Mining: Zambia, Morroco, Botswana lead Africa in Investment Attractiveness Index

Zambia has improved its standing as a global mining investment destination after climbing three places in the latest Fraser Institute Annual Survey of Mining Companies. The 2025 survey, one of the world’s most closely watched assessments of mining competitiveness, ranks Zambia 25th out of 68 jurisdictions on the Investment Attractiveness Index (IAI), up from 28th in the previous survey cycle. The country scored 72.84 on the index, reflecting stronger investor perceptions of both Zambia’s mineral potential and its policy environment.

Within Africa, Zambia now ranks third, behind Botswana and Morocco, reinforcing its status as one of the continent’s leading mining destinations. The survey, conducted between August and November 2025, drew responses from 256 mining executives representing companies with combined exploration spending of US$4.2 billion. The IAI measures mining competitiveness based on two key factors: mineral potential, which accounts for 60 percent of the score, and policy perception, which makes up the remaining 40 percent.

Zambia also recorded a significant improvement on the Policy Perception Index, rising to 30th globally with a score of 74.96, up from 38th in the previous survey. The improvement signals growing investor confidence in the country’s regulatory consistency and macroeconomic direction. However, the survey also pointed to areas that require further attention, including trade-related procedures, security perceptions and clarity in labour regulations.

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Under the Best Practices Mineral Potential Index—which assumes globally competitive policy standards—Zambia ranked 20th worldwide and sixth in Africa, with a score of 71.43. The ranking highlights the continued global competitiveness of the country’s copper, cobalt, gold and emerging critical mineral resources. Government says the improved ranking reflects broader macroeconomic reforms aimed at stabilising the economy and strengthening investor confidence.

These reforms include efforts to keep inflation within the 6–8 percent target range outlined in the 2026 national budget, stabilise the exchange rate, strengthen fiscal consolidation and advance debt restructuring. Commenting on the survey results in a statement issued on Saturday, Finance and National Planning Minister, Situmbeko Musokotwane, said the progress was the result of deliberate policy reforms and economic leadership under President Hakainde Hichilema.

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