By Staff Writer
THE Zimbabwe Gold (ZWG) currency is total failure whose continued existence is anchored on an artificial life support system hurting the formal sector more, Bulawayo Mayor David Coltart has said.
Introduced on April 5 2024 on the back of claims it was backed by Gold , the new currency has suffered heavy blows within the first six months of its survival .
Last week RBZ governor devalued the currency by 40% signalling admission of hurdles being faced by the local unit.
Posting on X, Coltart castigated the new currency and called for its urgent removal.
“The elephant in Zimbabwe’s room is the ZIG. It has clearly failed and it is only a matter of time before government will have to abandon it, as it did before with the Z$, bond notes, bearer cheques and RTGS.
“The sooner this happens the better because in the interim keeping this currency on artificial life support is doing the formal sector of the economy incalculable damage,” he said.
On Monday, the rattled mayor also condemned the ZWG ‘s rapid collapse.
“Has there ever been a more rapid and precipitous collapse of a currency than the ZIG?” said Coltart.
“Has there ever been a more brazen misrepresentation regarding the backing of a currency – i.e that it was backed by gold?Has there ever been a more grossly inappropriate name for a currency – “Zimbabwe Gold” – ZIG?”
