In this paper we aim to contribute to the literature on emerging and transforming aquaculture value chains in Africa by examining recent developments in the aquaculture sector in Zambia. The overall objective was to map the current value chain, describe the actors and stakeholders and understand the dynamics that have led to transformation in the value chain. We use a Global Value Chain (GVC) analysis and focus in particular on evidence of upgrading trajectories that have enabled commercial growth. The analysis further focuses on forms of coordination between lead firms (and external actors) that govern these trends and interactions. It is hoped the analysis provides greater insights into some of the emerging value chain trends in aquaculture in Africa.