By Business Reporter-President Emmerson Mnangagwa on Thursday made an unannounced visit to the Reserve Bank of Zimbabwe (RBZ) to inspect the country’s gold reserves, in what sources say is a desperate attempt to shore up confidence in the collapsing Zimbabwe Gold (ZiG) currency.

The rushed inspection comes amid a widespread shortage of ZiG notes, a sharp rise in market volatility, and panic among retailers and consumers alike.

Major shops are reportedly closing or refusing to transact in ZiG as the currency rapidly loses value, less than a year after its much-celebrated launch.

RBZ recently claimed the shortage was due to wear and tear on existing notes and announced plans to roll out new ones.

However, economic analysts point to deeper issues: public mistrust, inflationary pressures, and a lack of confidence in the currency’s gold backing.

Mnangagwa, flanked by RBZ Governor John Mushayavanhu, was shown 3.3 tonnes of gold stored in the central bank’s vaults, up from 1.5 tonnes in April 2024.

The President claimed the reserves would stabilise the currency, boasting that Zimbabwe now ranks sixth in Africa in gold holdings.

But critics view the visit as a public relations stunt, designed to mask the panic engulfing the administration.

“Gold alone cannot rescue a currency from collapsing if the public has lost faith,” said economist Tinevimbo Shava. “This looks more like panic control than strategic policy.”

Despite the President’s attempt to reassure the nation, the ZiG’s rapid deterioration suggests the gold-backed dream may already be unraveling, with confidence proving far more fragile than bullion.