<p>This article advances&#xa0;discussions of the impact of historical and political contexts on value chain governance and value chain performance, through comparison&#xa0;and elaboration of two recent interdisciplinary reports on beef value chains in Eswatini and Zimbabwe, countries that share important geographical, cultural and economic features. The article reviews literature on policies governing meat export from Southern Africa to Europe and their impacts, and on concepts of governance and power in value chains. It then sets out evidence from the two studies and other sources on a) a shared history of settler colonialism and its different impacts on the two countries in terms of land tenure, agrarian structures and governance; and b) the multifunctionality of cattle in both countries which includes cultural values and multiple use values such as draft power and manure, affecting smallholder behaviour within value chains. Value chains in the two countries are placed in three categories by their degrees of vertical coordination: reputation-based spot markets in communal areas, a more formal but still reputation-based domestic market (these two value chains are found in both countries), and an export market (found only in Eswatini). Horizontal coordination in all these value chains is limited. A variety of risks related to weaknesses in horizontal and vertical coordination are identified. The legacy of settler colonialism, and different responses to it, have greatly impacted the governance and performance of the two value chains. Conclusions are drawn on future policy towards livestock value chains in Southern Africa, and the greater integration of historical and contextual factors in the analysis of value chains and their governance.</p>