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Gono Clears Air on Zim’s ‘Stolen’ Gold Reserves

Former Reserve Bank of Zimbabwe (RBZ) Governor Gideon Gono has denied allegations of gold reserve theft during his tenure.

The accusations, recently brought to light by ZanuPF’ Spokesperson Chris Mutsvangwa, suggested that an unspecified quantity of gold was lost to an unnamed Arab country under the watch of the late President Robert Gabriel Mugabe.

Mutsvangwa added that an agreement was proposed to exchange US dollars for Zimbabwe’s gold reserves.

Under the deal, Zimbabwe’s gold would be transported from the RBZ’s vaults to a location abroad, allowing the Arab partners to verify the reserves.

Mutsvangwa said while the gold was transferred as per the agreement, the country never received the US dollars as per the agreement.

Gono, who served as RBZ Governor from December 2003 to November 2013, stated, “No ‘gold reserves’ were ever stolen by anyone during my tenure.”

He emphasized the importance of confronting such claims with facts to prevent them from igniting a “forest fire” of doubt and mistrust around the RBZ and the nation.

“I cannot stand by while unfounded allegations tarnish the reputations of distinguished individuals who served under challenging circumstances,” Gono stated.

Furthermore, Gono highlighted the intricate nature of the proposed gold-backed transaction, emphasizing that it was a structured agreement to bolster the country’s forex reserves.

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The contract entered into in May 2006 with a reputable jewellery company in Saudi Arabia, aimed to inject $150 million into Zimbabwe’s economy.

However, the transaction ultimately fell through due to the failure of the counterpart to deliver the agreed funds.

“We dispatched a deposit of $5 million worth of gold, as per the agreement. When the transaction failed, RBZ retrieved its deposit without incurring any losses,” Gono clarified.

Gono also provided a detailed breakdown of the proposed transaction, illustrating its potential benefits to the economy. He emphasized that the agreement was meticulously crafted to mitigate risks and maximize gains for Zimbabwe, with transparent accounting practices upheld throughout his tenure.

Addressing concerns about the ambiguity surrounding the allegations, Gono called for transparency and accountability in public discourse. He stressed the importance of respecting the integrity of past governors and ministers of finance, urging against baseless accusations that could harm their legacies.

“We must uphold the truth and refrain from engaging in divisive rhetoric that serves no constructive purpose,” Gono asserted.

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Multi-award winning journalist/photojournalist with keen interests in politics, youth, child rights, women and development issues. Follow Lovejoy On Twitter @L_JayMut

Latest comments

  • I don’t think anyone beleives Mutsvangwa anyway. The fact of the matter is that the country got messed up under Zanu PF no matter who was involved, they must account.

  • Never heard Bull shit like this, ZANU pf stole the gold ask the head gold mafia boss ED

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