WE, in the village, are strong on protecting everything and anything that belongs to us — our fields, cattle, scotch carts, etc. You name it, we protect and value.
Since its introduction, the ZiG has represented a fresh start for Zimbabwe’s economic future, but like any currency, it will only succeed if it is trusted, respected and supported as well as protected by the people it serves.
The responsibility to make ZiG work does not rest solely with the Government or central bank — it rests with all of us, from business leaders to informal traders, from public servants to everyday citizens.
Our economy is being transformed and we have a currency backed by gold and I implore Zimbabweans in all spheres — social, economic and political — to take ownership of this currency.
Our collective actions will determine the sustainability of ZiG, and we must recognise the power we have to ensure its success. Zimbabwe has faced many challenges, but with unity and a shared sense of purpose, we can build a stable and prosperous future where the ZiG thrives as the symbol of our nation’s economic resurgence.
The Zimbabwe Gold is more than just a currency — it is a representation of Zimbabwe’s potential to turn its vast natural wealth into tangible economic prosperity. The decision to back this new currency with gold, one of the most historically stable and universally valued commodities, reflects a commitment to economic stability and growth.
The ZiG is intended to be a store of value that citizens and businesses can trust in the long term, insulating us from the hyperinflationary pressures of the past.
However, as much as the ZiG is rooted in strong foundations, a currency’s sustainability goes beyond its design or backing. It requires the confidence of the people who use it every day. A functional, stable currency is built on trust and trust must be cultivated through responsible use and a shared belief in its value. The ZiG will only become what we make of it and the responsibility to nurture its success lies with us as Zimbabweans.
For the ZiG to succeed, we must move beyond the fears of the past and invest in the future.
Trust in the ZiG cannot come from Government assurances alone. It must be reflected in how we, as citizens, engage with it.
For businesses, this means accepting the ZiG as a legitimate form of payment and price goods and services accordingly. As long as businesses continue to prefer foreign currencies, particularly the US dollar, for transactions, it sends a message of doubt about the stability of the ZiG.
The informal sector, which forms a significant part of Zimbabwe’s economy, also plays a key role in stabilising the ZiG. Vendors, traders and small business owners can strengthen the currency by conducting day-to-day transactions in the ZiG, normalising its use in everyday life.
The more we use and accept the ZiG, the stronger it becomes in the eyes of both local and international markets.
One of the most significant barriers to the success of the ZiG is not just economic, but psychological.
For many Zimbabweans, past experiences with hyperinflation and currency collapse have created a deep-seated distrust of any local currency.
This mindset, while understandable, needs to change if the ZiG is to thrive. We must begin to see the ZiG as a permanent fixture of our economy, rather than a stop-gap measure.
This shift in mindset starts with believing in the currency’s potential.
If we treat the ZiG as a legitimate, reliable store of value, it will become just that. However, if we view it with scepticism and continue to hedge our bets on foreign currencies, we undermine its very foundation.
The more we, as Zimbabweans, adopt the ZiG for our daily transactions, savings and investments, the more robust it will become.
Our mindset also extends to how we discuss the ZiG in public discourse. Conversations around currency are powerful — they shape perceptions and can either build or erode trust.
Negative speculation and fear-mongering about the ZiG lead to nothing but panic and despondency.
We must be mindful of the role we play in shaping public attitudes towards our currency, both in personal interactions and in the media.
Another important factor in the sustainability of the ZiG is reducing Zimbabwe’s reliance on imported goods and services.
Every time we import products, we create demand for foreign currencies, which puts pressure on the ZiG. By promoting local production and supporting Zimbabwean businesses, we can reduce this reliance on imports and strengthen our currency.
Zimbabwe has vast natural resources and a skilled workforce. By investing in sectors such as agriculture, manufacturing and mining, we can increase local production and create jobs. This not only boosts the economy but also reduces the need for foreign currency, making the ZiG more stable in the long run.
As consumers, we also have a role to play. Choosing locally produced goods over imported ones sends a message of confidence in Zimbabwean industries and helps reduce demand for foreign currencies. Every time we buy Zimbabwean, we are investing in the strength of our local economy and, by extension, in the strength of the ZiG.
We must also combat speculation and black market activity, vigorously.
One of the biggest threats to the stability of the ZiG is speculative trading and black market activity.
It is common knowledge that when people buy and sell currencies on the parallel market, it undermines the official exchange rate and creates inflationary pressures that destabilise the currency. This has been a recurring issue in Zimbabwe and it is up to all of us to resist the temptation of participating in these activities.
While the Government has the bigger role in cracking down on black market trading, the responsibility also lies with citizens and businesses to avoid engaging in speculative behaviour.
The introduction of the Zimbabwe Gold (ZiG) marked a new chapter in our nation’s economic history and the sustainability of the ZiG depends on the collective actions of all Zimbabweans.
We must rebuild trust in the currency, support it through responsible use and foster a mindset that embraces it as a cornerstone of our future.
From businesses and Government institutions to the informal sector and the Diaspora, every Zimbabwean has a role to play in making the ZiG work. It is time for us to take ownership of our currency and invest in its success. Brick-by-brick, we can build a stable and prosperous future.
Businessman Tawanda Chenana is also a philanthropist and Secretary for Lands for ZANU-PF Mashonaland East Province.