Harare – Zimbabwe has officially adopted a new gold-backed currency, known as ‘Zimbabwe Gold’ or ‘ZiG’, aimed at stabilizing its economy previously crippled by hyperinflation. The new currency, which replaces the historically weak Zimbabwean dollar, is supported by the nation’s gold reserves.

According to Burkina Information Agency, Winston Chitando, Zimbabwe’s Minister of Mines and Mineral Development, announced the introduction of the ZiG during a media briefing at a gold mobilization workshop in Harare. Chitando highlighted the government’s strategy to increase gold production from 30.1 tonnes last year to 40 tonnes this year. This increase is expected to be achieved by enhancing the output of artisanal, small-scale, and large mining operations.

Chitando emphasized the importance of proper gold delivery channels and responsible mining practices that comply with national laws. Prior to adopting the ZiG, Zimbabwe used a variety of foreign currencies and even introduced its own versions of the US dollar to manage economic instability. The new gold-backed currency began circulating on April 8, 2024.