New book on Conservation and Development of Victoria Falls launched

The Zambezi Book Company have announced publication of their latest study on the history of the Victoria Falls - 'Paradise Lost? Conservation and Development of the Victoria Falls (1900-2025)', researched and written by Peter Roberts and available to purchase online across the world through Amazon. The book is the latest in an ongoing series looking at the modern history and developments of the Victoria Falls, including detailed studies on the history of the Victoria Falls Bridge, Hotel and tourism development on both sides of the river.

'Paradise Lost?' presents a detailed overview of the establishment and evolution of the protected areas surrounding the Falls from the early 1900s and the subsequent erosion and fragmentation of these areas under growing tourism development pressures, including extended detail on the period since the designation of the Falls as a UNESCO World Heritage Site in 1989 through to the modern day. The book documents increasing tourism development pressures and raises serious questions over the management of the protected area of the Falls and monitoring and oversight of international designations aimed at preserving the natural environment of the Falls for future generations.

Focussing on the area of the Victoria Falls and river corridor immediately above and below the Falls, protected since the early part of the last century, 'Paradise Lost?' details the conservation history of this area through to its designation as a World Heritage Site, and the degrading of this ecologically vulnerable area under ever increasing development pressures. The book ends with a review of the recently proposed Victoria Falls development 'masterplan' and latest UNESCO joint management plan, to be presented to the World Heritage Committee at the end of July 2026, with strong words of warning and recommendations for UNESCO regarding recent and proposed tourism developments within the protected area of the World Heritage Site.

Fully illustrated with 22 specially produced colour maps and 30 supporting colour graphics and photographs.

Read more on the website - 'Paradise Lost? Conservation and Development of the Victoria Falls (1900-2025)' - or order now online through Amazon.

Zimbabwe records rise in Victoria Falls tourist arrivals

 Zimbabwe's tourism sector continues to register positive growth, with new figures showing an increase in visitor arrivals to the Victoria Falls Rainforest during the first quarter of 2026.

The latest statistics suggest that the country is building on the momentum generated by its growing international profile and ongoing efforts to position itself as a leading tourism destination in Africa.

According to official first-quarter data released by the Zimbabwe Parks and Wildlife Management Authority, visitor arrivals to the iconic Victoria Falls Rainforest increased from more than 60,000 during the first quarter of 2025 to over 64,000 during the same period this year.

The increase reflects sustained interest in one of Zimbabwe's most important tourism attractions and comes as the country seeks to expand tourism's contribution to economic growth, employment creation and foreign currency generation.

Victoria Falls, a UNESCO World Heritage Site, remains the flagship of Zimbabwe's tourism industry and is widely regarded as one of the world's most spectacular natural attractions.

ZimParks Public Relations Manager, Luckmore Safuli, said the figures demonstrate growing confidence among both domestic and international visitors.

"The first-quarter statistics demonstrate growing confidence among visitors choosing Victoria Falls as their preferred destination," he said.

"We are continuously improving the visitor experience while ensuring the sustainable conservation of this unique ecosystem."

Safuli said authorities expect visitor numbers to continue rising throughout the year as tourism promotion efforts gather momentum.

"Going forward, we expect Victoria Falls to attract more visitors, thereby contributing to Zimbabwe's tourism growth. As ZimParks, we remain committed to ensuring that all tourists visiting this UNESCO World Heritage Site enjoy a safe and premium experience," he said.

Tourism officials view the performance of Victoria Falls as a key indicator of the broader health of Zimbabwe's tourism industry, which has been identified as a strategic sector under the country's economic development plans.

The destination remains a major source of foreign currency earnings and supports thousands of jobs across hospitality, transport, retail and related industries.

Economic analyst Stevenson Dlamini said growth in tourist arrivals generates benefits far beyond the tourism sector itself.

"What makes these numbers important is that tourism has strong multiplier effects across the economy," he said.

"Every additional tourist supports employment, creates demand for local goods and services, and generates foreign currency earnings."

He added that increased visitor activity at Victoria Falls contributes to wider economic development in surrounding communities and across the national economy.

"Growth at Victoria Falls therefore translates into broader economic benefits for both local communities and the national economy," Dlamini said.

The tourism industry has continued to attract investment in recent years, with new hotels, eco-lodges and tourism facilities opening in and around Victoria Falls.

At the same time, authorities have intensified conservation efforts aimed at protecting the area's unique biodiversity and maintaining the destination's appeal for future generations.

Industry stakeholders believe the combination of infrastructure development, improved visitor experiences and enhanced marketing efforts is helping strengthen Zimbabwe's competitiveness in the regional tourism market.

The steady increase in arrivals also reflects growing confidence among travellers seeking nature-based and adventure tourism experiences.

As tourism activity expands, Victoria Falls continues to reinforce its status as one of Africa's premier tourism destinations and a cornerstone of Zimbabwe's tourism economy.

With visitor numbers trending upward and further investments expected across the sector, tourism authorities remain optimistic that the positive momentum will continue throughout 2026, supporting economic growth, job creation and foreign currency earnings.

Source: Zimbabwe records rise in Victoria Falls tourist arrivals (14/06/2026)

Zambezi River levels continue to fall at Victoria Falls

The Zambezi River Authority latest figures for Zambezi River levels (up to 26th May), recorded at Nana's Farm Hyrdrological Station (located on the north bank about 20 km above the Falls) show that river levels continue to drop, ending the period at 3,032m3/s m3/s (against 2,778m3/s at same date last year).

(click for larger view)

See also

Victoria Falls Bits and Blogs (24/04/2026) Zambezi River levels at Victoria Falls experience early peak.

Victoria Falls Bits and Blogs (11/05/2026) Victoria Falls river levels continue to drop.

Read more on the hydrology of the Upper Zambezi and Victoria Falls on the Keep Victoria Falls Wild website.

 

 

Exclusive-use safari camp opens on Zimbabwe’s Jafuta Reserve near Victoria Falls

 A new seasonal tented camp on Zimbabwe’s private Jafuta Reserve is set to offer travellers a quieter, more immersive alternative to the traditional Victoria Falls experience.

Located just 15 minutes from Victoria Falls International Airport, the newly launched Victoria Falls Tented Camp by Chiefs Tented Camps has been developed with private group travel in mind. Operating during the March to September 2026 season, the exclusive-use camp caters primarily to the international incentive and luxury group travel market.

Developed in partnership with Shearwater, the camp responds to growing demand for dedicated group accommodation near Victoria Falls, particularly during peak travel periods when many of the region’s boutique lodges are booked out well in advance.

Set within the privately managed Jafuta Reserve, the camp occupies an active wildlife corridor frequently used by the area’s elephant population as they move between surrounding protected wilderness areas. Guests can expect regular wildlife sightings in a setting that feels far removed from the bustle often associated with one of Southern Africa’s busiest tourism hubs.

Accommodation comes in the form of luxury en-suite canvas tents designed with a low-impact footprint and an emphasis on blending into the surrounding landscape. The camp initially features 40 tents accommodating up to 80 guests sharing, although the setup can be expanded for larger bespoke groups exceeding 100 guests.

While the camp positions itself within the luxury safari market, its focus extends beyond high-end accommodation. Conservation, education and community engagement form a central part of the experience, with elephant-focused activities and educational encounters linked to ongoing conservation work in the region.

Guests can also expect guided bush experiences, wildlife photography opportunities, river-edge sundowners and cultural programming featuring local artists and storytellers. Evenings are designed around open-air dining, campfires and uninterrupted time in nature.

According to Allan Johnston of Chiefs Tented Camps, the concept was born from a gap in the Victoria Falls market for dedicated group inventory.

“Victoria Falls has long been a leading incentive destination, but over time the availability of dedicated group inventory has diminished as the market shifted toward smaller boutique properties,” says Johnston.

“What we’ve created at Jafuta is a private canvas camp where groups can come together in one place, in the bush, without compromise, close to the Falls, but completely immersed in nature.”

Through special arrangements with Zimbabwe Parks and Wildlife Management Authority, guests can also access quieter routes into nearby protected areas, including Chamabondo National Park and Zambezi National Park, avoiding some of the region’s busier tourist entry points.

The off-grid camp has also incorporated several sustainability measures, including plans to gradually introduce solar energy and partnerships with certified recycling and waste-management providers in Victoria Falls.

Bookings for the 2026 season are now open to incentive planners, corporate groups, travel trade operators and DMC partners.

Source: Exclusive-use safari camp opens on Zimbabwe’s Jafuta Reserve near Victoria Falls (19/05/2026)

Can the Victoria Falls Stock Exchange (VFEX) Revitalize Zimbabwe’s Economy?

 Zimbabwe created a US dollar-denominated exchange in Victoria Falls, the Victoria Falls Stock Exchange (VFEX), to offer issuers and investors a rules-based “hard currency land” for capital raising and secondary trading, in an environment where domestic currency instability and exchange controls have historically deterred long-term investment. VFEX has the potential to become a credible conduit for hard currency capital into Zimbabwe and regional firms, particularly exporters and mining/tourism firms, but only if the country sustains a predictable exchange control regime, deepens market liquidity, and builds a governance framework that global investors can trust. Its relationship to the Zimbabwe Stock Exchange (ZSE) in Harare is both complementary and competitive. It could modernize market infrastructure and widen investor choice, but it could also drain liquidity and “best issuers” from the domestic equity board, entrenching a two-track financial system, unless domestic currency credibility improves.

Why VFEX Was Created and What Is Unique About It

In the summer of 2020, after allegations that ZSE transactions were contributing to currency instability, the government of Zimbabwe suspended trading. In August of that year, the government created the VFEX, and issued Statutory Instrument (SI) 196 of 2020, titled Exchange Control (Special Provisions for Securities Listed on Victoria Falls Stock Exchange) Regulations, under Section 2 of the Exchange Control Act (Chapter 22:05). The purpose of the regulations was to set out exchange control rules for companies listed on the VFEX, to ensure currency stability and reduce local currency risk, regulate the source of capital raised on the exchange, and encourage reinvestment of foreign capital. Securities listed on the exchange must be tradable and settled solely in US dollars or a convertible currency.

Zimbabwean and foreign companies can list on the exchange if their capital is raised from offshore sources or free funds, and capital raised on the exchange can be held in approved local or offshore accounts with an internationally recognized bank.

The exchange was launched to leverage Victoria Falls’ global profile and attract foreign investment to Zimbabwe. This is part of a broader government framework to manage capital flows and ensure that foreign currency-denominated listings contribute to local economic activity.

Victoria Falls is now being considered a special economic zone and, recently, as an international financial services center. VFEX is intended to be an “anchor tenant,” an institutional signal to investors that Zimbabwe is willing to create a fenced-off, internationally oriented set of rules for selected activities, even when the domestic economy is in turmoil. The Victoria Falls Special Economic Zone (SEZ) is designed to be a multi-sector, tourism-driven hub, somewhat parallel to China’s Shenzhen Special Economic Zone model, albeit with a different regional and economic context. In addition to expanding and upgrading the tourism and hospitality infrastructure and offering international financial services, the SEZ will include satellite towns and areas to house commercial, power-generation, and tourism facilities, rather than the industrial, export-driven manufacturing approach of Shenzhen. Rather than aiming to become a manufacturing hub, the SEZ aims to make Victoria Falls a regional conference, finance, and leisure capital.

What Is VFEX? 

VFEX is as much a policy instrument as an equities market. One of its main objectives is to reassure investors, foreign and domestic, that there is a safe place to invest in Zimbabwe free from the turmoil that has roiled the domestic economy. As of December 2025, Zimbabwe’s economy was projected to grow by 6.6 percent, driven by recovery in agriculture and manufacturing, high inflation and public debt remain challenges. Inflation has averaged between 100 and 150 percent due to currency instability and supply-side disruptions. The country has substantial public debt and external arrears, constraining access to affordable financing. The high debt service costs crowd out essential investments. Politics also poses challenges to the economic situation. President Emmerson Mnangagwa’s efforts to reset relations with the United States have the potential to increase American assistance and investment, but also pose a risk of alienating Zimbabwe’s traditional allies within the Southern African Development Community (SADC). Policy consistency and investment in key sectors will be crucial if Zimbabwe is to sustain the gains it has made. VFEX has the potential to be the strategic platform not only to sustain but also to expand its economic gains.

One of VFEX’s main goals is to lower the cost and increase the feasibility of raising capital for firms whose investment needs are naturally dollar-linked. This includes exporters, miners, regional retailers, tourism operators, and firms with imported input chains. In Zimbabwe’s volatile domestic currency environment, raising equity in local currency can produce financing that is quickly eroded in real terms. By offering settlement in US dollars, VFEX aims to align financing currency with investment currency, improving corporate planning horizons and facilitating project underwriting.

To compensate investors for Zimbabwe’s country risk, VFEX offers several incentives, including a 5 percent dividend withholding tax, exemption from capital gains withholding for foreign investors, and reduced exchange control restrictions. Even though organizationally it is a subsidiary of ZSE, it offers lower trading costs than ZSE.

By January 2024, VFEX had a market capitalization of over $1.2 billion and had traded more than $26 million worth of shares. VFEX’s goals are aligned with Zimbabwe’s National Development Strategy 1 (NDS1), a five-year plan that aims to achieve macroeconomic stability, inclusive growth, and social development.

VFEX is organized along a hybrid public-private line, as part of Zimbabwe Stock Exchange Holdings Limited (ZSE Holdings), the investment holding company for Zimbabwe’s capital markets. The Government of Zimbabwe has a controlling 32 percent interest in ZSE Holdings. While this might raise concerns about political interference if market governance is seen as an extension of state policy rather than a neutral utility, it can also help align VFEX with national development priorities and make fund repatriation commitments more credible if government authorities are seen as invested in success.

On May 5, 2026, Zimbabwe announced Statutory Instruments 62 and 63, which shifted VFEX from the oversight of the Securities and Exchange Commission of Zimbabwe (SECZ) to the Victoria Falls International Financial Services Centre (IFSC). While this is not an iron-clad guarantee of no government interference in VFEX’s operations, the creation of the IFSC seems to indicate the government’s desire to establish firewalls between the Victoria Falls Special Economic Zone and the turmoil of Zimbabwe’s domestic economy. The real test will be whether rule changes in IFSC and VFEX are consultative, transparent, and predictable over time, particularly during times of currency or fiscal stress.

Performance to Date

Public reporting indicates that VFEX has grown, albeit from a small base. Despite a challenging environment, according to Zimbabwean media, VFEX market turnover rose 117 percent, going from US$26.3 million in 2023 to US$57 million in 2024. Market capitalization increased by 6 percent to US$1.3 billion in 2025. In 2024, the number of trades increased by 31 percent.

Growth in turnover, however, does not translate directly into deep liquidity, or a market with high volume and a narrow bid-ask spread, where there are many buyers and sellers ready to execute trades at close-to-identical prices, which creates a deep market. While VFEX might not entirely fit the definition of a deep market, trades are not concentrated at the high and low extremes, with little activity in the middle, creating a barbell structure. VFEX offers a diverse range of securities, suggesting a multi-tiered market with top gainers and top losers showing wide price dispersion, with no evidence of a sharp drop in trading volume or liquidity at the extremes. It also includes a mix of asset classes and maturities to further avoid a barbell structure.

VFEX is a “frontier market,” an equity market in a developing country that is more advanced than the least developed countries (LDCs) but less developed than mainstream emerging markets. It is in that middle ground between LDCs and emerging markets, offering high long-term returns with somewhat higher risks and lower liquidity.

Implications for US-Zimbabwe Relations

For US investors and corporations, the principal advantage of VFEX is operational: securities are denominated and settled in US dollars or other convertible currencies, reducing currency exchange complexity. If repatriation procedures are credible, VFEX can serve as a cleaner channel for Zimbabwe exposure than local currency assets. This matters to frontier-market portfolio managers, diaspora-linked investors with US dollar resources, and corporations exploring strategic stakes in Zimbabwean firms with export earnings, such as mining, agribusiness, tourism, logistics, and energy services.

A key impediment to US investment or other business ventures in Zimbabwe has been the Zimbabwe Democracy and Economic Recovery Act of 2001 (ZIDERA), enacted on December 21, 2001 in response to political violence and democracy suppression in Zimbabwe in the late 1990s, which directs US executive directors at international financial institutions to oppose certain lending and debt relief to the Government of Zimbabwe unless certain specific conditions are met. Although it was not a blanket prohibition on private investment, it created an environment that led many American investors to adopt more conservative de-risking policies toward Zimbabwe. In September 2025, H.R. 5300, a bill to guide US foreign policy, was introduced in the House of Representatives. Section 303 of that bill repealed ZIDERA, but left significant conditions in place, including the requirement that Zimbabwe remit all outstanding arrears owed under the Global Compensation Deed, inflation-adjusted to the date of enactment, and compensation shall not be in the form of Zimbabwe-issued securities. While this bill (that has not yet been signed into law) represents a symbolic victory for Zimbabwe’s government, with an external debt of over $14 billion, the cash-strapped government is unlikely to be able to satisfy the conditions.

This matters because if American investors remain wary, VFEX might struggle to attract US currency even with the firewalls separating it from the domestic economy. If, on the other hand, VFEX becomes a credible, rules-based channel that attracts reputable foreign investment (including US-linked firms), it can create stable operating conditions, transparent regulation, and credible dispute resolution, providing a platform for pragmatic dialogue even when bilateral political relations are tense. Conversely, if VFEX is perceived as an institution that benefits a narrow elite, it will intensify skepticism in Washington and among US investors.

Source and full article: Can the Victoria Falls Stock Exchange (VFEX) Revitalize Zimbabwe’s Economy? (20/05/2026)

 

British Airways’ return to boost Vic Falls tourism

 THE resumption of British Airways’ flights to Victoria Falls after being suspended for more than a year, is a big endorsement of the country’s tourism sector and Zimbabwe’s investment profile, industry players have said.

There was a special reception last Thursday when the global airline service plane landed at Victoria Falls International Airport with more than 90 passengers on board. Various stakeholders that included tourism players were at the airport by 1PM to welcome back the British Airways, which is operated by Comair.

The airline’s operations were suspended on 24 March last year when many countries enforced Covid-19 travel restrictions.
Its return comes at a time when more airlines have expressed interest to resume flights to Zimbabwe, which has made significant strides in ensuring visitors’ safety through rolling out Covid-19 vaccinations.

Victoria Falls is the first city in the country to attain herd immunity after a majority of its residents were vaccinated.

The Comair country manager, Ms Karen Tumazos, said the resumption of flights was a big win for tourism operations.

“This is great for us to bring visitors to Victoria Falls City, which is one of the top destinations in Zimbabwe. It has been over a year since we last flew here and we are hoping to see an increase in passengers going forward,” she said.

“We will be flying twice, weekly in May and from 1 June we resume daily flights and we hope to keep flying and increase frequencies to Zimbabwe,” said Ms Tumazos.

Some of the passengers who came from South Africa were excited to be back to the resort city and could not wait to experience the adventures and wonders of Victoria Falls including seeing wildlife and sampling other activities.

“I have been coming to Victoria Falls for the past 15 years and I still get the drive to come back for more because I love this place,” said Mr Michael Johnston.

Another visitor Miss Lathitha Gazi said: “I look forward to the best experience in Victoria Falls and we want to have fun as we celebrate one of my family member’s birthdays.”

Source: British Airways’ return to boost Vic Falls tourism (18/05/26)

Victoria Falls Safari Lodge expands facilities

 IN A continuously evolving MICE landscape, Victoria Falls Safari Lodge remains an inspiring choice for conferences, meetings and events.

Anald Musonza, Head of Sales and Marketing at Africa Albida Tourism, which owns and operates the lodge, tells Tourism Update the focus is on creating a seamless experience for event organisers and delegates. There is also emphasis on tailored group experiences and wellness options, as many corporate groups are now looking for more than a traditional meeting set-up.

Since the launch of Queen Nandi Place in April last year, Victoria Falls Safari Lodge has expanded its facilities with the addition of Imbizo 1 and Imbizo 2 breakaway rooms, and the Elangeni Lounge, providing greater flexibility for smaller sessions and multi-day meetings, says Musonza.

The lodge is also in the process of upgrading its Indaba conference room, which will further enhance the overall delegate experience.

Facilities

“We offer a selection of fully equipped venues with modern audiovisual capabilities, flexible seating configurations, and dedicated support teams,” says Musonza.

“Our venues can comfortably accommodate groups ranging from small executive groups of 10-20 delegates up to larger conferences of 180 delegates, depending on the set-up and venue selection.”

Victoria Falls Safari Lodge has 72 rooms and is suited to larger groups and conferences.

For smaller, intimate, high-level corporate gatherings, the Victoria Falls Safari Club is the ideal option, offering travellers exclusivity, privacy and highly personalised service.

Immersion

"MICE guests are interested in experiences that feel local and are immersed in the culture of the destination,” says Musonza.

Cultural dining experiences are very popular as they encourage group participation and create a strong sense of place, such as with the Boma – Dinner & Drum Show.

“Our location and offering allow us to deliver events that are productive and genuinely memorable,” says Musonza. Responsible tourism Sustainability is a clear and growing priority for MICE travellers.

“More and more, we see that event planners are looking for venues that can show meaningful sustainability practices. We are seeing demand for locally sourced ingredients in our menus and experiences that support community engagement.”

Victoria Falls Safari Lodge actively incorporates responsible tourism into its MICE offerings, including efficient resource management, support for local suppliers and opportunities for event delegates to engage with conservation and community projects.

Source: Victoria Falls Safari Lodge expands facilities (Southern and East African Tourism Update, 18 May 2026)