State-Owned Enterprises (SOEs) play a significant role in Zambia’s economy, particularly in sectors such as mining and infrastructure where they are responsible for substantial public investment. The analysis draws on secondary data from government reports, academic literature, and media sources, focusing on key indicators such as board composition, corporate governance practices, and performance metrics. Current governance structures fail to fully align SOEs with broader national development goals, necessitating reforms that enhance transparency and accountability. Reforms should include strengthening board independence, introducing independent audit mechanisms, and integrating SOE strategies more closely with government policy frameworks.