Another Zimbabwe gold coin sale registers little for most

Published

7 months ago

August 13, 2025

VicFallsLive

BY GAMUCHIRAI MASIYIWA

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

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

market.

But interested investors had to act fast.

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

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

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

afford,

” Mavesere says.

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

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

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,

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.

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.

“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

the previously minted stock,

” the governor wrote.

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

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

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

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

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

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

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’

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.

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

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.

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

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

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

”

Chitambara says.

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

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,

” 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

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.

“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,

” 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

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

This story was originally published by Global Press Journal

Flooding risk rises in Zimbabwe, Southern Africa as heavy rains forecast

Published

1 week ago

March 16, 2026

VicFallsLive

Flooding is expected to intensify across parts of Southern Africa, including Zimbabwe, as heavy rainfall continues to affect the region, according to the latest weather hazards update from the Famine Early Warning Systems Network (FEWS NET).

In its Global Weather Hazards Summary for March 12–18, FEWS NET said moderate to locally heavy rainfall has been observed across several countries in the region, raising concerns about flooding in vulnerable areas.

The agency said the rainfall has affected western, central and eastern parts of Southern Africa, including Angola, Zambia, Malawi, central Mozambique, northern Madagascar, Botswana, Namibia, South Africa and Zimbabwe.

“During the past week, moderate to locally heavy rainfall was observed over northern, central and eastern Southern Africa,” FEWS NET said in the report.

The agency noted that flooding has already been recorded in some parts of the region, including Cunene Province in southern Angola and Rundu in northern Namibia, as rainfall continued across several countries.

Over the past 30 days, cumulative rainfall has been above average across southeastern Angola, northeastern Botswana, central South Africa, Lesotho, central and southern Zimbabwe and parts of Malawi and Mozambique, increasing the likelihood of flooding in low-lying and flood-prone areas.

FEWS NET warned that the situation could worsen in the coming days.

“(This week) , heavy rainfall is predicted over northern and eastern Zambia, including central and northern Angola, central and eastern Zambia, Malawi, northern and eastern Zimbabwe, Mozambique, northeastern South Africa, Eswatini and northern Madagascar,” the report said.

According to the outlook, the forecast rainfall raises the risk of flooding in many local areas across the region, particularly where soils are already saturated following weeks of above-average rainfall.

The weather monitoring agency also noted that hot conditions are likely in western Angola and southwestern Madagascar, even as other areas brace for continued heavy rains.

FEWS NET provides climate and food security early warning information to support humanitarian planning and disaster preparedness across vulnerable regions.

National

Parliament debates disputed chiefdoms across the country

Published

2 weeks ago

March 13, 2026

VicFallsLive

BY STAFF REPORTER

Parliament has raised concern over increasing disputes over traditional leadership, with lawmakers warning that contested chiefdoms are undermining governance and development in rural communities.

Moving a motion in the National Assembly, Hwange West MP, Vusumuzi Moyo said the growing number of chieftainship disputes posed a threat to peace and cultural heritage.

“I rise today to debate on a matter which I believe is a matter of national importance, the growing prevalence of disputed chiefdoms across Zimbabwe and the serious threat that these poses to peace, governance, development, and the preservation of our cultural heritage,” Moyo told Parliament.

He said many disputes date back to distortions created during the colonial period.

“Some of these disputes… emanate from colonial times… when the colonial masters moved in. When they moved in, we already had governing structures,” he said.

Moyo also referenced communities in Hwange District, saying colonial relocations disrupted traditional governance systems.

“I remember in the constituency that I come from, most of these people… had been resettled from far-off lands, fertile lands, and dumped in Hwange District,” he said.

He warned that unresolved leadership disputes weaken governance at grassroots level.

“Madam Speaker, when a chiefdom becomes disputed, those constitutional functions grind to a halt. Customary courts lose legitimacy. Land allocations become contested. Development programmes stall,” he said.

Moyo urged Government to establish clearer succession procedures for traditional leaders.

“It is my sincere hope that… we could start the conversation of trying to restore our culture by providing the necessary legislation to make sure that we cure all this,” he said.

National

Rising Zambezi flows lift Kariba water levels amid improved rains

Published

2 weeks ago

March 12, 2026

VicFallsLive

BY WANDILE TSHUMA

Water levels at the Kariba Dam are gradually rising following improved rainfall across the Zambezi River Basin, bringing cautious optimism for water availability and power generation.

In a hydrological update released Tuesday, the Zambezi River Authority said the Lake Kariba reservoir level had reached 477.74 metres above sea level as of 10 March 2026.

Usable live storage now stands at 15.57 percent, equivalent to about 10.08 billion cubic metres of usable water.

The Authority said the increase is being driven by improved rainfall across much of the Kariba catchment during the 2025/2026 rainy season, which has boosted river flows and inflows into the reservoir.

“This reflects an improvement compared to the same date in 2025, when the reservoir stood at 476.93 metres above sea level with usable live storage of 9.87 percent,” the Authority said.

Zambezi flows rising at key monitoring points

River flows are also increasing at key monitoring stations along the Zambezi River.

At the Chavuma Gauging Station, flows reached 3,058 cubic metres per second on 10 March 2026, significantly higher than 2,088 cubic metres per second recorded during the same period last year.

Flows have also risen sharply near Victoria Falls, a key tourism and hydrological monitoring point.

At the Victoria Falls (Nana’s Farm) Gauging Station, river flows increased to 1,645 cubic metres per second, compared to 871 cubic metres per second on the same date in 2025.

The Authority said the upward trend reflects stronger rainfall upstream and around the Victoria Falls area, which is feeding the Zambezi system.

Outlook

The Zambezi River Authority said it will continue monitoring rainfall patterns and inflows across the basin to guide water utilisation at hydropower stations linked to the Kariba Dam.

The reservoir is a critical source of electricity for both Zimbabwe and Zambia, which jointly own and manage the dam through the Authority.