2026 Pre-Budget Survey Report

This year, KPMG surveyed stakeholders from a wide range of businesses to gather insights on the impact of government policies on their performance. These insights also serve as evidence-based input to help shape the formulation of the national budget. In partnership with the United Nations Development Programme (UNDP) in Zambia, we obtained responses from a diverse array of businesses, with representation from the Services sector (32%), Agriculture (19%), Mining (8%), and Manufacturing (6%).

This report comes at a time when Zambian businesses and individuals are eagerly anticipating the direction of government policy in the 2026 National Budget to foster inclusive and sustainable growth. Results from the survey revealed that inflation, Kwacha fluctuations, and high interest rates have had the most significant negative impacts on business performance. These effects have been amplified by challenges such as high utility costs, climate-related events, difficulties in retaining skilled labour, and limited access to capital.