HARARE – President Emmerson Mnangagwa on Monday conducted a high-level inspection of the Reserve Bank of Zimbabwe (RBZ)’s gold vaults and foreign currency reserves, expressing satisfaction with the country’s rapidly growing bullion holdings which now underpin Zimbabwe’s gold-backed currency, the ZiG.
The inspection comes as authorities intensify efforts to restore confidence in the country’s monetary system and strengthen macroeconomic stability through mineral-backed reserves and tighter monetary discipline.
RBZ Governor John Mushayavanhu briefed the President that Zimbabwe’s official gold reserves have now reached 4.48 tonnes, up by approximately one tonne since Mnangagwa’s previous inspection visit last year.
The latest figures place Zimbabwe as the 11th largest holder of official gold reserves in Africa and the third largest within the Southern African Development Community (SADC), highlighting the country’s accelerating reserve accumulation strategy amid broader efforts to stabilise the domestic currency.
Speaking after touring the central bank vaults, President Mnangagwa said he was satisfied with the integrity of the reserve management systems and the growth trajectory of the country’s strategic assets.
“I am happy that things are intact, and the systems seem to be intact also. I am very happy,” the President said.
The inspection also served as a symbolic reaffirmation of the Government’s commitment to a gold-backed monetary framework following years of currency instability, hyperinflationary episodes and persistent exchange rate volatility.
Governor Mushayavanhu said Zimbabwe’s total reserve backing for the ZiG currency now exceeds US$1.4 billion, with the bulk of the reserves held in physical gold and foreign currency assets.
“And that US$1.4 billion is predominantly comprised of gold reserves, and we are continuing to grow it,” he said.
The ZiG, introduced as Zimbabwe’s latest structured currency, was designed to anchor monetary stability by linking money supply growth to tangible reserve assets, particularly gold and foreign exchange reserves. Authorities argue that the reserve-backed framework distinguishes the ZiG from previous local currency experiments that suffered from excessive money creation and weak market confidence.
In a statement following the inspection, President Mnangagwa said the reserve accumulation programme stemmed from a policy directive issued two years ago requiring mineral royalties to be retained in physical form rather than immediately liquidated.
“This morning, I inspected the vaults of the Reserve Bank of Zimbabwe to personally verify our national gold and ZiG reserves,” the President said.
“I am delighted to report that our strategic initiatives to establish a gold-backed foundation for our economy are producing substantial outcomes.”
The President added that Zimbabwe’s gold reserves were no longer “mere numbers” but represented tangible strategic assets supporting national monetary sovereignty and resilience against global financial shocks.
“With over 4 metric tonnes of gold and foreign currency reserves, our ZiG currency remains fully backed and resilient to global economic shocks,” he said.
Authorities are now targeting official gold reserves of five metric tonnes by the end of the year as part of a broader monetary consolidation programme aimed at strengthening confidence in the local currency and reducing dependence on the United States dollar.
Economists say the rapid build-up in reserves could improve Zimbabwe’s import cover ratio, strengthen the RBZ’s intervention capacity in the foreign exchange market and gradually support de-dollarisation efforts if fiscal discipline and policy consistency are maintained.
However, analysts also caution that reserve adequacy alone may not be sufficient to secure long-term currency confidence without broader structural reforms, export growth, industrial productivity expansion and sustained macroeconomic credibility.
Zimbabwe remains one of Africa’s most mineral-rich economies, with significant deposits of gold, platinum, lithium and chrome, resources the Government increasingly views as critical anchors for monetary and financial sector reforms.
The RBZ’s reserve accumulation drive also reflects a growing global trend among central banks to increase gold holdings amid rising geopolitical uncertainty, inflationary pressures and weakening confidence in purely fiat-based monetary systems.
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