Chronicle Editor
In the wake of President Mnangagwa’s recent call to action, it is incumbent upon captains of industry to rally behind the stability of our gold-backed local currency. This is not merely a request; it is an urgent necessity for our nation’s economic prosperity.
Speaking during the plenary session of the recent 10th CEO Africa Roundtable conference in Victoria Falls, the President expressed confidence in the ZiG and called on executives to assist the Government with ideas for maintaining the currency’s stability.
President Mnangagwa admitted that the economy has previously faced challenges but described the decision to use gold as the foundation for the newly introduced currency as nothing short of a master stroke. Said President Mnangagwa: “We have gone through these (economic) challenges and currently, we have introduced ZiG meaning that with all the tribulations we have gone through, we have now decided that our currency be anchored on gold.
“This is a new approach to stabilising our economy. Personally, I am satisfied that what we have done now, anchoring our currency on gold is a sound approach to a stable currency. “In the past, our currency was being fought left, right and centre. For now, I think it is a solid foundation and as we go forward it is upon you (executives) to continue guarding us.”
The Reserve Bank of Zimbabwe (RBZ) in April this year introduced the ZiG as part of a raft of policy interventions to address exchange rate volatility, curtail inflation and restore macro-economic stability.
Zimbabwe’s economy has been on a roller coaster ride over the past few decades. Hyperinflation, currency instability and economic sanctions have all played their part in destabilising our economy. However, introducing the gold-backed local currency represents a beacon of hope and stability.
Gold, a precious metal with intrinsic value, has been a reliable store of value for centuries. By backing our local currency with gold, we are anchoring its value and instilling confidence in its stability.
This is a bold and innovative move that sets Zimbabwe apart on the global economic stage. President Mnangagwa’s call is a clarion call for unity and action. Industry leaders have a pivotal role to play in supporting this initiative. Their support is not just about stabilising the currency; it’s about stabilising the economy, creating jobs and ultimately improving the lives of every Zimbabwean.
Supporting the gold-backed local currency requires a multi-faceted approach. It involves investing in local industries, promoting local products and most importantly, believing in the potential of our nation. It’s about creating a sustainable and prosperous future for Zimbabwe.
Captains of industry must heed President Mnangagwa’s call.
They must rally behind the gold-backed local currency and play their part in steering Zimbabwe towards economic stability and prosperity. The future of our nation depends on it. Let’s make it count.
Online Reporter