By Flata Kavinga
The government is continuing efforts to strengthen the Zimbabwe Gold (ZiG) currency as part of broader plans to transition to a single currency, Minister of Energy and Power Development July Moyo has said.
Speaking during the official opening of the Mighty Men Business Seminar in Kwekwe on Saturday, Moyo said a stable economy was essential for business growth and investment, adding that government was focused on consolidating the ZiG before moving fully to a single-currency system.
He said President Emmerson Mnangagwa’s administration was prioritising measures aimed at stabilising the local currency against other currencies.
“In order for you to do your business and protect it, you need stability of the country. You need stability of the economy. That’s why the President is putting so much effort into stabilising the ZiG versus the currencies,” Moyo said.
Addressing questions over the pace of the transition to a single currency, Moyo said government was taking a cautious approach because it believed Zimbabwe had previously experienced financial pressures that affected its currency.
He alleged that attacks on a country’s financial system could be used as a means of destabilising economies and governments, saying Zimbabwe was working to guard against such risks.
Moyo also identified food security as another key pillar of economic stability, saying the country had previously faced periods of severe food shortages that forced it to rely on imports.
He said government had since prioritised agricultural production and regularly assessed the country’s food security situation to reduce vulnerability to external shocks.
According to Moyo, maintaining a stable currency alongside improved food security would help create a more predictable environment for businesses and support Zimbabwe’s long-term economic objectives.
The Mighty Men Business Seminar brought together business leaders, entrepreneurs and government officials to discuss economic development, investment and entrepreneurship.
