Nyashadzashe Ndoro
ActionAid Zimbabwe, a prominent voice for social justice and poverty eradication in the country, expressed deep concern over the introduction of the ZiG, a new gold-backed currency for Zimbabwe.
While acknowledging the government’s stated goal of economic recovery, the organisation cautioned against a quick fix and called for more fundamental reforms.
“We have closely monitored the recent announcement regarding the introduction of the new structured currency called Zimbabwe Gold with deep concern,” reads the opening statement from ActionAid Zimbabwe.
The statement highlights the country’s long struggle with currency instability, marked by the introduction of various currencies that failed to deliver on promises of economic turnaround.
ActionAid Zimbabwe fears that the ZiG currency might be yet another misstep. “The introduction of the ZiG currency risks repeating the mistakes of the past,” the statement continues.
“Instead of addressing the root causes of our economic challenges, it offers a temporary fix that fails to inspire confidence among Zimbabweans.”
The organisation believes that lasting economic recovery hinges on a more comprehensive approach.
“We believe that true economic recovery can only be achieved through comprehensive reforms that address issues such as corruption, mismanagement, and lack of transparency,” further reads the statement.
ActionAid Zimbabwe urged the government to prioritise measures that rebuild trust in the Zimbabwean economy. This entails fostering an investment-friendly environment, promoting accountability and good governance, all while prioritising the needs of the country’s citizens.
The organisation urges policymakers to engage in meaningful dialogue with a wide range of stakeholders to craft sustainable solutions that benefit the entire nation.
“As an organisation dedicated to social justice and poverty eradication, ActionAid Zimbabwe remains committed to advocating for the rights and interests of the most vulnerable members of our society,” the statement declares.
The organisation pledges to continue monitoring developments surrounding the ZiG currency and to ensure that the voices of ordinary Zimbabweans are heard.
The news of the ZiG currency’s introduction comes with the important caveat that the multi-currency system will remain in place, with the US dollar retaining its legal tender status.
Reserve Bank of Zimbabwe governor, John Mushayavanhu, announced the new notes in denominations of 1, 2, 5, 10, 50, and 100, with coins for smaller denominations also available. He assured the public that the ZiG will circulate alongside existing currencies.
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