Still Kicking the Can Down the Road... UNESCO World Heritage Committee Draft Decision text published

Keep Victoria Falls Wild, 9th July 2026

UNESCO have released the draft papers and reports to be considered by the World Heritage Committee at its forthcoming 48th session, to be held at Busan, Republic of Korea over 19th-29th July 2026. The documents are available to download from the UNESCO website here.

The World Heritage Centre's overview and the Committee's Draft Decision text relating to the Mosi-oa-Tunya/Victoria Falls World Heritage site is published within document WHC/26/48.COM/7B.Add (download here), and presented below in full for ease of reference.

The Committee is due to consider its response to the latest State of Conservation report and draft Joint Management Plan for the World Heritage Site, submitted in December 2025. We previously reported on these documents in a Special Report in January this year - Keep Victoria Falls Wild Reaction and Response to the 2025 State of Conservation Report and 2025-2030 Draft Joint Integrated Management Plan (pdf download, 0.6mb).

Under 'Current Conservation Issues' the text highlights lack of clarification of the status of mitigation measures, originally requested in 2024, relating to the Mosi-oa-Tunya Resort development in Zambia, constructed in 2021/2 "without fully meeting all the approval conditions set out in the Zambian Environmental Management Authority (ZEMA) Decision Letter."

"While it is reported that the completed construction of the Mosi-oa-Tunya Livingstone Resort Hotel does not adversely affect the OUV of the property, the 2022 Reactive Monitoring mission identified numerous shortfalls and non-compliance with the World Heritage status of the property, including differing interpretations of zoning terms. Given that the project has already been completed, and in light of the concerns raised by the mission and in previous Committee Decisions, the information provided by the State Party does not demonstrate whether the mitigation measures previously reported are being implemented to adequately address negative impacts on the property’s OUV. The development of a comprehensive Environmental and Social Management Plan (ESMP), as recommended in the 2022 reactive monitoring mission, and already mentioned in the report submitted by the States Parties in February 2024, is even more urgent to ensure that the mitigation and monitoring initiatives put in place also consider the visual integrity and cumulative effects of the project. In addition, the reported review of the 2007 Zonation Scheme should be expedited to clarify the inconsistencies and refine the associated permissible-use thresholds."

The text also notes no update has yet to be given in relation to the launch of tours to CataractIsland in 2022 and development of the Baines Restaurant over 2022/3. Again this lack of response follows a specific request for information from the World Heritage Centre in 2023.

"Finally, no update was provided regarding the third-party concerns related to permits for two commercial tourism developments in highly sensitive zones of the property, notably Cataract Island and its riverine rainforest on the Zimbabwean component, which remain of great concern, particularly given available online information indicating that they have already commenced operations."

In its Draft Decision text the World Heritage Committee:

"4. Expresses serious concern that cumulative impacts from large-scale infrastructure and ever-increasing tourism development within the property, its buffer zone, and wider setting continue to pose a significant threat to the Outstanding Universal Value (OUV) of the property, a situation exacerbated, among other things, by the fact that several development projects, which the States Parties have indicated to be at the scoping stage, are currently underway, and invites the States Parties to provide further details on the reported development projects that are under consideration as soon as more information is available: ...

"6. Notes with regret that no update was provided regarding the third-party concerns related to permits for two commercial tourism developments in highly sensitive zones on the Zimbabwean component of the property, noting that information available online indicates that these developments have already commenced operation, expresses its deep concern about the potentially irreversible impacts of these projects on the integrity and the visual attributes of the property and urgently requests the States Parties to report on the monitoring and mitigation measures in place to ensure that the infrastructures do not negatively affect the OUV of the property;

"7. Also notes with regret that the construction of the Mosi-oa-Tunya Livingstone Resort Hotel proceeded without fully meeting approval conditions at the national level and following the Committee’s request to halt further activities until the Environmental and Social Impact Assessment (ESIA) had been submitted and reviewed, and reiterates its requests to the States Parties to implement the 2022 Reactive monitoring mission recommendation to develop a comprehensive Environmental and Social Management plan, which the States Parties indicated in their 2024 report was already being developed, ensuring that the mitigation measures put in place take into account the visual integrity and cumulative effects of the project and address its negative impacts on the property’s OUV;

"8. Also reiterates its request to the States Parties to ensure that any project located within the property, its buffer zone, and wider setting with potential impacts on the OUV is subject to assessment through ESIA or HIA in conformity with the Guidance and Toolkit for Impact Assessments in a World Heritage Context and submitted for review prior to any decision; "

Regarding the draft Joint Management Plan for the site, the text raises several specific concerns to be addressed in a revised draft, to be submitted by 1st December 2027, presumably for consideration by the Committee in 2028.

"13. Finally requests the States Parties to submit to the World Heritage Centre, by 1 February 2027, an interim report including a copy of the updated JIMP, taking into consideration the comments outlined above, and by 1 December 2027, an updated report on the state of conservation of the property and the implementation of the above, for examination by the World Heritage Committee at its 50th session."

The text also indicates the World Heritage Centre sent the State Parties a letter in September 2024 requested information relating to tourism developments within the Site's no new development zone - sadly not specified but believed to relate to the lease agreements, already signed with third parties, for the development of the proposed riverside 'tree lodges' and Kandahar Camp developments on the southern, Zimbabwean, side of the Falls. Not surprisingly, eighteen months later, the World Heritage Centre has not had any response to this request.

"In a letter dated 25 September 2024, the World Heritage Centre transmitted to the State Party of Zimbabwe, for comments, third-party information reporting the issuance of several commercial sites for tourism developments in contradiction to the existing JIMP within the property. No response has been received from the State Party at the time of writing this report."

The State Parties on both sides of the river will no doubt yet again be patting each other on the back for successfully delaying any significant review of tourism developments at the Site by the Committee until 2028.

Full text relating to Mosi-oa-Tunya/Victoria Falls World Heritage Site:

48 COM, WHC/26/48.COM/7B.Add

Paris, 19 June 2026 

Convention Concerning The Protection Of The World Cultural And Natural Heritage

Intergovernmental Committee For The Protection Of The World Cultural And Natural Heritage

Forty-eighth session, Busan, Republic of Korea, 19-29 July 2026

Item 7B of the Provisional Agenda:

State of conservation of properties inscribed on the of World Heritage List

93. Mosi-oa-Tunya / Victoria Falls (Zambia, Zimbabwe)

Year of inscription on the World Heritage List: 1989

Criteria: (vii)(viii)

Year(s) of inscription on the List of World Heritage in Danger: N/A

Previous Committee Decisions:

See page https://whc.unesco.org/en/list/509/documents/

International Assistance:

Requests approved: 6 (from 2001-2022) Total amount approved: USD 118,585 For details, see page https://whc.unesco.org/en/list/509/assistance/

UNESCO Extra-budgetary Funds:

Total amount granted: USD 50,000 in 2015 through the UNESCO World Heritage Sustainable Tourism programme (Flanders Funds-in-Trust)

Previous Monitoring Missions:

November 2006: joint World Heritage Centre / IUCN Reactive Monitoring mission; February 2022: joint UNESCO/IUCN Reactive Monitoring mission

Factors Affecting the Property Identified in Previous Reports

Air pollution

Drought

Housing (uncontrolled urban development driven by population increase)

Impacts of tourism / visitor / recreation

Invasive/alien species

Major visitor accommodation and associated infrastructure

Management systems/ management plan

Solid waste

Surface water pollution

Water extraction (related to existing hydropower production)

Water infrastructure (Batoka Gorge Hydro Electric Scheme- downstream hydropower dam with reservoir encroaching on the property)

Illustrative material

See page https://whc.unesco.org/en/list/509/

Current Conservation Issues 

1. On 1 December 2025, the States Parties of Zambia and Zimbabwe submitted a state of conservation report for the property available at https://whc.unesco.org/en/list/509/documents, reporting the following:

a) The States Parties assured of the continued result-oriented and robust efforts in conducting empirical-based, data-driven, and people-centered research, as well as monitoring and management activities within and around the property;

b) A Strategic Environmental Assessment (SEA) on cumulative development and environmental pressure on the property was undertaken in consultation with relevant stakeholders; 

c) The States Parties reiterate their dedication to the full implementation of the 2022 Reactive Monitoring mission recommendations, and regular updates on progress will be provided;

d) Significant progress has been made in addressing the increasing pressure from tourism infrastructure, including the finalization and submission of the draft Joint Integrated Management Plan (JIMP) along with this report, while awaiting its validation by the Joint Technical Committee (JTC), before resubmission to the World Heritage Centre, as well as on matters such as the delineation of the precise boundaries of the property and its buffer zone, and the harmonization of national and transboundary plans and policy documents;

e) The Environmental and Social Impact Assessment (ESIA) for the proposed Batoka Gorge Hydro Electric Scheme (BGHES) is being revised in conformity with the Guidance and Toolkit for Impact Assessments in a World Heritage Context and will be submitted to the World Heritage Centre prior to final decision;

f) The construction of the Mosi-oa-Tunya Livingstone Resort Hotel proceeded without fully meeting all the approval conditions set out in the Zambian Environmental Management Authority (ZEMA) Decision Letter. A review of inconsistencies in the 2007 Zonation Scheme and its associated permissible-use thresholds is ongoing;

g) A boundary modification is reported to have been formally submitted to the World Heritage Centre in conformity with the Operational Guidelines;

h) Joint site protection measures focusing on invasive species control, fire management, visitor management, community engagement, environmental education, enhanced conservation, and law enforcement are in place and ongoing;

i) A number of development proposals within the property and its buffer zone have been submitted for consideration by authorities. These are mostly at the scoping stage, and EIA documents have not yet been produced. The States Parties commit to ensuring that all project developments within the property, its buffer zone, and wider setting will be subject to a comprehensive ESIA, in line with the afore-mentioned guidance, prior to any decision;

2. In a letter dated 25 September 2024, the World Heritage Centre transmitted to the State Party of Zimbabwe, for comments, third-party information reporting the issuance of several commercial sites for tourism developments in contradiction to the existing JIMP within the property. No response has been received from the State Party at the time of writing this report.

Analysis and Conclusions of the World Heritage Centre and IUCN

3. The continued cooperation between the States Parties, supported by their partners, to improve the property’s state of conservation through joint protection measures focusing on invasive species control, fire management, visitor management, community engagement, environmental education, enhanced conservation, and law enforcement is appreciated.

4. There are still concerns about the cumulative impact of large-scale infrastructure and ever-increasing tourism developments within the property, its buffer zone, and wider setting, given that several development projects, which the States Parties have indicated to be at the scoping stage, are currently underway, according to various online media outlets. Despite repeated Committee decisions and recommendations from the 2022 Reactive Monitoring mission, the delayed completion and submission of the requested SEA remains highly concerning. Without the SEA, it is difficult to adequately assess, manage, or mitigate the cumulative impacts of multiple projects on the Outstanding Universal Value (OUV) of the property, particularly in this transboundary context. It is therefore important to expedite the finalization and submission of the SEA, whilst ensuring that the newly identified projects are also considered in this process or through a Heritage Impact Assessment (HIA). The States Parties are also invited to provide further details on the reported projects that are under consideration by the authorities as soon as more information becomes available.

5. The proposed BGHES continues to pose a major potential threat to the OUV, particularly with respect to the property’s geomorphological processes, landscape integrity, visual attributes, and hydrological dynamics. Recalling that news reports in 2024 indicated plans to retender the project with new potential developers expected in 2025, no substantive updates on this project are provided in this regard. Noting the ongoing revision of the ESIA in conformity with the Guidance and Toolkit for Impact Assessments in a World Heritage Context, it should be recalled that this ESIA must explicitly assess alternative scenarios to avoid negative impacts on the OUV, as recommended by the 2022 Reactive Monitoring mission, and be submitted to the World Heritage Centre prior to taking any decision that is difficult to reverse.

6. While it is reported that the completed construction of the Mosi-oa-Tunya Livingstone Resort Hotel does not adversely affect the OUV of the property, the 2022 Reactive Monitoring mission identified numerous shortfalls and non-compliance with the World Heritage status of the property, including differing interpretations of zoning terms. Given that the project has already been completed, and in light of the concerns raised by the mission and in previous Committee Decisions, the information provided by the State Party does not demonstrate whether the mitigation measures previously reported are being implemented to adequately address negative impacts on the property’s OUV. The development of a comprehensive Environmental and Social Management Plan (ESMP), as recommended in the 2022 reactive monitoring mission, and already mentioned in the report submitted by the States Parties in February 2024, is even more urgent to ensure that the mitigation and monitoring initiatives put in place also consider the visual integrity and cumulative effects of the project. In addition, the reported review of the 2007 Zonation Scheme should be expedited to clarify the inconsistencies and refine the associated permissible-use thresholds. Finally, no update was provided regarding the third-party concerns related to permits for two commercial tourism developments in highly sensitive zones of the property, notably Cataract Island and its riverine rainforest on the Zimbabwean component, which remain of great concern, particularly given available online information indicating that they have already commenced operations.

7. The transmission of the draft JIMP 2025-2030 is appreciated, as it represents an effort towards a coherent strategic framework grounded in a clear articulation of the OUV and key conservation challenges, particularly development and tourism pressures. The reinstatement of a three-tier zoning system aligned with the 2007 framework is conceptually sound for protecting priority areas, but it needs to be detailed sufficiently in the draft JIMP to function as an effective regulatory tool.

The draft document lacks a finer-scale map and detailed information on the zoning system. It must also include the necessary safeguards and thresholds to mitigate developmental pressures as repeatedly requested by the Committee. In addition, the research and monitoring framework remains largely aspirational, with limited detail on methodologies, responsibilities, and how findings will inform adaptive management. The treatment of cumulative and transboundary impacts is also insufficient, particularly in relation to major developments such as the proposed BGHES and ongoing urban growth, which may significantly affect hydrological regimes, ecological connectivity, and visual integrity. The JIMP must also establish enforceable visitor carrying capacities, strictly controlled areas, and clearly define their implementation through joint governance arrangements. Without strengthening these operational, regulatory, and monitoring aspects, the JIMP remains largely strategic and may not effectively ensure the long-term protection of the property’s OUV. It is suggested that the revised version be submitted to the World Heritage Centre before its validation and future implementation. 

8. The World Heritage Centre is yet to receive the reported submission for the boundary modification of the property. As requested in previous Committee Decisions and to ensure the standardization of the formal boundaries and to strengthen the legal protection of the property, the States Parties are encouraged to expedite the submission of the request for boundary modification.

Draft Decision: 48 COM 7B.93

The World Heritage Committee,

1. Having examined Document WHC/26/48.COM/7B.Add,

2. Recalling Decisions 45 COM 7B.10 and 46 COM 7B.60 adopted at its extended 45th (Riyadh, 2023) and 46th sessions (New Delhi, 2024) respectively,

3. Welcomes the continued cooperation between the States Parties, supported by their partners, to strengthen the protection of the property through joint measures, including invasive species control, monitoring, fire management, enhanced conservation actions, and law enforcement;

4. Expresses serious concern that cumulative impacts from large-scale infrastructure and ever-increasing tourism development within the property, its buffer zone, and wider setting continue to pose a significant threat to the Outstanding Universal Value (OUV) of the property, a situation exacerbated, among other things, by the fact that several development projects, which the States Parties have indicated to be at the scoping stage, are currently underway, and invites the States Parties to provide further details on the reported development projects that are under consideration as soon as more information is available;

5. Regrets the continued delay in completing and submitting the Strategic Environmental Assessment (SEA), despite repeated requests and the recommendations of the 2022 mission, and urges again the States Parties to expedite its finalization with technical guidance from IUCN, as well as its official submission, while ensuring that its conclusions and recommendations are fully integrated into all planning, zoning, and development decision-making processes affecting the property, its buffer zone and wider setting;

6. Notes with regret that no update was provided regarding the third-party concerns related to permits for two commercial tourism developments in highly sensitive zones on the Zimbabwean component of the property, noting that information available online indicates that these developments have already commenced operation, expresses its deep concern about the potentially irreversible impacts of these projects on the integrity and the visual attributes of the property and urgently requests the States Parties to report on the monitoring and mitigation measures in place to ensure that the infrastructures do not negatively affect the OUV of the property;

7. Also notes with regret that the construction of the Mosi-oa-Tunya Livingstone Resort Hotel proceeded without fully meeting approval conditions at the national level and following the Committee’s request to halt further activities until the Environmental and Social Impact Assessment (ESIA) had been submitted and reviewed, and reiterates its requests to the States Parties to implement the 2022 Reactive monitoring mission recommendation to develop a comprehensive Environmental and Social Management plan, which the States Parties indicated in their 2024 report was already being developed, ensuring that the mitigation measures put in place take into account the visual integrity and cumulative effects of the project and address its negative impacts on the property’s OUV;

8. Also reiterates its request to the States Parties to ensure that any project located within the property, its buffer zone, and wider setting with potential impacts on the OUV is subject to assessment through ESIA or HIA in conformity with the Guidance and Toolkit for Impact Assessments in a World Heritage Context and submitted for review prior to any decision;

9. Expresses continued concern regarding the proposed Batoka Gorge Hydro Electric Scheme (BGHES), further reiterates its request that the revised ESIA must be in full conformity with the above-mentioned guidance, including a rigorous assessment of alternative scenarios that avoid negative impacts on the OUV, as recommended by the 2022 Reactive monitoring mission, and be submitted to the World Heritage Centre for review, prior to taking any decision that is difficult to reverse;

10. Appreciates the submission of the draft Joint Integrated Management Plan (JIMP) 2025-2030, underlines that further amendment is needed to detail the zoning system of the property to function as an effective regulatory tool, as well as the operational, regulatory, and monitoring aspects, and requests the States Parties to further revise and submit the updated version of the JIMP to the World Heritage Centre for review, prior to its validation and future implementation, by:

a) Incorporating clearly defined safeguards and thresholds to mitigate against developmental pressures for the protection of the property’s OUV, and zoning of the property, including well-prescribed limits of acceptable use and permissible activities (including tourism and development infrastructures), in line with the objectives of protecting the OUV and in line with past Committee decisions,

b) Developing finer-scale maps of the zoning system to avoid any ambiguity in its implementation,

c) Establishing enforceable visitor carrying capacities and strictly controlled areas in sensitive zones,

d) Developing and operationalizing the research and monitoring framework, including the provision of detailed methodologies, the clear allocation of responsibilities, and the establishment of mechanisms to ensure that monitoring results effectively inform adaptive management,

e) Strengthening the consideration and management of cumulative and transboundary impacts on the OUV of the property, particularly of major developments such as the proposed BGHES and ongoing urban growth, including their potential effects on hydrological regimes, ecological connectivity, and visual integrity,

f) Ensuring that the JIMP is supported by adequate and sustainable financing to ensure its effective implementation, and monitoring for the long-term protection of the OUV;

11. Reiterates furthermore its request to the States Parties to submit a request for a boundary modification in accordance with the Operational Guidelines to set the precise boundaries of the property and its buffer zone, aligned with past Committee Decisions and the property’s Statement of OUV;

12. Also requests that information on the current status of all proposed development projects reported at the scoping stage, including their precise location, and scale, be submitted to the World Heritage Centre as soon as such information becomes available, with particular attention to commercial tourism developments, notably the Cataract Island tours, Baines Restaurant and Six senses eco-lodges, located in highly sensitive areas, notably Cataract Island and its riverine rainforest within the Zimbabwean component of the property;

13. Finally requests the States Parties to submit to the World Heritage Centre, by 1 February 2027, an interim report including a copy of the updated JIMP, taking into consideration the comments outlined above, and by 1 December 2027, an updated report on the state of conservation of the property and the implementation of the above, for examination by the World Heritage Committee at its 50th session.

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)