Category: Zimbabwe Economy

Self Inflicted {by Zanu PF} Currency Collapse AGAIN hits Zimbabwe
A recent article by Africa Logistic on 12th January 2025 make the point that the recently introduced ZiG is not worthy! In fact to quote their article;

Zimbabwe is grappling with yet another chapter of economic turbulence as its currency crisis intensifies, undermining confidence in the nation’s monetary system. The Zimbabwe Gold (ZiG), a gold-backed currency introduced in April 2024, was intended to stabilize the economy and inspire trust.

Instead, it has spiraled into rapid devaluation, losing over 40% of its value against the U.S. dollar within months. “The ZiG was supposed to be our beacon of hope,” says economist Tendai Moyo. “But its collapse is a reflection of deeper structural issues that cannot be fixed by simply introducing a new currency.”

On Twitter/X ZHRO have been making this point ever since the “claimed” – Gold backed Currency was introduced – AND amply supported in our assertion by the well respected economist Steve Hanke – at John Hopkins University USA – in fact many of our cartoons pointing out both Inflation and Currency – are sourced from Steve Hanke. SEE above.

Only on 9th January 2025 Prof Steve Hanke’s message was that Zanu PF had invaded a Gold Mine – one assumes to get more “backing” for ZiG?

“Zimbabwe’s Vubachikwe Gold Mine has been invaded, again. This time, it looks like President Mnangagwa and his ZANU-PF political mafia are stealing private property, again. ZIM = LAWLESS.”

Inflation is at a staggering 948% See Twitter/X post to verify – this in itself underscores the failure of both ZiG and RBZ. Co-conspirators are the Minister (out of his depth) Mthuli and his puppet masteres within the so called ‘elite’ of Zanu PF {heads of the Kleptocracy}.