Exchange 1996-08-28 FRHS Zambia Active
Standard Chartered Bank Zambia PLC Lusaka Stock Exchange 1998-11-30 SCZ Zambia Active
Zambeef Products PLC Lusaka Stock Exchange 2005-04-05 ZBEEF Zambia Active
Zambia Bata Shoe Company PLC Lusaka Stock Exchange 2009-03-31 BATA Zambia Active
Zambia Forestry and Forest Industries Corporation PLC Lusaka Stock Exchange 2020-02-12 ZFCO Zambia Active
Zambia National Commercial Bank PLC Lusaka Stock Exchange 2008-11-27 ZNC Zambia Active
Zambia Reinsurance PLC Lusaka Stock Exchange 2013-08-30 PRIMA-RE Zambia Active
Zambia Sugar PLC Lusaka Stock Exchange 1996-09-27 ZMSG Zambia Active
Zambian Breweries PLC Lusaka Stock Exchange 1997-06-09 ZMBR Zambia Active
ZCCM Investments Holdings PLC Lusaka Stock Exchange 2000-01-12 ZCCM Zambia Active

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