By Business Reporter-A year after its dramatic launch, Zimbabwe’s newest currency, the Zimbabwe Gold (ZiG), is fast becoming another phantom in the country’s long trail of failed monetary experiments.

The Reserve Bank of Zimbabwe (RBZ) now says it is printing more ZiG notes in a desperate attempt to shore up confidence, despite the currency having lost value within a month of its debut in April last year.

RBZ Governor John Mushayavanhu confirmed the central bank’s plan to enhance and print new notes, citing a “gradual de-dollarisation roadmap” and claiming the rollout of new designs will take between six months and two years – a delay critics say will do nothing to reverse the eroding trust in the local currency.

“The Reserve Bank is working on enhancing the quality and design of the ZiG banknotes in line with international standards,” Mushayavanhu said, adding that the process was part of broader measures to transition to a monocurrency regime by 2030.

But economists and ordinary Zimbabweans alike are not convinced.

The latest developments expose a troubling pattern in President Emmerson Mnangagwa’s administration — a repetition of the same failed currency policies implemented under former President Robert Mugabe. 

Since 2000, Zimbabwe has introduced and abandoned a string of currencies and monetary instruments, including bearer cheques, bond notes, and electronic RTGS dollars — all of which collapsed under inflation and public rejection.

Mnangagwa’s rise to power in 2017 was marked by promises of economic reform, foreign investment, and a break from Mugabe-era economic mismanagement. 

However, the ZANU PF government has doubled down on centralised economic control, monetary policy manipulation, and a hostile business environment, pushing the country further away from genuine recovery.

The latest currency experiment — the ZiG — was marketed as a gold-backed solution to instability. 

But it has done little to instil confidence among citizens and investors. Instead, many Zimbabweans continue to rely on the US dollar for everyday transactions, with local currency use hovering at just 35 percent, despite official efforts to enforce de-dollarisation.

While RBZ insists that price stability and controlled inflation — including a reported negative food inflation rate of -0.5%— are signs of ZiG’s success, the broader economic picture remains bleak.

Rent shocks, fuel volatility, and shortages in essential goods continue to undercut official optimism.

The government claims that end-2025 annual inflation will be contained below 30%, paving the way for a 6% GDP growth. 

But these projections appear detached from the real challenges facing Zimbabwe’s informalised and largely dollarised economy.

What Zimbabwe needs, economists argue, is not another short-lived local currency, but structural economic reforms to restore investor confidence. These include:

• A credible, independent monetary authority
• A transparent fiscal policy with zero tolerance for corruption
• Property rights that are respected and upheld
• Political stability and democratic governance
• Rule of law that protects both citizens and investors

Without these fundamentals, any currency — be it ZiG or otherwise — is bound to fail.

From bearer cheques to bond notes, from RTGS dollars to ZiG — Zimbabwe’s monetary history is littered with broken promises and vanished savings. 

The return to printing more notes signals not stability, but desperation. 

And as long as President Mnangagwa’s government refuses to address the root causes of economic collapse — cronyism, corruption, and policy inconsistency — the ZiG will join the ghosts of currencies past.