Zimbabwe’s Ministry of Tourism and Hospitality Industry is seeking to establish the Zimbabwe Tourism Fund (ZTF) as a stand alone entity, in a bid to bolster management, good governance and accountability.
Currently run by the Zimbabwe Tourism Authority, the ZTF is funded by a 2% revenue levy from operators in the tourism and hospitality sector.
Speaking at a Tourism Amendment Bill workshop in Harare recently, Tourism and Hospitality Minister Barbara Rwodzi said that a stand alone ZTF would help to promote effective and accountable use of funding for tourism projects.
“ZTF is supposed to be an entity on its own, with its own management to ensure good governance, transparency and accountability. We want the fund to be directed more at promotions and development of the local tourism sector, at sprucing up derelict tourism facilities and helping start-ups which require capital,” said Rwodzi.
The fund had previously funded the construction of Rainbow Towers, a 304-bedroomed hotel in Harare which opened initially as a Sheraton property in 1985.
Rwodzi said that a refreshed ZTF could stimulate further major projects and help the country to reach its target of building a US$5 billion tourism industry by 2025.
In 2023, the industry reached $1.1bn in revenue, just short of the $1.2bn recorded in 2019.
