By Business Reporter-President Emmerson Mnangagwa shocked the nation yesterday when he said that Zimbabweans have fully embraced the recently introduced useless Zimbabwe Gold (ZiG).
In a nation already burdened with economic turmoil, Mnangagwa’s recent endorsement of the Zimbabwe Gold (ZiG) as a national currency has further plunged Zimbabweans into uncertainty and despair.
Launched with much fanfare on April 5, the ZiG was touted as a solution to the country’s currency woes. However, instead of instilling confidence, it has only intensified scepticism and hardship.
From its inception, the ZiG has been plagued with glaring inadequacies. Despite Mnangagwa’s assertions of national unity in adopting the ZiG, the reality on the ground tells a different story.
Zimbabweans, far from embracing this new currency, have met it with widespread resistance and disdain. Their scepticism is not unfounded, as the ZiG’s value has plummeted even before it could gain traction in the economy.
One of the most damning indictments against the ZiG is its inability to function as a viable medium of exchange. Shockingly, it fails even the most basic test – purchasing fuel.
This critical flaw renders it virtually useless in a nation heavily reliant on fuel for transportation and industry. Compounding matters, the government itself refuses to acknowledge the ZiG as legal tender for essential services such as taxes and passport fees.
In essence, Mnangagwa’s brainchild is crippled from the outset, lacking the fundamental utility necessary for a functioning currency.
Mnangagwa’s misguided optimism reached its zenith during a Monday address at the National Heroes Acre, where he commended Zimbabweans for embracing the ZiG.
However, his praise rings hollow in the face of mounting evidence of the currency’s failure.
Rather than celebrating, Zimbabweans are grappling with the harsh reality of a currency that holds little value and even less promise for their economic well-being.
The introduction of ZiG notes and coins was meant to herald a new era of economic stability.
Yet, far from instilling confidence, it has only exacerbated the prevailing sense of uncertainty.
With cash withdrawal limits set at ZiG3,000 for individuals and ZiG30,000 for corporations, Mnangagwa’s administration appears out of touch with the everyday struggles of ordinary citizens.
Behind the facade of optimism lies a grim reality – the Zimbabwean economy is in freefall. Mnangagwa’s decision to replace the Zimbabwe dollar (RTGS and bond notes) with the ZiG has done little to halt the rapid depreciation of the nation’s currency.
Despite claims of substantial reserves, including US$100 million in foreign currency and 2.5 tonnes of gold valued at US$185 million, the economic outlook remains bleak.
As Zimbabweans grapple with the harsh realities of daily life, Mnangagwa’s ill-conceived economic gamble has only added to their burden.
In a nation crying out for visionary leadership and pragmatic solutions, the ZiG stands as a stark reminder of Mnangagwa’s incapacity to navigate the complexities of economic governance.
Unless decisive action is taken to address the root causes of Zimbabwe’s economic woes, the nightmares of the ZiG are set to haunt the nation for years to come.