Farirai Machivenyika in BULAWAYO
THE country’s gold and foreign currency reserves have more than doubled from US$697 million in June 2025 to US$1,5 billion in June this year, with expectations to reach US$2,2 billion by year-end.
This was said by the Minister of Finance, Professor Mthuli Ncube, at the ongoing 2027 Parliamentary pre-budget seminar in Bulawayo yesterday.
“Our gold and foreign exchange reserves have doubled from US$697 million in June 2025 to US$1,5 billion in June 2026, and are projected to reach US$2,2 billion.
“Our reserves now cover roughly four times the entire stock of ZiG reserve money and market deposits,” he said.
The decision by the Government to create gold and foreign currency reserves is meant to support the value of the local currency, the ZiG, as part of long-term plans to revert to a mono-currency regime.
The 2027 National Budget, to be presented on November 19, Prof Ncube said, will be guided by National Development Strategy 2 (NDS2) priorities aimed at accelerating the country’s momentum towards the long-term developmental objectives in Vision 2030, while responding to current economic realities.
The focus will be on consolidating 10 priority areas: macro-economic stability and financial sector deepening; inclusive economic growth and structural transformation; infrastructural development and housing; agriculture, food security, climate and environment; science, technology, digitalisation, innovation and human capital development; job creation, youth entrepreneurship and development, creative industry and culture.
The other areas include regional development and inclusivity through devolution and decentralisation; social development, gender and social protection; image building, international relations and trade and good governance, institution building; peace and security.
“These priorities reflect Government’s commitment to inclusive, resilient and sustainable growth, notwithstanding the evolving global and domestic challenges,” he said.
Minister of Mines and Mining Development, Hon. Eng. Dr. Polite Kambamura, said the mining sector was moving in the right trajectory
Figures don’t lie! For the period starting January to September 2026, mineral export revenue rose to USD9.93bn, up from about USD5bn last year. This exponential growth in the mining sector, as evidenced by figures from the Minister of Finance, is testament to sound policies by the President in the sector.’’ he said
‘’The February 2026 ban on export of raw minerals, the call for local beneficiation, improvement in mining industry regulatory oversight, and firming up of metal prices on the international market are key contributors. The current, ongoing expansion projects in the gold subsector will definitely set new gold production targets for 2027 and beyond,” he said.
