By 
Economist Lubinda Haabazoka has called on Zambia to seize the current surge in copper prices as a rare opportunity to reshape the economy, warning that mismanaging the gains could repeat the failures of previous commodity booms.
Copper on the London Metal Exchange is trading at about US$11,771 per metric tonne—one of the highest levels ever recorded.
Haabazoka said the price rally provided a crucial window for Zambia to strengthen public revenue, build foreign exchange reserves and accelerate national development, provided the windfall is handled with discipline.
In a telephone interview with Zambia Monitor, he said the current boom offered Government “extraordinary fiscal space” to drive long-term diversification.
“Copper should not only be viewed as a commodity export. It must be regarded as the capital that finances Zambia’s long-term transformation,” he said.
Read more: Copper nears record high after 0.6% rebound on fears of supply shortfall
Haabazoka emphasised that a portion of the revenue should be channelled into high-impact sectors such as agriculture, manufacturing and energy to reduce the country’s dependence on volatile global commodity markets.
He noted that investments in irrigation, rural roads, mechanisation and storage facilities could transform agriculture into a stable export sector and major employer.
“If we use copper revenue to modernise agriculture and expand agro-processing, Zambia can feed itself and the region,” he said.
He added that manufacturing—from food processing and textiles to metal fabrication—can only grow if Zambia invests in reliable energy generation, establishes industrial parks and develops a skilled labour force.
Haabazoka also highlighted tourism as another sector with significant untapped potential, saying copper earnings could support improvements in airports, conservation areas, lodges and access roads.
He stressed that long-term economic strength would also depend on investment in education, science and technology.
“A diversified, knowledge-driven economy requires investment in technical colleges, universities, research centres and innovation hubs,” he said.
A central part of his proposal was the creation of a sovereign wealth or stabilisation fund to preserve part of the copper windfall for the future.
Drawing on examples from Norway, Chile, Botswana and Middle Eastern countries, he underscored the importance of disciplined saving.
“We must save during boom periods to cushion the economy when prices fall. A well-governed sovereign wealth fund will help Zambia avoid the volatility of relying on a single commodity,” he said.
While the copper rally was expected to boost GDP, employment, national reserves and government revenue, Haabazoka said these gains will only be meaningful if they are directed into sustainable development.
“The challenge now is not how much copper earns, but how wisely the earnings are used to secure Zambia’s long-term economic future,” he said.
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