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Copperbelt Energy Corporation (CEC) Chief Financial Officer, Mutale Mukuka, has called for faster technology adoption, stronger regional market integration, enhanced professional capacity and wider retail investor participation to deepen Zambia’s capital markets.
Speaking at the Zambia Capital Markets Conference and Awards 2026, Mukuka said global financial markets were advancing rapidly through technology, while regulation and market infrastructure in many African markets needed to keep pace.
He noted that international investment platforms already enable individual investors to access more than 100 exchanges, with transactions executed and reflected almost immediately.
“The question is, how do we integrate as an exchange and prepare our market for investors,” Mukuka asked.
Mukuka said capital-market development should be closely aligned with Zambia’s national economic priorities.
He stated that rather than starting with financial products, policymakers and market participants should first identify the sectors expected to drive growth and then determine how capital markets can provide the required financing.
The CFO further cited agriculture, tourism, energy and other priority sectors as potential foundations for climate finance, sustainable finance and other structured funding instruments. The process, he said, should move from policy priorities to investable projects, appropriately structured instruments and, ultimately, the capital needed to fund them.
“As long as we have well-structured projects, capital will flow to where the projects are,” he said.
He further emphasised that a resilient capital market must enable ordinary citizens to participate directly in economic growth.
Businesses and entities making meaningful contributions to national Gross Domestic Product (GDP), he said, should increasingly be brought into the capital markets, creating opportunities for retail investors to invest in the economy’s growth drivers.
Broader retail participation, he added, could improve liquidity, price discovery and overall market resilience. While institutional investors, such as pension funds, often adopt long-term buy-and-hold strategies, retail investors can contribute to more regular trading activity.
Looking beyond, Mukuka said the long-term goal should not simply be a larger national exchange, but the integration of African capital markets.
“I would like us to prioritise integration. We should not just focus on building a very big national exchange but focus on how we integrate so that we have a bigger African exchange where Zambians and everyone else can play.”
He said success should ultimately be measured by the amount of capital African exchanges can mobilise for African projects, including those in Zambia.
