The Zimbabwe Gold Currency (ZiG) is the brainchild of President Mnangagwa, Finance Minister Professor Mtuli Ncube said.
“Two years ago, President Mnangagwa told me as finance minister that we have to allocate 50% of the revenues we earn from the mining sector, and that it should be paid physically. So, if it’s gold, now half of the royalties are supposed to actually be paid in physical gold. If it’s lithium, We get the US dollar equivalent in terms of royalties and half of that is then paid to the Treasury to be used in connection with government programs, but half is put aside as royalties and it buys gold and boosts the gold reserve.
“So, we have been involved in this program for the last two years, and on April 5 this year, we were then able to gain the ability to introduce the new local currency, ZiG, backed by existing assets and reserves. We are confident that we will continue to work with the government,” Professor Ncube said at a meeting of the ZANU-PF Regional Coordination Committee. -The National Front in Bulawayo yesterday.
