Zimbabweans have been urged to embrace the country’s gold-backed currency, the Zimbabwe Gold (ZiG), as a symbol of national identity and economic recovery.
Minister of Local Government and Public Works, Daniel Garwe, said the nation has moved away from an era of hyperinflation and food shortages towards a period of stability. He made the remarks during the commissioning of equipment at Insiza Rural District Council (IRDC) last week.
“The ZiG is backed by our nation’s vast mineral wealth, including gold, platinum, and lithium, as well as foreign currency reserves, making it a robust foundation for the economy,” Garwe said.
While Zimbabwe currently operates under a multi-currency system, the Minister urged citizens to take pride in their own currency. He emphasised that public confidence would determine the strength of the ZiG.
“What can make our currency weak is nothing other than our attitude towards it. We must, and we have to, use our currency. Yes, for now we are a multi-currency system, but we must join other countries who use their own currency. Go to South Africa, they use the rand; Botswana uses the pula; Zambia uses the kwacha. They love their currency. It does not mean those countries do not accept the US dollar—, t is there as an optional currency, but they use their currency,” he said.
New banknotes in denominations of 10, 20, and 50 ZiG, featuring national landmarks and the Big Five animals, including the rhino, elephant, and leopard are now in circulation. Higher denominations of 100 and 200 ZiG are expected later in the year.
The Minister claimed that the ZiG is already gaining strength against the US dollar. “As we speak right now, our currency is gaining against the US dollar. It used to trade at around 40 or 50; right now it has gone to 30 and 25. We are hoping that by Independence it will have gained further strength,” he said.
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