Boost for ZiG; Pres Ruto backs new currency

Business Reporter

KENYAN President William Ruto has thrown full weight behind the new Zimbabwe Gold (ZiG) currency.

Ruto said Zimbabwe’s growth plans as “driven by irrevocable intentionality.”

The visiting president said the bold decisions by the Government of Zimbabwe constituted a radical economic recovery, revitalisation and reform agenda based on a coherent, ambitious vision to steer the nation to prosperity and sustainability.

Officially opening the 64th edition of the Zimbabwe International Trade Fair (ZITF) in Bulawayo this weekend, Ruto said due to the country’s unmistakable energy, the resilience and fortitude of its people, the nation had realised many positives showing its willingness to transform.

“Zimbabwe’s commitment to economic recovery and transformation was the government’s decision to introduce a new currency, the ZIG, which is backed by gold and other asset reserves.

‘’This radical revitalisation of Zimbabwe’s monetary policy will contribute greatly to the country’s economic resurgence,’’ Ruto said.

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu launched ZiG a fortnight ago and distribution of the notes and coins is expected on Tuesday April 30, 2024.

‘’I am strongly persuaded that I am also convinced that this intentionality is closely connected with the vision and theme of the Zimbabwe International Trade Fair, ‘Entrepreneurship: A Catalyst for Industrialisation and Trade’.”

Ruto highlighted that the positive changes that were taking place in the country demonstrate a readiness to tap its abundant potential into opportunities for all sectors of its economy.

Investors must not ignore these changes especially on investment and trade as they risked missing great business opportunities, he added.

‘’Potential investors must start paying close attention to reforms related to trade and investment, lest they miss out on highly beneficial incentives. I believe this is the primary purpose of an event like this,’’ Ruto said.

Among several government’s policies, Ruto paid gratitude to the agricultural revitalisation policy, which invests in the provision of access to inputs, technology and markets.

‘’The seeds of transformation have been sown in Zimbabwe’s farmlands. Its first fruit will be a major uplift in livelihoods across the country, leading to rural wealth and employment creation.”

He also commended the infrastructural development which has enhanced Zimbabwe’s transport, energy and ICT sectors, bolstering domestic and regional connectivity, increasing productivity, promoting trade and attracting investment.

‘’This connectivity, underscored by the two Trans-African highways which traverse Zimbabwe: Cape Town to Cairo, and Beira- Lobito highways, in conjunction with the strategic pursuit of regional integration through membership of such bodies as the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA) and the Africa Continental Free Trade Area(ACFTA) clearly demonstrate that Zimbabwe is determined to catalyze domestic, regional and Pan

African trade.’’

Ruto, whose country is among the African fastest growing economies, paid homage to innovation saying it was the secret recipe for transformation.

‘’It produces new inventions, transforms existing technologies and enables every sector to produce more, faster, better and surer out of every unit of input.

‘’Innovation empowers technologies and processes to achieve more in terms of volume and variety, making it easier to satisfy demand and offer choice.

“It reduces waiting times, leading to higher levels of satisfaction and enables producers to attain and maintain higher standards,’’ he said.

Ruto left Harare for Nairobi on Saturday afternoon as he rushed back home where floods have wreaked havoc in some parts of the Eastern Africa country including the capital city with more than 35 people having been killed by the incessant rains over the past week.

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