🇿🇲 Zambia

Zambia is a landlocked southern African country of 20 million with a GDP of about $29 billion. The country is Africa's second-largest copper producer (after the DRC), and the Copperbelt region has been mining since the 1920s. Victoria Falls (shared with Zimbabwe), one of the Seven Natural Wonders of the World, is a major tourist draw. Zambia defaulted on its debt in 2020, becoming the first African country to do so during the COVID era, and the restructuring process took over three years. The country has been one of Africa's more stable democracies, with a peaceful transfer of power in 2021 when opposition leader Hakainde Hichilema won the presidency.

Copper accounts for about 70% of export revenue. China is the largest buyer and a major investor in the mining sector. Agriculture (maize, tobacco, sugar, flowers) employs about 50% of the population. Tourism (Victoria Falls, South Luangwa National Park) generates about $1 billion annually. The kwacha has been volatile, and inflation runs around 10%. The debt restructuring under the G20 Common Framework was a test case for the new sovereign debt resolution process — it was painfully slow.

Victoria Falls is the world's largest sheet of falling water — 1,708 meters wide and 108 meters high, producing a spray visible from 50 km away. Zambia's South Luangwa National Park pioneered walking safaris — it's one of the best places in Africa for leopard sightings. The country's Bangweulu Wetlands are home to the shoebill stork, one of the world's most sought-after birds for birdwatchers.

Zambia's debt restructuring is done, and the new government has restored investor confidence. Copper demand for the energy transition is a massive tailwind. If governance improvements stick, Zambia could be one of Africa's comeback stories.