Zimbabwe Seeks To Establish Second Stock Exchange Market

Posted by Daniel Jones African News, Featured, Latest Headlines, News, News Around Africa, South Africa, Southern Africa Thursday, September 24th, 2020

(AFRICAN EXAMINER) – The Zimbabwe government is seeking to attract investors to the country’s tourism town of Victoria Falls by establishing a stock exchange which will be trading in foreign currency.

Initially the Victoria Falls Stock Exchange (VFEX) will trade under the Zimbabwe Stock Exchange (ZSE) before it becomes independent, backed by international investment banks and other businesses willing to list in the tourism capital.

The VFEX will be opening the Victoria Falls office next week with Finance Minister Professor Mthuli Ncube saying engagements with Global investment banks to list were at an advanced stage.

“We are having discussions with international investment banks as we push for opening of a stock exchange in Victoria Falls. Our target is on foreign investors as well as global capital markets especially those in the mining industry,” said Prof Ncube.

Government wants to create offshore financial services and believes a stock exchange in the resort town will lure businesses and at the same time boost tourism as they would combine tourism and business thereby increasing the number of days tourists stay in Victoria Falls.

The development comes as the Zimbabwean government designated Victoria Falls as a tourism Special Economic Zone, whose prioritization will be to attract investment into the tourism industry.

Victoria Falls is Zimbabwe’s prime tourism destination and boasts of the Rainforest and waterfall which are one of the Seven Wonders of the World.

Tourists from across the world flock Victoria Falls for a tour of the Rainforest, boat cruise on the Zambezi River, bungee jumping, white water rafting and game drives in the nearby Hwange National Park.