By A Correspondent
HARARE – The Reserve Bank of Zimbabwe (RBZ) claims that its gold-backed structured currency, the Zimbabwe Gold (ZiG), is rapidly gaining traction—now reportedly accounting for 43 percent of all transactions processed through the National Payment System as of May 30, up from 26 percent in April.
RBZ Governor Dr. John Mushayavanhu hailed the rise as a sign of growing public trust and macroeconomic stability, asserting that “an increasing number of economic agents are now keeping ZiG in their bank accounts for relatively longer periods.”
“The prevailing macroeconomic stability has improved ZiG’s demand for transactions and saving purposes,” Mushayavanhu told State media. “This trend clearly reflects increased confidence in the local currency.”
Yet, despite the central bank’s optimism, many Zimbabweans remain unconvinced. While the RBZ points to rising transactional volumes, some analysts and citizens argue that the figures reflect policy pressure and limited currency alternatives—rather than genuine faith in ZiG.
“The so-called dominance of ZiG may be more about necessity than choice,” said an independent economist who spoke on condition of anonymity. “With tight controls on U.S. dollars and a lack of alternatives, people are transacting in ZiG because they have to—not because they want to.”
In informal markets and among small traders, the U.S. dollar still reigns supreme. “We accept ZiG, but most of us prefer the U.S. dollar,” said Tawanda, a Mbare vendor. “ZiG’s value keeps changing, and not all shops accept it for everything.”
Even as President Emmerson Mnangagwa toured RBZ vaults last week to showcase rising gold reserves—now reportedly at 3,400kg, up from 1,500kg last year—many citizens view the move as more symbolic than substantive. The central bank aims to hit 5 tonnes of gold by year-end to back ZiG, but questions remain about transparency and long-term sustainability.
The RBZ insists that it is expanding access to physical ZiG cash amid rising demand, particularly in rural areas. “Banks are currently in the process of configuring their systems to facilitate cash disbursement through ATMs,” Mushayavanhu said, adding that the cash rollout would not cause inflation or inject excess liquidity.
However, practical access remains limited. Long queues persist at banking halls, and many ATMs remain non-operational or limited to urban centers. The central bank’s assurance that “ZiG cash has consistently been accessible at all banks” has been disputed by customers on the ground.
“ZiG is not yet widely available where it matters most—in rural shops and among small traders,” said a financial services consultant. “We’re still far from a point where the public genuinely prefers it over the dollar.”
As the RBZ presses forward with its digitisation agenda and cash-lite policy, the real test of ZiG’s acceptance may lie not in statistics but in sentiment. For now, the central bank claims dominance—but many Zimbabweans are still waiting to see if ZiG is more than just another rebranded currency experiment.