Zimbabwe Moves Toward De-dollarisation With ZiG Currency Introduction

President Mnangagwa declared Zimbabwe’s commitment to a phased de-dollarisation strategy, emphasizing the necessity of transitioning away from foreign currencies amid geopolitical tensions.

Speaking at the commissioning of a fruit juice and water processing plant, he underscored the introduction of the Zimbabwe Gold (ZiG) currency earlier this year as pivotal to achieving economic stability.

The President assured citizens that once the ZiG currency achieves widespread circulation, a complete shift away from foreign currencies would be mandated.

He highlighted the importance of national sovereignty in currency matters, citing concerns over reliance on currencies from countries with adversarial stances towards Zimbabwe.

In his address, Mnangagwa praised local initiatives like the newly commissioned processing plant in Manicaland Province, which symbolizes the nation’s potential for economic growth through domestic production. The plant, set to produce 16,000 liters of fruit juice daily from locally abundant fruits like baobab and guava, exemplifies Zimbabwe’s capacity to leverage its natural resources for economic development.

Looking ahead, the President announced plans to showcase Zimbabwean products, including baobab juice, during the upcoming SADC Summit. He emphasized the importance of promoting local industries and innovation hubs to drive economic transformation and industrialization across the region.

Mnangagwa also highlighted government efforts to support innovation and modernization through initiatives like the National Venture Capital Company and the Heritage Based Education 5.0 philosophy.

He urged institutions of higher learning to collaborate with the private sector to commercialize innovations and expand market penetration for local products. The commissioning ceremony, attended by senior government officials and stakeholders, reflects the Second Republic’s commitment to rural industrialization and economic empowerment.

Vice President Constantino Chiwenga and other ministers echoed the President’s sentiments, affirming government’s dedication to fostering local industries and sustainable economic growth.