Zambia’s Lusaka Securities Exchange is targeting the introduction of its first gold exchange-traded fund before the end of October 2026, but the product had not begun trading as of the latest available updates. LuSE chief executive Nicholas Kabaso said the proposed fund would be sponsored by Absa Group and introduced through a listing from the Johannesburg Stock Exchange. If completed, it would also be the first ETF of any kind available on LuSE.
The planned structure appears to involve admitting an existing gold-linked security rather than raising fresh capital through a conventional initial public offering. That distinction means the listing could give Zambian investors access to gold-price exposure through the local market without creating a new pool of money for domestic mining companies. The proposed timetable remains an exchange target, not a confirmed trading date.
LuSE’s own description of ETFs says they can track a single commodity and trade like ordinary shares, with prices determined by supply and demand. The existing Absa NewGold product on the Johannesburg exchange tracks spot gold, is backed by bullion held with a custodian and represents approximately one-hundredth of a troy ounce per security. Its published materials identify a primary market maker and daily net-asset-value information, but those features do not establish that identical terms will apply to a future Zambian listing.
Final documents still need to establish the local trading symbol, currency, fees, minimum quantity, custody arrangements, market-making provisions and required approvals. Those details will determine whether investors can buy and sell the security at reasonable cost and whether the market remains liquid enough for prices to track the underlying metal efficiently. Investor outcomes would also reflect gold prices, movements in the kwacha against the dollar and transaction costs; exposure to gold would not guarantee gains or protection from losses.
A LuSE listing would not, by itself, show that the fund buys gold mined in Zambia, finances local mines or supports domestic refining. The separate pipeline of five possible company listings, which has been associated with potential capital raising of about US$1 billion, is not an ETF fundraising target. The practical test for the gold product will therefore be whether it launches with clear terms, develops sustained trading and discloses any documented connection to Zambia’s gold producers.