Online Reporter
Rutendo Nyeve
tHE tourism industry is experiencing a major capital injection with investments surpassing the US$363 million mark across the 2023-2024 period.
Zimbabwe Tourism Authority (ZTA) chief executive, Dr George Manyaya, revealed this during the organisation’s recent annual report presentation, highlighting the sector’s robust recovery and growing investor confidence.
The figures, which represent a remarkable 11 percent rise in 2024 alone, underscore a strategic shift driven by deliberate Government policies and the country’s unique natural advantages.
Dr Manyaya identified a combination of factors fuelling this investment surge. Key among these is the establishment of the Victoria Falls Stock Exchange (VFEX), which has provided a stable foreign exchange market that is attractive to international investors.
“The Victoria Falls economy has shown stability to any international investors. It’s a soft calling destination that is actually attracting the appetite of all internationals to come through here and development is actually heading this direction,” he said.
Dr Manyaya also pointed to the destination’s strategic geographical location, being within 15 kilometres of Zambia, 70km of Botswana, and 120km of Namibia as a major draw.
He further highlighted the Government’s permissive stance on foreign currency trading, the upgraded airport infrastructure, and increased airline routes as key enablers.
“The destination is not dependent on any other city or town in the country. We expect that the trajectory of development will actually even go beyond the initial five billion that had been set,” he said.
Dr Clement Mukwasi, a tourism executive from Victoria Falls, echoed the positive sentiment, confirming the surge in investment across both accommodation and activities in the resort town.
“Victoria Falls has seen a surge in investments both in accommodation and in activities. What we are seeing is that there are quite a lot of factors that are driving investment both in Victoria Falls and in Hwange,” he said.
Dr Mukwasi credited Government interventions such as the VFEX for providing economic stability, and said the destination’s alignment with global trends like sustainable development and green tourism further boosts investor confidence.
“The world is looking at sustainable development, green tourism and all the kind of things, and Victoria Falls and Hwange are actually giving those that which are actually a world discussion at the moment,” he said.
Dr Mukwasi also highlighted that both international and indigenous investors, from mining and farming sectors are now looking at the twin destinations as future cities for retreat.
ZTA chairman Mr Farai Chimba reinforced the positive outlook saying the sector’s performance demonstrates resilience and sustained demand.
“Tourist arrivals increased from approximately 1,6 million in 2023 to 1,61 million in 2024, while tourism receipts grew from US$1,16 billion to US$1,18 billion over the same period,” he said.
“These achievements reflect sustained confidence in Destination Zimbabwe and underscore the sector’s significant contribution to economic growth, employment creation, foreign currency generation and community development.”
Mr Chimba highlighted the growing importance of domestic tourism, fuelled by initiatives like the First Lady’s Gastronomy Cook-out Competitions, and noted that the hosting of the UNWTO Regional Forum on Gastronomy Tourism in Victoria Falls had elevated Zimbabwe’s international profile.
With the sector’s trajectory pointing to even greater heights, all stakeholders remain optimistic that Zimbabwe’s tourism industry will continue to attract investment and contribute significantly to national development goals.
