Mnangagwa says new ZiG currency is an honour to fallen liberation fighters
Business Reporter
PRESIDENT Emmerson Mnangagwa Tuesday expressed optimism over the recently launched Zimbabwe Gold (ZWG) currency’s capacity to turn around the country’s economic fortunes.
The Zimbabwe Gold is the official currency of Zimbabwe since 8 April 2024, backed by US$575 million worth of hard assets: foreign currencies, gold, and other precious metals.
Delivering his keynote speech on the occasion to mark the Defense Forces Day, Mnangagwa expressed confidence in the new unit.
“Through complementarity between fiscal and monetary policies, we are determined to consolidate the gains so far achieved from the price stability brought about by the Zimbabwe Gold (ZiG) currency.
“We are honoring the fighting spirit of our gallant sons and daughters through increased performance of the agriculture sector. In the midst of the El Nino induced drought, our winter wheat cropping season continues to score remarkable successes,” he said.
Mnangagwa said the currency , coupled with other economic activities like the record 121 982 hectares of wheat have been planted this season.
Further, he said his government has already commenced rolling out preparations for the 2024/2025 summer cropping season, which is expected to restore food security through increased production, on the back of massive irrigation infrastructure rehabilitation, expansion and utilisation.
“Our mining sector continues to benefit from investment into new and existing projects. I exhort players in the sector to ensure that we derive maximum benefits from the precious minerals, which our heroes fought for, by value adding and beneficiating them,” he said.
Mnangagwa said the role of the energy and power sector in socioeconomic development through industrialisation cannot be over-emphasized as low power production levels at Kariba Power Station are being offset by the Hwange 7 & 8 expansion project, which now feeds a constant supply to the national grid.
Among numerous power augmentation projects, he said two large solar plants with a total capacity of 250 megawatts are being developed and will soon be commissioned.
