Online Reporter
Martin Kadzere
Zimbabwe’s gold export earnings increased by 8,64 percent in the first two months of 2025 to US$240,1 million, according to statistics from the Reserve Bank of Zimbabwe (RBZ).
This represents a marked increase from about US$221 million shipped out during the corresponding period in 2024, highlighting the sector’s continued strong contribution to the national economy.
Gold exports for January 2025 amounted to US$123,1 million.
However, February saw a slight decline, with exports totalling US$117 million.
Despite the monthly fluctuation, the overall trend indicates a positive growth trajectory for the sector.
Gold remains Zimbabwe’s single largest export commodity, playing a pivotal role in generating foreign currency.
In 2024, the sector generated US$2,4 billion in export revenue for the country.
A significant portion of Zimbabwe’s gold is produced by small-scale and artisanal miners, who collectively account for approximately 65 percent of the country’s total gold output, underscoring the importance of the miners in the national gold value chain and the country’s economy.
Zimbabwe’s gold industry has seen strong growth in recent years, largely driven by various Government interventions, supportive policy and industry initiatives.
Huge investments saw old mines reopening and existing operations increasing production.
Also, paying small-scale miners better prices and encouraging them to sell through official channels has increased deliveries.
In 2024, gold production beat the Government’s target and even surpassed the previous record from 2022, putting Zimbabwe on track to become one of the major gold producers in Africa.
Leading bullion producers on the continent are Ghana, South Africa, Mali, Burkina Faso and Tanzania.
The gold mining sector has grown significantly since 2017, though there have been ups and downs.
Production totalled 21,1 tonnes in 2016. But after the Government refined its policies, production rose to 24,8 tonnes in 2017 and 33,2 tonnes in 2018.
However, in 2019, gold production fell by 16,8 percent to 27,6 tonnes.
This followed the reintroduction of the Zimbabwean dollar, which caused problems for miners due to its volatility, as the miners were partly paid in the domestic currency.
The currency issues continued into 2020, and small miners were unhappy with how they were being paid by the country’s sole authorised gold buyer, Fidelity Gold Refinery (FGR).
This led to a significant drop in deliveries to 19 tonnes.
The drop in gold deliveries was caused by several things, among them high costs for miners, long payment delays from Fidelity, and a Government decision to pay for only 75 percent of gold deliveries in US dollars.
