Zimbabwe’s official gold reserves have risen to 4.4 tonnes, placing the country 11th in Africa and third within the SADC region, President Dr Emmerson Mnangagwa announced after inspecting the Reserve Bank of Zimbabwe (RBZ) vaults in Harare yesterday.
The President said the reserves have grown by one tonne since his last inspection, reflecting the success of his directive issued two years ago for mineral royalties to be accumulated in physical form to strengthen the nation’s monetary foundation.
“This morning, I inspected the vaults of the Reserve Bank of Zimbabwe to personally verify our national gold and ZiG reserves. I am delighted to report that our strategic initiatives to establish a gold-backed foundation for our economy are producing substantial outcomes,” he said.
President Mnangagwa emphasised that the country’s reserves are “tangible assets that underpin our monetary sovereignty rather than mere numbers.” He added that Zimbabwe remains on track to reach five tonnes of reserves by year-end, supported by more than four tonnes of gold and foreign currency reserves backing the ZiG.
“With over four metric tonnes of gold and foreign currency reserves, our ZiG currency remains fully backed and resilient to global economic shocks,” he said.
RBZ Governor Dr John Mushayavanhu confirmed that 22 billion ZiG is currently in circulation, with three percent held in hard currency reserves. He noted that the steady accumulation of gold reserves reflects Government’s commitment to strengthening the country’s monetary system.
“It is pleasing to note that since his last visit, we have added almost a tonne of gold. The President was able to see firsthand the extent of the reserve growth,” he said.
Zimbabwe now holds over US$1.4 billion in reserves backing the ZiG, largely composed of gold. Dr Mushayavanhu said this reserve level provides strong support for currency stability.
“If you divide the total ZiG in circulation by the value of reserves, it shows we can buy back all the ZiG at an exchange rate just under 16. There is no reason for such a high parallel market premium,” he said.
He added that the current reserve stock is sufficient to cover one and a half months of imports, with the national target set between three and six months.
The increase in reserves comes at a crucial time as authorities intensify efforts to stabilise the ZiG currency, restore public confidence and reduce distortions between the official and parallel exchange markets.
President Mnangagwa said the expansion of gold holdings marks a major step in building a resilient, asset-backed monetary system in line with national economic reform objectives.
