economy

ZiG currency puts nation on threshold of transformation – The Herald

Innocent Mujeri Herald Correspondent

The unveiling of the Zimbabwe Gold (ZiG) currency represents more than just a routine monetary reform; it heralds a new epoch in Zimbabwe’s economic history.

This pivotal moment offers a departure from the habitual cycle of financial woes that have plagued the nation, prompting an era of hope and prosperity.

Critics are quick to dredge up the troubled past of Zimbabwe’s monetary systems, often neglecting the weighty role that international sanctions have played in shaping these outcomes.

It is a skewed narrative that overlooks the formidable spirit of the Zimbabwean people, who, against a backdrop of daunting economic adversities, have demonstrated remarkable tenacity.

As a nation, Zimbabwe has withstood over two decades of relentless economic challenges, yet it has not faltered.

The introduction of ZiG is not merely a change in currency; it is testament to Zimbabwe’s unwavering resolve and the collective ambition to surge forward into a realm of possibilities that are as rich and as promising as the gold that backs the new currency.

Now, with the dawn of ZiG, Zimbabwe stands at the threshold of transformation, poised to redefine its financial destiny.

We are invited to look ahead and envisage a robust economic infrastructure supported by a currency that is as steadfast as the resources it represents.

The time has come to cast aside the doubts fostered by past hardships and to embrace a forward-thinking approach that aligns with the nation’s vast potential.

The new currency embodies not just monetary value but symbolises a reinvention of confidence in Zimbabwe’s economy.

It challenges us to reimagine our financial future as one of strength and stability, propelled by the innovative steps taken today.

As the nation rallies around ZiG, it plants the seeds for a flourishing economic landscape that will benefit generations to come.

This is the moment for Zimbabwe to harness the winds of change and set sail towards a horizon lined with the golden glow of prosperity.

ZiG stands on the threshold of becoming more successful than all its predecessors.

Drawing lessons from the past decade, it ties its fate not to the unpredictable winds of international market whims but to the solid ground of our gold reserves.

This currency is not an experiment; it is a learned response, a strategic evolution designed to ensure that the history of hyperinflation does not repeat itself.

The support of President Mnangagwa has been instrumental in this pivotal change.

His backing of the ZiG initiative cements his legacy as a game-changer and as someone willing to take bold steps to rewrite the Zimbabwean financial narrative.

The structured currency is anticipated to restore confidence in the local currency, thereby fortifying the multi-currency system that has been the nation’s bulwark.

The merits of ZiG are numerous.

The currency is anchored and fully backed by a composite basket of reserves comprising foreign currency and precious metals, predominantly gold, held by the Reserve Bank as part of in-kind royalties.

This backing is not merely symbolic. The presence of such tangible assets infuses the currency with inherent value, ensuring that it is more than just a piece of paper; it is a promise, a repository of wealth.

To those concerned about the oversight of such a crucial endeavour, the RBZ has committed to transparency. The legal instrument (SI 60 of 2024) mandates that the reserve assets backing ZiG shall be independently audited annually, with the results published for public scrutiny.

This is a level of accountability that should be commended and seen as a cornerstone for building public trust.

This currency is envisioned to be a stabilising force, ensuring price and exchange rate stability critical for the preservation of value.

The era of run-away inflation, which erodes wealth and undermines savings, is being relegated to the past.

The new monetary policy framework and structured currency system, backed by reserves, promise price stability, a critical ingredient for economic growth and development.

The structured currency system’s full backing by reserves guarantees that price stability is not just a theoretical goal but a practical reality.

Government’s macroeconomic stabilisation agenda stands to benefit immensely from this new currency’s introduction, provided there is a continued commitment to monetary and fiscal consolidation.

The RBZ has reassured the nation that the ZiG will be a legal tender operating alongside other currencies under a multi-currency system, including the USD, Euro, Rand, Pound Sterling, Yen, and more.

This inclusivity ensures that the ZiG is not an insular currency but one that plays its role within a globalised economic context.

In an environment where currencies are often abstract and disconnected from real value, ZiG stands out by being fully backed by tangible assets.

This is a currency that is not only for the transactional needs of today but also an investment in the financial stability of tomorrow.

As Zimbabweans, it is incumbent upon us to embrace this currency and the opportunities it brings.

We are not just passive observers, but active participants in this financial evolution.

When historians reflect on this era, let them say that it was the collective will and vision of the Zimbabwean people that forged a prosperous path forward.

It is with a clear vision and unshakable faith in our collective future that we should welcome ZiG.

It is an emblem of hope, a tangible manifestation of our determination to rise above the economic trials of the past.

It is our responsibility to nurture and protect this fledgling currency and to give it the chance to soar.

Let us embrace ZiG, for in it lies not only the promise of stability but also the golden dream of a thriving Zimbabwe.

economy

Zimbabwe economic diplomacy stance huge boost for ZITF — Minister Dr Muswere – Chronicle

Zimbabwe economic diplomacy stance huge boost for ZITF — Minister Dr Muswere

Nqobile Tshili, [email protected]

INFORMATION, Publicity and Broadcasting Services Minister, Dr Jenfan Muswere, has said the Second Republic’s economic diplomacy, anchored on engagement and re-engagement, has contributed immensely to the success of the 64th edition of the Zimbabwe International Trade Fair (ZITF).

The oversubscribed premier trade expo commenced on a high note on Tuesday and ends with the official opening ceremony to be led by Kenyan President, Dr William Ruto today.

This year’s expo is running under the theme: “Innovation: The Catalyst for Industrialisation and Trade” and has attracted a diversity of local and foreign business players, forcing the ZITF Company to turn away 70 potential participants due to shortage of space.

Countries such as the United States of America, China, United Kingdom and the European Union are part of the exhibitors while South Korea and United Arab Emirates are exhibiting at the trade showcase for the first time.

Speaking after a tour of the Zimpapers’ stand, Dr Muswere said President Mnangagwa’s policies have led to the growth of the exhibitions.

“It’s a huge success underpinned by a magnetic investment climate, which has been created under the Second Republic, under the leadership of President ED Mnangagwa,” he said.

“It’s a huge success because of industrial growth, the macro-economic growth that is being registered as we journey towards becoming an upper middle-income society by 2030,” said Dr Muswere.He said the ZITF was fulfilling its mandate as local and international companies have an opportunity to connect and create new markets.

Dr Muswere said the ZITF also affirms the success of the Second Republic’s engagement and re-engagement strategy.

“There is also an increase in space utilisation and also an increase in terms of trade numbers that have been registered. “Exhibitors have had an opportunity to market their goods and services. There have been so many inquiries from various international and local companies,” said the minister.

“So, this is also part of the re-engagement and engagement strategy whereby we are ensuring that as a country we are a friend to all and an enemy to none. So, you will realise that a number of countries are exhibiting including Western related organisations and we seek to ensure we boost trade in order to achieve favourable balance of trade in our country.”

Dr Muswere said the focus is not just on international exhibits but also on strengthening trade within local companies, adding that the country’s import and export gap is being reduced, which is another milestone that the ZITF is showcasing.

“It’s also a success given that we had a huge trade deficit before which we have closed as a country. You’ll realise that our export strategy has been key and pivotal in terms of boosting trade with other respective countries,” he said.

“The other strategy is that the local productivity strategy has done wonders as we seek to promote brand Zimbabwe. We support the development, the innovation of various goods and services as we strengthen local value chains.”

Dr Muswere also touched on the media reforms that are ongoing saying the Government will continue to consult the industry to come up with a robust strategy that does not leave anyone behind.

He reaffirmed President Mnangagwa’s message that as the country is facing drought, the Government will provide food aid to all vulnerable citizens and no one will die of hunger as the Government has the institutional capacity to provide for all citizens and where necessary imports will be made.

“His Excellency, the President has assured the nation that no one and no place will have hunger and starvation. We also need to emphasise that the Government has put in place structures of domestic mobilisation of resources, domestic mobilisation and mopping up of excess grain,” said the minister.

“What I can assure you is that no one will die of hunger in our country. We have the institutional capacity to be able to provide food domestically and also externally, utilising the private sector and our people,” said Dr Muswere. — @nqotshili

economy

Zimbabwe economic diplomacy stance huge boost for ZITF — Minister Dr Muswere – Chronicle

Zimbabwe economic diplomacy stance huge boost for ZITF — Minister Dr Muswere

Nqobile Tshili, [email protected]

The oversubscribed premier trade expo commenced on a high note on Tuesday and ends with the official opening ceremony to be led by Kenyan President, Dr William Ruto today.

Speaking after a tour of the Zimpapers’ stand, Dr Muswere said President Mnangagwa’s policies have led to the growth of the exhibitions.

“It’s a huge success underpinned by a magnetic investment climate, which has been created under the Second Republic, under the leadership of President ED Mnangagwa,” he said.

Dr Muswere said the ZITF also affirms the success of the Second Republic’s engagement and re-engagement strategy.

Dr Muswere also touched on the media reforms that are ongoing saying the Government will continue to consult the industry to come up with a robust strategy that does not leave anyone behind.

economy

Zimbabwe economic diplomacy stance huge boost for ZITF — Minister Dr Muswere – Chronicle

Zimbabwe economic diplomacy stance huge boost for ZITF — Minister Dr Muswere

Nqobile Tshili, [email protected]

The oversubscribed premier trade expo commenced on a high note on Tuesday and ends with the official opening ceremony to be led by Kenyan President, Dr William Ruto today.

Speaking after a tour of the Zimpapers’ stand, Dr Muswere said President Mnangagwa’s policies have led to the growth of the exhibitions.

“It’s a huge success underpinned by a magnetic investment climate, which has been created under the Second Republic, under the leadership of President ED Mnangagwa,” he said.

Dr Muswere said the ZITF also affirms the success of the Second Republic’s engagement and re-engagement strategy.

Dr Muswere also touched on the media reforms that are ongoing saying the Government will continue to consult the industry to come up with a robust strategy that does not leave anyone behind.