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Another Zimbabwe gold coin sale registers little for most

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BY GAMUCHIRAI MASIYIWA

With the price of gold up globally, the Reserve Bank of

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Zimbabwe in April put the gold coins it stopped minting a year earlier back on the

market.

But interested investors had to act fast.

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By mid-June, the sale of coins from its accumulated stock was abruptly concluded

and another chapter of the currency chaos that has characterized the nation’s

economy for decades was in the books. This time, at least, economists say the

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experiment had little effect.

The short-lived sale is just the latest example in a long line of inconsistent policies,

says Ithiel Mavesere, a lecturer in the economics and development department at theUniversity of Zimbabwe. Storing value in a gold coin is not a viable option for the

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majority of the population, he adds.

“Ideally, what they should have done is come up with low-value coins, with

denominations as low as equivalent to US$20 for the majority of the population to

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afford,

” Mavesere says.

However, Reserve Bank of Zimbabwe Governor John Mushayavanhu says in a written

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response to Global Press Journal that the gold coins were effective as an alternative

investment instrument and there was huge demand from both corporations and

individuals. According to RBZ data, corporations bought about 79% of the gold coins

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and individuals bought about 21%.

About US$12 million’s worth sold

The lowest denomination of the coins represents a tenth of an ounce of gold,

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equivalent to 9,299.13 in Zimbabwe gold, or ZiG, the national currency, or about

US$347. The highest denomination of the coins represents one ounce of gold,

equivalent to ZiG 92,991.34 or about US$3,470.

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In all, the central bank has sold gold coins worth ZiG 343 million, or about US$12.8

million, according to Mushayavanhu, who says the recent sale happened after the

bank noted increased demand following the rise in international gold prices.

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“In this context, the Reserve Bank re-issued an accumulated parcel of gold coins from

a combination of gold coins which had been bought back from the market through

redemptions and some coins which were still being held at the Reserve Bank from

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the previously minted stock,

” the governor wrote.

A statement from the bank in mid-June announcing the halt to the sale indicated it

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had been intended to clear the stock of gold coins it had and those that had been

cashed in by their holders.

Mushayavanhu says the bank stopped minting gold coins in April 2024 to prioritize its

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gold reserve which, along with foreign currency reserves, backs the Zimbabwe gold

currency.

He says foreign reserves increased from US$270 million in April 2024 to US$731 million

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as of the end of June.

The central bank first introduced the Mosi-oa-Tunya gold coins — which share an

indigenous name for Victoria Falls — in 2022 at a time when the country was

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experiencing currency instability with high inflation and continued devaluation of

what was then the national currency, the Zimbabwe dollar.

The coins aimed to reduce dependency on the US dollar and help stabilize the

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economy. The coins helped mop up excess cash in local currency that was circulatingin the market. Coupled with other monetary measures in 2022, the monthly inflation

rate dropped from about 31% in June to about 12% in August that year.

However, the exchange rate of the Zimbabwe dollar drastically fell against the US

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dollar and the government replaced it with the new Zimbabwe gold currency in April

2024. Since its introduction, the currency’s value has been cut in half.

A ‘drop in the ocean’

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Lyle Begbie, an economist with Oxford Economics Africa, believes the sale of the gold

coins when they were introduced in 2022 was more of a revenue-generating scheme,

as it happened at a time when inflation was very high.

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He says it makes sense that the recent sale of gold coins was influenced by the

increase in gold prices on the global market. But he adds that the value of gold coins

was too little to have an impact on the economy. Begbie says the US$12.8 million in

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coins the central bank reported selling is less than 1% of Zimbabwe’s gross domestic

product — which the World Bank estimates at US$44 billion — a “drop in the ocean”

when it comes to the country’s macroeconomic picture.

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Prosper Chitambara, an economist based in Harare, agrees the impact of the recent

sale was minimal. He says gold coins don’t have a significant impact on currency

stability in an economy like Zimbabwe’s, which is highly informal and also highly

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dollarized — meaning it’s heavily reliant on the US dollar as a currency.

“Most economic agents in our economy prefer to transact using their US dollars

because it’s a highly tradable and highly liquid asset. … So there’s a huge confidence

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and trust in the USD than in the gold coins or even in the Zimbabwe gold,

Chitambara says.

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Samuel Wadzai, the executive director of Vendors Initiative for Social and Economic

Transformation, an organization in Harare that advocates for the informal business

sector, says there have been a few instances where members have tried to use gold

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coins for everyday transactions, but it hasn’t been widespread.

“Most traders still prefer cash due to the challenges of acceptance and the limited

understanding of gold coins in everyday trade,

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” he says.

Isheanesu Kwenda, 31, a Harare street vendor with a sociology degree, says the recent

sale of gold coins didn’t offer any benefit for him. Like many Zimbabweans, he has

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heard about the gold coins, but has never seen or opted to buy them. The vendor is

part of Zimbabwe’s informal economy, which sustains over 80% of Zimbabwe’s

population and contributes nearly 72% to the country’s GDP.

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“Street economics informs that you should not attempt to get something you are not

sure of or do not understand. … I prefer to sell my goods and keep my money in US

dollars because it holds value, or I can keep my money in stock,

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” Kwenda says of theclothing he sells.

Last year, Kwenda lost more than half his earnings after Zimbabwe gold was

introduced. After being paid the equivalent of US$1,000 in Zimbabwe dollars, he only

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managed to salvage US$360 and lost the rest in exchange rate losses.

For Kwenda, restoring confidence is simple: The government must stick to a plan,

without making sudden U-turns

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This story was originally published by Global Press Journal

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National

Unregulated mining pushes Zimbabwe toward environmental and public health crisis

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BY STAFF REPORTER

Zimbabwe is facing a deepening environmental and public health emergency driven by unchecked mining activities, with environmental experts warning that the situation has escalated into a national security concern.

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The alarm was raised during discussions aired on recently at CITE, where environmental leaders unpacked the scale of ecological damage unfolding across the country.

Centre for Natural Resource Governance (CNRG) Executive Director Farai Maguwu said Zimbabwe’s mining boom has reached crisis levels, fuelled largely by economic decline and the collapse of formal employment.

“Mining has become the default survival strategy for many Zimbabweans,” Maguwu said, noting that widespread job losses and industrial shutdowns have pushed communities toward extractive activities as a quick source of income.

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He warned that weak governance has allowed mining to spread into protected and ecologically sensitive areas, despite existing policies that prohibit such activities.

“We are seeing mountains disappearing and rivers being destroyed. Even with a ban on riverbed mining, enforcement has collapsed,” Maguwu said.

According to Maguwu, mining has encroached into UNESCO heritage sites and protected zones such as Mavuradona Wilderness, while areas like Shurugwi and Poterekwa Mountain have suffered extensive damage.

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More concerning, he alleged that some law enforcement agents and senior officials are complicit in environmental destruction.

“In places like Penhalonga, elements within the police, military, senior government structures and intelligence services are allegedly part of mining syndicates,” he said, warning that the crisis now threatens national stability.

Maguwu also highlighted the dangers of mining beneath roads and residential areas, which he said could result in catastrophic collapses and flash floods.

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“They are creating underground dams in mountains. When these give way, people will be swept away,” he said.

He criticised what he described as a lack of urgency from authorities in responding to the scale of destruction.

“If government is concerned about the future of this country, the current level of environmental damage should be setting off alarm bells,” Maguwu said.

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He further explained that the shift from underground mining to open-cast methods has accelerated deforestation, land degradation and loss of agricultural land, undermining food security.

The uncontrolled use of toxic substances such as mercury and cyanide, particularly during the rainy season, has also heightened contamination risks.

“These chemicals are being dumped indiscriminately, with no punitive measures in place,” he said, warning that rainfall washes toxins into rivers, dams and streams.

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Maguwu expressed particular concern for rural communities dependent on untreated water from shallow wells, especially in Marange and Matabeleland North.

“People are drinking contaminated water. The long-term health consequences are devastating and still unfolding,” he said, describing the crisis as an “environmental Armageddon.”

Similar concerns were echoed by Nkosikhona Sibanda, Executive Director of the Centre for Environmental and Corporate Accountability Research (CECAR), who said the crisis is nationwide.

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In Matabeleland North, Sibanda said mining activity—particularly by Chinese-owned companies—has intensified in areas such as Hwange, Kamativi in Binga, and surrounding districts.

“When communities hear about foreign investment, they expect development. Instead, they are experiencing severe environmental degradation,” Sibanda said.

Studies conducted between 2024 and 2025, he added, revealed dangerous levels of air pollution in Hwange.

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“The results were shocking. Air quality is far beyond safe limits, and people are breathing toxic substances daily,” Sibanda said.

Health facilities in affected areas have reportedly recorded a rise in respiratory illnesses and chronic diseases, underscoring the growing human cost of environmental neglect.

“This is no longer just an environmental issue—it is a public health emergency,” Sibanda said.

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This report is based on information originally published by the Centre for Innovation and Technology (CITE).

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National

World AIDS Day: UN Chief says ending AIDS by 2030 “is within grasp”

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BY SONIA HLOPHE

United Nations Secretary-General António Guterres has marked World AIDS Day with a message urging world leaders to scale up investment, confront stigma and ensure that lifesaving HIV services reach everyone who needs them.

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In his statement, Guterres said this year’s commemoration serves as a reminder that the world “has the power to transform lives and futures, and end the AIDS epidemic once and for all.”

He highlighted the major gains achieved over the past decade.

“The progress we have made is undeniable,” he said, noting that “since 2010, new infections have fallen by 40 per cent” while “AIDS-related deaths have declined by more than half.” Access to treatment, he added, “is better than ever before.”

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But despite this global progress, the Secretary-General warned that the crisis is far from over.

“For many people around the world, the crisis continues,” he said. “Millions still lack access to HIV prevention and treatment services because of who they are, where they live or the stigma they endure.”

Guterres also raised concern over shrinking resources:

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“Reduced resources and services are putting lives at risk and threatening hard-won gains.”

He said ending AIDS requires fully supporting communities, scaling up prevention and ensuring treatment for everyone.

“Ending AIDS means empowering communities, investing in prevention and expanding access to treatment for all people.”

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He also called for innovation to be matched by real-world delivery:

“It means uniting innovation with action, and ensuring new tools like injectables reach more people in need.”

Above all, he stressed the need for a human-rights centred response so no one is excluded.

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“At every step, it means grounding our work in human rights to ensure no one is left behind.”

With the 2030 global deadline approaching, the UN chief said success is still possible if momentum is sustained.

“Ending AIDS as a public health threat by 2030 is within grasp. Let’s get the job done.”

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Zimbabwe fast-tracks approval of long-acting HIV prevention drug Lenacapavir

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BY WANDILE TSHUMA

Zimbabwe has taken a major step in the fight against HIV following the rapid approval of Lenacapavir, a groundbreaking long-acting injectable for HIV pre-exposure prophylaxis (PrEP). The Medicines Control Authority of Zimbabwe (MCAZ) authorised the drug in just 23 days, marking one of the fastest regulatory approvals in the country’s history.

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The application, submitted by pharmaceutical company Gilead Sciences in October, underwent an expedited review because of its public health importance. MCAZ says the fast-tracked process did not compromise scientific scrutiny, with the product subjected to a rigorous assessment of its safety, efficacy and quality.

Lenacapavir is designed for adults and adolescents weighing at least 35kg who are HIV-negative but at substantial risk of infection. Unlike traditional daily oral PrEP, the medicine is administered as a six-monthly injection, following an initiation phase that includes one injection and oral tablets on Days 1 and 2. Health authorities say this long-acting formulation could dramatically improve adherence and expand prevention options, particularly for communities where daily pill-taking is difficult.

MCAZ Director-General  Richard T. Rukwata described the approval as a landmark moment in Zimbabwe’s HIV response.

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“The rapid approval of Lenacapavir reflects MCAZ’s dedication to accelerating access to trusted, high-quality health products. This milestone brings new hope for HIV prevention and reinforces our commitment to safeguarding public health,” he said.

To fast-track the process, the Authority applied a regulatory reliance approach, drawing on scientific assessments from the World Health Organization’s Prequalification Programme (WHO PQ). This allowed evaluators to build on internationally recognised review processes while ensuring Zimbabwe’s own standards were met.

The introduction of Lenacapavir comes as Zimbabwe continues efforts to reduce new HIV infections, particularly among young people and key populations who face barriers to consistent PrEP use. Public health experts say the drug’s twice-yearly dosing could be a game changer in improving uptake and protection.

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MCAZ says it remains committed to ensuring Zimbabweans have access to safe, effective and good-quality medical products, in line with its mandate under the Medicines and Allied Substances Control Act.

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