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Address Root Causes Of Economic Instability Before New Currency, Govt Told

RBZ ZiG

ActionAid Zimbabwe has urged the government of Zimbabwe to address the root causes of economic challenges and restore confidence in the economy before introducing a new currency.

On Friday, the newly appointed Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu presented his first monetary policy statement which among other key highlights announced the introduction of the new currency called Zimbabwe Gold (ZiG) which will be backed by gold and United States dollar reserves.

In a statement released on Friday, ActionAid Zimbabwe said the country needs restoration of confidence in the economy, not the introduction of yet another currency.

The organization further warned government of Zimbabwe that economic recovery will only be achieved through instituting reforms that address corruption, mismanagement and lack of transparency.

“The introduction of the ZiG currency risks repeating the mistakes of the past. Instead of addressing the root causes of our economic challenges, it offers a temporary fix that fails to
inspire confidence among Zimbabweans. We believe that true economic recovery can only be achieved through comprehensive reforms that address issues such as corruption, mismanagement, and lack of transparency,” said ActionAid Zimbabwe.

The organization said Zimbabwe can only develop sustainable solutions by engaging in meaningful dialogue with stakeholders from all sectors of society.

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“ActionAid Zimbabwe calls on the government to prioritize measures that will rebuild trust in the economy. This includes fostering an environment that is conducive to investment, promoting
accountability and good governance, and prioritizing the needs of ordinary Zimbabweans. We urge policymakers to engage in meaningful dialogue with stakeholders from all sectors of society to develop sustainable solutions that will benefit the entire nation,” added ActionAid Zimbabwe.

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