Quantum Global Group says that Zambia Economy is Africa’s 8th Best

Minister of Finance Margaret Mwanakatwe
Minister of Finance Margaret Mwanakatwe

Minister of Finance Margaret Mwanakatwe
Minister of Finance Margaret Mwanakatwe

Quantum Global Group, a Zurich-Switzerland based Investment Fund and asset organisation with a large african focus has ranked zambia as the 8th best performing economy. According to their 2018 africa investment index report, zambia is also the third best performing economy in the sadc region, behind botswana and south africa.

Quantum Global’s 2018 africa investment index [aii] ranks zambia as africa’s overall eighth best on growth, liquidity, risk, business environment, demographic, and social capital factors.

The Africa Investment Index [AII] averages each country’s macroeconomic and financial indicator rankings on growth, liquidity, risk, business environment, demographic, and social capital factors. The index is constructed from the above listed macroeconomic and financial indicators and the World Bank Group’s Ease of Doing Business Indicators (DBI).

The top ten economies, in a ranking of 54 African countries, are:

1. Morocco
2. Egypt
3. Algeria
4. Botswana
5. Ivory Coast
6. South Africa
7. Ethiopia
8. Zambia
9. Kenya

Among the top ten, north africa was the best performing region with morocco, egypt, and algeria as pace setters, followed by the SADC region represented by Botswana, South Africa, and Zambia, then west africa was third with Ivory Coast 5th and Senegal 10th, and finally East Africa represented by Ethiopia 7th and Kenya 9th.

Zambia’s ranking by Quantum Global is a reflection that the country continues to be recognised as one of the best emerging markets for overseas investment. It is also an affirmation that international investors are looking at a wide range of sectors for investments including in areas such as energy, infrastructure, tourism, and agriculture among others.

Related to 2018 Africa Investment Index Report, Professor Mthuli Ncube, Head of Quantum Global Research Lab stated that in spite of the improvements in commodity prices, African economies are turning their attention towards diversification to stimulate industrial development and attract investments in non-commodity strategic sectors.

Professor Mthuli Ncube also said that continued Foreign Direct Investment [FDI] inflows will continue to drive the much-needed capital to develop Africa’s primary sectors to meet the demands of the continent’s rapidly growing middle-class, and into manufacturing sectors to create more jobs, enhance economic growth and support structural transformation.

Commenting on the development, Minister of Finance Margaret Mwanakatwe says the independent ranking by Quantum Global Group is consistent and in the same positive direction with Zambia’s rating outcomes published by Moody’s, Fitch, and Standard and Poor’s.

Related to the risk factors cited by Quantum Global, Mrs. Mwanakatwe reaffirmed the Government’s commitment to the implementation of the Medium Term Debt Strategy and improvement of the domestic revenue base. She took the opportunity to restate Zambia’s commitment in meeting external debt obligations while remaining steadfast in dismantling the country’s domestic debt. The Minister added that the Treasury has developed a strategy for dismantling domestic arrears.

“To ensure that the confidence of our people and that of the international investment community in our capacity to guide the economy to greater heights is NOT eroded, we will continue with economic stabilisation, transformation, and growth reforms so that we position the country for increased solid economic performance by leveraging on our strategic geographical location, increasing foreign direct investment and improve the overall business environment,” stated Mrs. Mwanakatwe.

She added that, “we will do our best to build a strong private sector, create jobs, and grow wealth without leaving anyone behind.”

Through this initiative, Mrs. Mwanakatwe said, “the Ministry of Finance will ensure that the resources released are channeled towards paying-off contractors and suppliers in respective Ministries, Provinces, and Other Spending Agencies; to energise the economy, promote the growth of the private sector, create jobs and expand wealth.”


  1. Ha! All talk…people are not feeling the benefits, unemployment is not measurable…all talk, we are still in trouble…8th my foot…

    • If you sit at home or spend your time drinking chibuku in the komboni waiting for government handouts you won’t “feel” the benefits. People who are hard working are uplifting their standard of living in Zambia better than some of us in the diaspora. Invest back home and you will see the benefits.

    • Even if an economy were to be rated first best in Africa, if at all there is such a thing as “first best,” just how good would that be – best from among the worst!

    • Why 8th and not second best?
      We used to be 52 in class in primary school. Number #8 ninshi either ichikopo or uwamanono sometimes.
      Passing #8 was not impressive, it was better to be among the 5 number 2s.
      I passed number 1 only once, because ka Mary was sick that term.

    • Some of you have never traveled outside Zambia, that’s why you don’t appreciate this beautiful, peaceful country. If you are not happy, move to Congo!

    • Let’s roll … we will not rest until we are number one. The best never rest and faka speedie Margaret, faka speedie.

      You are doing a heck of a job.

      Thanks a trillion

    • @Nubian Princess that’s why Jay Jay told you that you are on medication. Are the Zambia people going to eat peace?

    • B R Mumba faka speedie of what. I’ll leave you to Mushota to wipe the smile off your face. I didn’t say ugly.

    • Nostradamus walasa. I was never ever number 8 in my class. It would have been very difficult to tell my dad that I was no 8. I remember even when I was no 2 on one occasion it was difficult to tell dad

    • 1.6 @ Nubian princes. If you want to improve, you should not compare yourself to the worst. We all know that since Lumumba was assassinated, DRC has been fighting a civil war while Zambia has had relative peace since 1964.If that is your yard stick measuring your success,then it leaves much to be desired because you will remain a mediocrity.

    • Best performing at barely 3% GDP growth being compared Southern African economies ? Please look around u….are there any performance figures to be proud of being compared to ? Zambia is not even nowhere near Ethiopias growth with all the instabilities happening in that country …. meanwhile our debt rushing to 20 bn USD and with current repayments even surpassing budget allocation to education come 2021 the Euro bonds are due and outlook is not good for the local Zambian especially in the rural. This is the reality no matter how much u hate it this country will only have huge investments in extractive industry and minimal in value addition due to its small market ….Agric should be focus proper Agric not the Dora kind

    • News reaching me is that UPND is working on petitioning the economic ranking above through the courts. I am really fed up of all these people purporting to be working for the good of the country!

    • @1.8
      B R Mumba
      One thing I like about you is that you are very patriotic..keep it up sir. I have come across several Zambians doing good in the diaspora but they’re very unpatriotic.
      Keep the Flame burning Mr B.R Mumba

    • @ Ba Anonymous … Sancho mukwai.

      @ Ba Analyser … faka speedie so that we can get to be Number 1. I am used to being at the top, in school, as an ex-executive, as a Business man and an employer, etc!!! I just want to be best all the time, every time.

      Oh, as for the ugly face!!! Do you know how many women of all races die for that same one around the world???? And yet I have kept my vows 27 years and counting.

      Mushota can go hang for all I care … I love me that face!!!

    • Ati petroleum jelly!!! Kuti waseka … man, we don’t use that stuff no more. Where are we????? Kindagarten???

    • No. 8 for what? Ukumibila kuma infestors? This is the list of countries where day light robbery takes place with money being sent to Europe imwe muleyumfwa ati we are good for investment. Awe! Give us the list of most prosperous or promising locals! We don’t even have a dollar billionaire. Piteni!

    • Whom are you fooling?? So we will eat the Your Stupid and Fake Ranking?? Useless Finance Minister who cannot anything Tangible with her President who has no Vision.

  2. This is impressive.At least there is some positive about Zambia which has been synonymous with anything bad.

  3. So you will hear some detractors rubbishing this news as mere propaganda by those in govt.I don’t know what kind of people we have become,people who celebrate when the country is projected badly on the international scene.Its really shameful

    • Sorry this ranking is in so far as it is benefiting investors as u know our country doesn’t limit capital flight and it has a very small market for value addition investments which we are crying for …..the fact for real Zambians is that this government has committed a huge debt burden for the rest of us getting close to 20 billion our loan repayments currently surpass our budget allocation to education and herein people clap. The PF and it’s minions are not ready to accept the bitter reality and that is where the problems lies they are willing to blow the trumpet when such superficial pronouncements come up

  4. This is positive. I like anything good coming out about my country, however, this will not seat well with some disgruntled individuals who just want to hear bad things about Zambia. Punks, get a life.

  5. What is Zambia’s rate of unemployment? What is Zambia’s poverty level? What is Zambia’s level of corruption? These are the issues that matter. Call yourself 8th best, or 7th best or whatever best. It all amounts to nothing.

    • Had the report said Zambia’s economy is the worst performing,you would have been quick to blame govt.Now that its giving credit to govt you are busy classifying Africa as a big hell of a joke.Africa and Zambia in particular is making progress in a manner unseen before. Kaya kapena you waiting for your purported political messiah to come and fix it all.

    • @ 6.1 vubwi

      What does your head tell you? Does Zambia deserve to be called 8th best in Africa? As far as this best business is concerned, it is all a question of who you ask. Other reports lists Ghana as the best in Africa. Quantum Global Group may be telling you what you want to hear.

    • But if Zambia is truly 8th best, then that should tell you just how bad Africa is – that much of a hell on earth. Ask Quantum Global Group to tell you the truth.

    • @ Imute wa Kalilo

      So for you Zambia deserves to be the worst performing economy in Africa? Is that the kind of a rating that you would love to see? This is your country.Yes,there are challenges but we must not lose sight of the fact that we are marching forward.We have reached our destination yet but we are certainly on course.And remember the achieving economic development is not an event but a process/marathon that will call for the positive participation by all of us.It will get frustrating at times but we should remain steady-fast in the midst of drawbacks and or failures.

    • @ 6.4 vubwi

      Vubwi, it is not a question of Zambia deserving to be the worst performing economy. No. If it is indeed the third hungriest country in the world, I wonder how it could, at the same time, be the 8th best economy in Africa. The numbers don’t seem to add. Check the different sectors of Zambia’s economy. How are they doing? If you think they are doing that well, (in most economies, unemployment is one good key statistic used) then I will accept your view. That’s why I say: “What does your head tell you?” I am more than eager to get Quantum Global to substantiate their finding. They must not lie to us.

  6. Of course it tickles your ego and make you feel good… but how does that translate to the conditions on the ground? Last I checked the poverty levels in Zambia are much worse than they were in the 90’s; Cholera was k!lling my people; the corruption levels are worse than they were during FTJ and the political intolerance are worse than they were during KK; interest rates are at the highest; national debt is climbing at a rate faster than any other period in the country’s history; etc. So this type of news is a ‘feel good; news perhaps only for the 10% looting and sharing the spoils… the Chinese coming to get the money and corrupt the elite politicians.

    I call ‘BS’!

    Countries like Botswana are doing real good because the economical benefits are trickling down to the people. By…

    • …Countries like Botswana are doing real good because the economical benefits are trickling down to the people. By the way I thought S/Africa was the best economy in Africa? And Zambia doing better than Kenya… maybe!

    • Botswana is a country of only 2 million people and shouldnt be compared to other countries. Botswana without diamonds would be nothing. They cant even train enough teachers or medical personnel and depend on labour from other countries.

    • @Habeenzu, it certainly should. The government of Botswana is doing a great job with the natural resources it has. With the wise governments they have, they can afford to import labour from other countries. Good governance will work on 2 million or 100 million people. What is our Zambia doing with its natural resources?Why can’t our government be envious and want the same things for their own country?

    • There is something wrong here..if you give 5 year tax parachute to foreign firms and bend backwards for them and you are 8th then there is something seriously wrong..I would like to see the SWOT analysis I bet you politicial climate is one of the factors letting us down.

    • @Jay Jay
      Why am I not surprised by your comments
      Change your moniker to Perennial Cynic
      GOD bless you
      Sorry you don’t believe in GOD but your self.

    • PARADISE ANALYTICA HH – I don’t post to appease anyone let’s get that straight.
      Secondly I believe in God the same God that was there before the white missionaries came with bibles and mirrors on African shores. I am spiritual something above religion.

  7. @ habeenzu, Zambian wants government to take a spoon and push food in his mouth. I gave my younger brother money for business but opted to use it for meat, sausages etc things he never used to buy. Today he’s still suffering and blames each president who takes over government.

  8. If only people could feed on such irrelevant ratings. To make it worse the people who voted for the PF, who are in other words responsible for this “fantastic choice of party ” don’t even understand what the hell such ratings mean. Surely if you are unemployed, hungry and disillusioned would you care about such a rating? Must we clap for the pf? Must we now say they are such a fantastic caring government with a big vision after all?

    • @Chomba Kalenga. You live in South Africa but dont you see people who are unemployed, hungry and disillusioned in South Africa despite RSA being rated as the 6th best performing economy in Africa. We have been to RSA and while you are enjoying because you are probably hardworking some locals are not and sometimes turn to homophobic attacks to vent their frustrations. Some of you always see things through your political affinity eyes. Be realistic for a change. I live in the US but I do business in Zambia and RSA because that is where you can make money.

    • I went to collect my mini bus from Durban RSA, I never knew such poverty existing in that country. People living in tin huts and using toilets without doors.

    • That is my point! Even here in America, while some are making billions others are homeless and while some born here are struggling some recent immigrants are doing very well and employing the locals. Work hard and take advantage of what your country can offer. At the end of the day we are all Zambians and these politicians you follow blindly will dump you and join your perceived enemies. Ask Kambwili.

  9. Really laughable, the third best in Southern Africa? Who are these people? The levels of poverty in this country can only be better than that of Malawi. This gibberish is so nauseating to say the least. Whatever measures these fools are using to come up with this nonsense must be manufactured. Give us a break and lets hear the impeachment in parliament and don’t sway our thinking to something else.

  10. Reading some of the comments makes me understand that we have a problems in our country. People failing to see sense and only politic – People lets grow up and be responsible Zambia has tones of opportunities that people are riding on on a daily basis. I was offered a senior role in the United States and i declined it because i had Already identified an opportunity for actualisation and employment creation for ny fellow youths. The government has done tremendously well and a environment is ripe for getting small businesses flourish- lets all get a Life and stop politicking foe nothing. ZAMBIA IS THE PLACE TO BE HENCE DON’T BE TOO IDLE

  11. Have you heard that HH?this is what we always tell tribal and blind followers of Kainde that Zambia is in safe hands under PF leadership!!HOPE KAINDE’S FOLLOWERS IN DUNDUMWEZI HAVE HEARD THIS!!!
    2021 will surely be for PF 100%!!!Keep it up PF leadership!!
    We thank you a lot for puting mother Zambia on a World map economically!!

    • Trump can fill that list himself! He can be Trumpy 1, Trumpy 2, Trumpy 3…….Trumpy 10, for all we care.

      He is the BIGGEST S-HOLE to ever come out of Anerica as President….uninforned, perpetual bragadocious, political bafoon, semi-racist, xenephobic moron, shameless womanizer who cheats on his wife with p0rn stars and Playboy bunnies, con man, you name it.

      To even be President tells you a lot about American Politics.

  12. Talking of working hard in Zambia.
    One of my young sisters with her husband both of who never reached secondary school work hard ,are self employed and have been self sufficient in meeting their needs and family.They have even built a beautiful home in a middle income area.There are many stories of great success from nothing for those who work hard right there in Zambia in many spheres of life.
    Waiting for handouts from whoever is not the way to go.theres always something one can do to better yourself.
    So those who want to blame the goverment for everything can keep on blindly fueling their egoes.
    Even in the first world countries people have to work very hard to find money.it doesnt exactly come on a silver plate.
    Congratulations to the Zambian goverment for this great news from…

  13. Even when there’s some little positive news, knee-gaz are ever sour. As for me and my wife, we are getting paid! There’s nothing sexier than seeing my petite wife driving her Q5

  14. The statistic is as a result of overtaxed people who struggle to make ends meat but end up sorting the worries of the taxman.
    Our Government must change the approach. Meeting GOVERNMENT goals at the misfortune of poor over taxed Zambians does not make Zambia better.

  15. Bloggers like Jay Jay , Chomba Kalenga and the like do not cease to amuse me. To them, whatever favours the government is bad. Always negative. For exmple, they are saying that Zambia being placed at no. 8 as the best performing economy in the world and third in SADC region is “nothing”. I tell you if the story was that Zambia ranked no.8 as the worst performing economy in the world, imagine what these guys would post here. UPND is doing a lot of foolish things but these guys will always see good in those things. To them HH is a little god who can do no wrong. Shame on you.

    • I would have engaged you if you didn’t pigeon hole me as a UPND cadre and Hakainde’s sympathizer…its pointless to respond to you as you are being very lethargic with your brain and I detest lazy people with a passion!!!!!!!

    • Spot on..They are too political and their contributions are devoid of any objectivity.In short,they analyze everything with partisan spectacles. They are bitter people who see no good in whatever govt does.

  16. You see, the biggest problem in this country is HH and UPND itself and the more they continue living in denial, the more they will develop convulsions. Some of us who have had a chance of living in the Western world and visited so many countries are actually surprised that there are people in Zambia that cant see the opportunities that this Government has laid bare for them. In US, Europe and elsewhere, if you dont work, you simply die and no one gives it a damn. There is nothing like ba yama will assist or my friend can I have a Dollar or pound. It doesnt just work. If you are cant sweep the streets, clean toilets, help in old homes, cant brace the harsh weather, you simply d1e of starvation. Ask any foreigner who comes to Zambia and the first thing he will tell you is I will not go back…

    • Malinso,

      You are so right. I had a West African workmate who told me to my face that Zambians were very sleepy and dull people who didn’t seem to realize they were sitting on a gold mine!

  17. contd
    Look for instance at some Shops located at Stalilo along Great East Rd, that place can be transformed into money spinner but see the state it has been and yet you keep blaming Government. Opposition sees everything as trash whilst open minded see opportunities and gold. Well done President Lungu and please keep it up!!!!

  18. Stalilo “Shoping Centre”can be transformed to a modern place of hyper Shopping Centre and employ thousands of youths because of its strategic location. Am sure those who use Great East Rd dont even notice now but therein lies huge potential to change the lives of people. So bane in UPND, Zambia is wealth and that wealth can only be tapped by those with eyes that see and brains that think beyond a small party called UPND. There a thousand of such opportunities and yet Zambians are busy complaining, about what only the devil knows. Its only in Zambia where anyone can guy a dot com and tomorrow convert it into a pirate taxi, those things dont happen elsewhere, its impossible. Infact, Zambia must be ranked 3rd best economy in Africa believe me. Which Zambian has lived all there years in the…

  19. Contd
    Infact, Zambia must be ranked 3rd best economy in Africa believe me. Which Zambian has lived all there years in the diaspora and can say that they are rich? NIL! This I can bet. Its only in Zambia where street vending is permitted to those levels. Just take a trip to Botswana and you will be shocked, its illegal to trade on the streets and they just mean that. Its time the opposition were put in their rightful place, too many lies and no substance.

  20. A Namwala fu rigged the list above? You are right! The dept of Hallucination, Hillusions and HaDelusions! Tribal wars!

  21. Bogus index compiled by kachasu drinkers. No way Zambia is 8th best economy with a low 3% growth ,high debts copper dependence and high inflation plus several downgrades by the IMF.

  22. Tongas will not believe anything not done by their little God, HH! But one thing you should not avoid believing is that your HH will never rule this country! And his back room supporter Mmembe has left him to fend for himself! “You are now on your own” whispered Fred to HH! What next dull HH!

  23. Some people in the opposition are just a waste of sperm by their parents. You mean you cannot wait for another chance in 2021? Makes me wonder what some perpetual losers have seen in state house which we cannot see. Anyway he is an economic manager so obviously he knows what is in stock there in in government coffers.

  24. This is totally stup!d even to continue reading. Someone stealing from you and calls rich. The list misses Nigeria and Rwanda. How do? Fake and skewed analysis to dupe Lungu and his ignorant followers. People in Zambia will throw ghee in the fire and dance all night thinking their economy is great. They will wake up still unemployed. Total fuulishness.

  25. only the ignorant can believe this; where is Ghana, Nigeria, Rwanda and Tanzania which are doing better than Zambia?Can one say that Zambia is performing better than Kenya? Maybe they meant that Zambian politicians are performing better by hiding more corrupt money in Switzerland;

  26. The third hungriest nation in the world being number 8 economy in Africa!! Maybe in the office of the Minister of Finance

  27. If it was any of the following specialist economic and financial news outlets- the Economist, Forbes, Bloomberg or Financial Times I would’ve said wow well done ba Zambia. These media houses I’ve mentioned are world renowned, and when they carry out a research even the highly respected (but useless) UN, IMF and World Bank) will quote them. As for this Quantum stuff, who are they? Do they know of the pothole drama we are facing in the country- you can’t even drive a car in peace because of a million potholes everywhere what madness is this? I don’t think Kenya has been cursed with such poor roads-roads being a key infrastructure for economic growth.

  28. This list is unbelievable. There is no way Senegal can beat Ghana or Rwanda or even Nigeria. Morocco honestly better than South Africa or Algeria!! This list doesn’t make sense. They must be measuring something else.

  29. Financial crooks from Switzerland that have been stealing from gullible countries like Zambia are telling you that you are the 8th best destination for them.

    Don’t call that flattery!

  30. “Only government knows its level of debt, and government then shares that with the public,” Mwanakatwe said when asked about speculation that Zambia’s debt may be higher than what government said it is. “I’ll be doing that on a quarterly basis.”

    Even then, the state doesn’t seem to be so sure. At Friday’s briefing, Mwanakatwe originally said the external-debt figure was $8.9 billion then later corrected it to $8.7 billion. And in June, her predecessor, Felix Mutati, told parliament it had increased to $17.2 billion — he later corrected himself, saying the actual figure was $10 billion lower.

  31. Somebody tell me if that is true then why is the IMF refusing to give us the loan? THINK MY FELLOW ZAMBIANS.

  32. Malinso,

    You are so right. I had a West African workmate who told me to my face that Zambians were very sleepy and dull people who didn’t seem to realize they were sitting on a gold mine!

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