Full adoption of ZiG will boost productivity, exports

THE full adoption of the new structured Zimbabwe Gold (ZiG) currency is critical in driving increased domestic production and exports, which are key elements of retaining jobs in a country.

Backed by a combination of gold, precious minerals and foreign currency reserves, the ZiG was introduced a month ago to replace the Zimbabwe dollar whose value was eroding rapidly over the last few months.

Industry representatives have committed to accepting the ZiG currency amid calls for Government entities to also accept the currency for payment of services, permits and licences.

Speaking at the 9th Annual General Symposium for National Employment Councils (NECs) and the Ministry of Public Service, Labour and Social Welfare in Victoria Falls this week, speakers concurred on the need to embrace the ZiG.

The two-day symposium ended on Wednesday under the theme: “Capacitating the National Employment Council for compliance with regulations in meeting the current and future challenges”, and was attended by about 180 delegates drawn from 48 NECs from across the labour market.

The symposium marks the convergence of minds of employers, workers and Government in order to create social dialogue for all stakeholders.

Some of the issues discussed include the impact of monetary policy and ZiG on the economy in general and NECs, compliance, the impact of drugs and substance abuse at the workplace, mental health and wellness, governance frameworks and repositioning NECs for financial independence, self-sustenance and social safety nets.

Permanent Secretary in the Ministry of Public Service, Mr Simon Masanga, said the symposium was testimony to a shared commitment to advancing human understanding and fostering innovation between employers and workers, the transformative power of collaboration and dialogue.

“As we gather here we are reminded that issues of labour and productivity are central and critical for economic development. We need to put heads together,” he said.

“May this symposium inspire us to push the boundaries of our knowledge to foster innovation in all its forms.”

Mr Nomore Nhema, who is the general secretary for the NEC Tourism and Hospitality industry and chairs the NEC organising committee in liaison with the Ministry of Public Service, said while the industry had generally embraced ZiG, some sections still had not accepted the currency.

“We are in a season of the ZiG and the major concern is that some people are not accepting ZiG. The industry is committed to embrace the currency and as we move forward, we cannot as National Employment Councils in our bargaining social dialogue environment not understand the monetary policy that was pronounced this year,” he said.

“We should be able to say ‘Our ZiG, Our Money our Rights.”

Reserve Bank of Zimbabwe chief economist for research and policy, Mr Admore Jaya, said the Central Bank had gone back to basics and re-calibrated the economy to ensure that there is stability covering issues of access to currency, exchange rate and stability.

He said the recent monetary policy statement was meant to address instability in the exchange rate informed by two strategic policy pillars of restoring price and exchange rate, re-monetising the local currency for it to serve its role as a medium of exchange, storing value and rebuilding market confidence and trust riding on the National Development Strategy 1 blueprint.

Mr Jaya implored the industry to promote the use of the domestic currency and build confidence.

“The new monetary measures are expected to address the currency instability and boost the economy. When making negotiations and agreements, we should be guided by the monetary environment,” he said. — @ncubeleon