Zimbabwe’s Victoria Falls Stock Exchange (VFEX) is experiencing a strong upswing, driven largely by gold miners benefiting from a 48% increase in gold prices this year. The VFEX benchmark index has climbed 45%, pushing the exchange’s total market value to approximately $1.8 billion by the end of September 2025.

Established in late 2020 to provide capital-raising opportunities primarily for mining companies, the VFEX currently hosts 17 listed firms. CEO Justin Bgoni expects this number to grow by five more companies before the year ends, expanding into sectors beyond mining, including property.

Bgoni noted that the VFEX’s valuations are now nearing those of comparable regional stock exchanges, signaling its growing importance in the market.

One recent addition is UK-based Kavango Resources, which has mining operations in Filabusi, southeastern Zimbabwe. Kavango is the third gold miner to list on the exchange, joining Caledonia Mining Corp. and Padenga Holdings Ltd., the latter also involved in crocodile skin exports.

IH Securities research head Lloyd Mlotshwa explained that these mining companies have effectively become proxies for gold investment. “They invested strategically to capitalize on the gold rally and have increased production at opportune times,” he said.

Another factor boosting VFEX’s appeal is the shortage of Zimbabwean local currency (ZiGs), which has dampened liquidity on the main Harare stock exchange. As a result, investors are shifting preference toward the dollar-only VFEX, opting to trade in US dollars due to the weak ZiG liquidity.

This combination of rising gold prices and currency dynamics is positioning the VFEX as a vibrant hub for investors seeking exposure to Zimbabwe’s natural resource sector and beyond

-BusinnessDaily