PRESIDENT Emmerson Mnangagwa has called on captains of industry to have confidence in the Zimbabwe Gold (ZiG) currency, which replaced the unstable Zimdollar.
Speaking at the 10th CEO Africa Roundtable Annual Conference in Victoria Falls, Mnangagwa yesterday expressed confidence in the ZiG saying it was the doorway to currency stability in Zimbabwe.
“Currently, we have introduced ZiG, which stands for Zimbabwe Gold. Our currency is now anchored on gold, a new approach to stabilising our economy.
“As a head of State, I’m not an economist, but I believe this move is a sound approach to achieving a stable currency. We have had a troubled past with our currency, experiencing inflation and economic instability,” Mnangagwa said.
“But we must remember our history and how we achieved independence through an armed revolution, supported by the East, not the West. I personally went through military training in China in 1963 and 1964, and that’s how our struggle began.”
Mnangagwa said former Reserve Bank of Zimbabwe governor John Mangudya, under his instructions, saved 10% of monthly gold production for two-and-a-half years until the ZiG’s introduction when the gold vaults were opened to the public.
“It is crucial for us to understand our background and where we come from. With ZiG, our currency will be backed by gold reserves, which we have been accumulating for two-and-a-half years,” he said.
“We have been setting aside 10% of our monthly gold production and now we have enough reserves to support our currency. I’m proud to say that we have achieved this milestone and I commend our efforts. Our currency will now be stable and we can move forward with confidence.”
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The President implored the banking sector to create an environment that encourages a savings culture in Zimbabwe.
“Furthermore, financial service providers on the continent should be innovative and strive to foster more financial inclusion and intermediation between savers and borrowers through offering affordable products, that way encouraging savings from the general public,” he said.
“By ensuring that the banking public gets a positive return on their savings, more resources will be unlocked for on-lending to the productive sectors. This ultimately restores confidence in the financial services sector.”
Mnangagwa also called on Zimbabweans to remain true to themselves and be proud of their country without compromising their values.
“As a nation, we must remain true to ourselves and not try to impress others by changing who we are. While it’s good to aspire to impress others, at the national level, I believe we should prioritise being ourselves,” he said.
“We don’t have to conform to the expectations of others to be accepted. Instead, let’s maintain our identity and relate with others on equal terms, with dignity and acceptance.
“As young people, if you embrace this philosophy, you will earn respect for being who you are. Don’t try to be something you’re not. Be proud of your heritage and your identity. Let’s engage with others without compromising our values and principles.”
