Gono Responds to Allegations of Lost Gold
17 April 2024
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By A Correspondent| In a remarkable turn of events, former Reserve Bank of Zimbabwe (RBZ) Governor, Dr. Gideon Gono, has stepped forward to address recent allegations made by Zanu PF spokesman Chris Mutsvangwa.

Mutsvangwa falsely alleged that the RBZ lost an unspecified quantity of gold to an unnamed Arab country during a previous governor’s tenure under the late former President Robert Mugabe.

In a strongly worded statement, Dr. Gono denounced these allegations as baseless and potentially damaging to the nation’s stability and confidence.

“If such lies are left unchecked with authentic facts, they could become that “little spark” that sets alight a whole forest at a time when the Reserve Bank of Zimbabwe and the country at large have more important issues to deal with than waste time attending to veld-fires whose uncontrolled consequences could end up melting whatever confidence the bank is trying to build around itself, the country and this great nation at large. And how dare we dampen people’s spirits at this “ celebratory hour” with blatant lies?,” said Gono.

Dr. Gono’s statement clarified the details of a 2006 RBZ gold contract, shedding light on the circumstances surrounding the alleged transaction.

He emphasized that the agreement, which aimed to inject $150 million into Zimbabwe’s economy, was conducted transparently and with the approval of President Mugabe.

“In May 2006, the RBZ, after getting express approval from President Mugabe, entered into an agreement with a large jewelry company based in Saudi Arabia. The contract sought to provide Zimbabwe with an immediate cash injection of US$150 million. At the same time, we negotiated with a large South African bank to deposit that money with them as cash security in exchange for a guarantee line of credit four times that amount, that is US$600 million, which was to be used for importation of goods and services from South Africa particularly electricity, fuel, grain, fertilizers, mining inputs, machinery etc. on a three-month revolving basis for 12-24 months as long as the cash backing was there,” added Gono.

Furthermore, Dr. Gono provided a detailed breakdown of the financial aspects of the contract, highlighting the meticulous planning and calculations involved.

He refuted claims of any wrongdoing or loss of gold, asserting that the RBZ received its $5 million deposit back when the transaction fell through.

The former governor also addressed the broader context of Zimbabwe’s economic challenges during his tenure, citing the difficulties faced under international sanctions and political instability.

He urged for responsible discourse and factual accuracy in public statements, emphasizing the importance of supporting the current government’s efforts to move the country forward.

Dr. Gono concluded his statement by reaffirming his commitment to the nation’s progress and commemorating Zimbabwe’s 44th Independence Day.

He called for unity and respect for the sacrifices made by all who contributed to the country’s liberation and development.