Opposition politician Elisabeth Valerio has said the introduction of a new currency, Zimbabwe Gold (ZiG) will not address the country’s economic challenges without political consensus, the creation of a safe investimate climate, and transparency and accountability, among other issues.
Reserve Bank of Zimbabwe Governor John Mushayavanhu announced the launch of the structured currency on 05 April 2024.
According to the Central Bank, ZiG’s value is anchored by equivalent value in precious minerals, primarily gold, or foreign exchange held for that purpose by the RBZ.
Valerio, the only female presidential candidate in Zimbabwe’s 2023 harmonised elections, said the country will not achieve currency stability without addressing the wider economic challenges of political instability, inconsistent and obscure monetary policies and the lack of confidence in Zimbabwe. She said:
Whether currencies change or not – how our economy performs is what matters. High inflation and slow growth have been persistent problems affecting the value of our currency. An overnight change in currency cannot allay these.
The resources and wealth of Zimbabwe must benefit the citizens of Zimbabwe. Furthermore, economic resilience must be strengthened through diversification and investment in key sectors.
As UZA, we’re committed to advocating for policies that promote stability and we are working to restore and strengthen Zimbabwe’s industrial and economic capacity.
This includes advocating for political stability and transparent economic strategies; encouraging investment; and capacitating entrepreneurs.
By working together, we can build a stronger, more stable future for Zimbabwe.
The leading opposition presidential candidate in last year’s harmonised elections, Nelson Chamisa, also condemned the introduction of the structured currency, saying “A bond note by another name will not fix our challenges.”
Chamisa said that the nation requires systematic political reforms rather than focusing solely on currency restructuring.
He pointed out that currency reforms in the past have been unsuccessful, and he cautioned that the ZiG currency is likely to face challenges due to underlying issues such as “broken politics,” disputed elections, and contested national processes.
