Online Reporter
Business Reporter
The Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, has endorsed a proposal to liberalise gold ownership for Zimbabwean citizens, stating that the move is necessary and that the Government must “move with speed” to implement it.
Speaking at the Parliament of Zimbabwe 2026 Pre-Budget Seminar in Bulawayo, Prof Ncube was responding to Zanu-PF spokesperson, Cde Christopher Mutswangwa’s call for gold liberalisation, similar to systems used in countries like India and China.
The minister acknowledged the logical equivalence between holding gold and holding US dollars, which is already permitted in Zimbabwe.
“Frankly, once you allow citizens to hold U.S. dollars, gold is a U.S.D. asset. It’s a hard asset. So whether it’s U.S. dollars or gold, it’s either here or there. You might as well allow it,” Prof Ncube said.
He justified the shift by noting that domestic gold reserves remain under national control, unlike the US dollar supply.
“At least if the gold is ours, the U.S.D. is controlled elsewhere. So we have to do that,” he explained.
However, the Minister stressed that liberalisation must be preceded by the establishment of robust regulatory infrastructure.
“But before we liberalise that ownership, we have to build some rules around it,” Prof Ncube cautioned. “Regarding, for instance, the lowest unit of measurement. Is it a coin? Is it a gold bar? There are certain rules that we need to put in place in a way that India has done so far.”
Prof Ncube highlighted the urgent need to improve monitoring systems to account for the gold held by citizens. He announced plans for a fully digitalised system to track all related certificates, ensuring authorities know who holds them and what value they represent at any point in time.
“I fully endorse that proposal. We need to move with speed,” Prof Ncube said, confirming that the Government intends to introduce the framework.
