Zambia’s Stock Exchange Set for Gold ETF Debut as Five New Listings Approach

By Benson Daniel

Zambia’s capital market is set for a significant expansion with the planned debut of a gold exchange-traded fund and five new stock listings, as the Lusaka Securities Exchange seeks to broaden investment opportunities and deepen activity on the country’s equities market.

The developments are expected to introduce more investment products to Zambia’s financial market while giving investors additional avenues to gain exposure to equities and gold without relying solely on traditional shares.

The planned gold ETF is particularly notable because exchange-traded funds allow investors to gain exposure to an underlying asset through a security traded on an exchange. A gold-backed product can provide investors with an alternative way of participating in the precious-metals market without directly purchasing and storing physical gold.

The proposed listing comes at a time when gold has attracted renewed attention from investors globally amid concerns about inflation, government debt, geopolitical risks and financial-market volatility. Global gold ETFs have also recorded renewed inflows during 2026, reflecting continued investor interest in the metal as part of diversified portfolios.

For Zambia, the introduction of a locally traded gold ETF could broaden the range of products available to domestic investors and potentially increase activity on the Lusaka exchange.

The planned five stock listings would further expand the exchange’s equity market. New listings increase the number of companies available to investors and can improve the depth of a stock market by providing additional opportunities for portfolio diversification.

Zambia’s exchange has already seen new companies join its market this year. Klapton Re became the most recent listing in March 2026, following DotCom Zambia’s debut in December 2025.

The development comes as African stock markets have attracted increased investor attention. Zambia’s Lusaka Securities Exchange All Share Index recorded a strong performance in 2025, gaining 67.9% in local-currency terms and 111.7% for US-dollar investors, according to market data.

The growth of Zambia’s capital market could also support companies seeking to raise long-term financing through public markets rather than relying exclusively on bank lending.

For investors, however, new listings also bring the need to assess company fundamentals, liquidity and market risks. An increase in the number of securities available for trading does not automatically guarantee sustained market activity, making liquidity and investor participation important factors in determining the long-term impact of the expansion.

The planned gold ETF could add another dimension to the market by connecting Zambia’s domestic exchange more directly with the international precious-metals investment theme.

As the new products and listings come to market, attention will focus on their structure, pricing, liquidity and investor participation, as well as whether the expansion can contribute to deeper and more diversified capital markets in Zambia.