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Zimbabwe goes for the gold — the Mosi-ao- Tunya coin, that is — to fight high inflation
BY LESLEY WROUGHTON
With inflation soaring in Zimbabwe and the country’s currency in free-fall as people abandon it for the United States dollar, the government of President Emmerson Mnangagwa is fighting back with a novel strategy: gold coins.
Starting Monday, Zimbabwe is selling one-ounce, 22-carat gold coins bearing an image of Victoria Falls, its world-famous natural wonder.
Each has a serial number, comes with a certificate and will be sold at a price “based on the prevailing international price of gold and the cost of production,” the central bank said in its announcement on July 4.
The coins will be tradable both in Zimbabwe and overseas, the bank said, and can be exchanged for cash.
The goal is to reduce the quantity of Zimbabwe dollars in circulation to eventually restore its value.
What’s unknown is whether the approach has any real chance of success.
While gold is traditionally the ideal hedge against inflation and general economic uncertainty, no country has previously tried to tackle a weakening currency by selling gold coins.
“In that sense, it is unusual,” said Carlos Caceres, the International Monetary Fund’s representative to Zimbabwe.
And with gold trading at US$1,710 per troy ounce late last week, institutional investors may be the coins’ principal buyers.
“No ordinary person will be able to afford it,” said Prosper Chitambara, a senior researcher at the Labour and Economic Development Research Institute of Zimbabwe.
“Right now, Zimbabweans are living hand-to-mouth.
Economic crises are nothing new to people in the southern African nation, who for more than two decades have faced hyperinflation, food and fuel shortages, staggering unemployment and other hardships.
For many, the current crisis recalls the late 2000s under then-president Robert Mugabe. Annual inflation hit a record 489 billion percent in September 2008, and shoppers carried garbage bags full of bank notes to buy groceries.
Mugabe’s government was forced to print a trillion-dollar note, the largest in world history, before the country abandoned its currency in 2015 for the US dollar.
Mugabe was forced to resign in 2017, and the Zimabwe dollar, as it is known, was reintroduced two years later. But as confidence in it again falls, Finance minister Mthuli Ncube has warned that businesses refusing to accept the currency from customers could lose their trading licenses.
This year the Zimbabwe dollar has already lost roughly 72 percent of its value against the US dollar.
Annual inflation reached triple digits in May, climbing again in June to 192 percent even as interest rates more than doubled — to 200 percent from 80 percent.
Chitambara said the government wants sales of the gold coins to moderate high demand for US dollars, a key factor in the local currency’s depreciation.
If that happens, in turn reducing some of the excess money supply and easing inflationary pressures, “then it would’ve been a positive experiment,” according to Caceres.
Still, Caceres said, the IMF prefers tried-and-tested tools as it advises member countries on best economic policies.
When confronting both inflation and a weakening currency, such tools include raising or cutting interest rates to control inflation and tweaking the amount of money that banks must set aside as reserves.
Most of Zimbabwe’s inflationary pressures emanate from its currency troubles.
But rising prices are also being fueled by Russia’s invasion of Ukraine, which has sparked a global wave of inflation amid supply shortages of grains and fuel.
On the streets of the capital city of Harare, there isn’t much chatter about the new coin — the Mosi-ao-tunya, the traditional name for the Zambezi River waterfall. It translates to “the smoke that thunders.”
Vendor Trust Muyererwa is focused on his increasingly difficult day-to-day life.
“In January, I would pay $10 U.S. to buy a pack of mealie meal, cooking oil, sugar, and salt and this would push me through the month,” said Muyererwa, 28.
“Now, a bottle of cooking oil costs $5 U.S., and I cannot buy much more” with the remainder.
Many people survive via a parallel, illegal market, with currency traders waiting on street corners and outside shopping centers waving bundles of US dollars as well as Zimbabwe dollars.
Teachers and nurses went on strike in June and demanded that half their salaries be paid in US dollars to offset the tumbling local currency.
Retailers often are raising prices every other day, and more of them are starting to quote prices in US dollars.
The Zimbabwe central bank last month offered bakers access to foreign currency to keep down the price of bread.
Hilda Musungu (33) has started charging US dollars for the traditional meals she sells from her sidewalk stand because “no wants the Zimbabwean dollar anymore.”
“Last December, $200 US was enough for me to buy food packs to sell the whole day,” she explained.
“The cost has climbed to $270 U.S., and she has increased her own prices in turn.
“Sadly, fewer people are now coming to our place.” – The Washington Post
*Bernard Mpofu in Harare contributed to this report.
BY NOKUTHABA DLAMINI
Born in Kadoma and raised across various towns in Zimbabwe, gospel artist Marvin Dube carries with him the deep spiritual and cultural roots of his Tonga heritage from Junamina village in Binga. Now based in the United Kingdom, Marvin is making waves in the gospel music scene, using his voice and message to uplift, heal, and inspire.
Following his previous single “Munoziva Zvose”, Marvin continues to evolve as a gospel minister and artist. His latest songs, Tinetariro and Tendai Mwari, showcase a refreshing mix of faith, gratitude, and reflection on the moral and spiritual challenges facing society today.
Below are excerpts from his interview with Nokuthaba Dlamini, Managing Editor for VicFallsLive, where Marvin opened up about his inspiration, journey, and the purpose behind his new work.
What inspired these new songs, and what message do you hope listeners take away from them?
Marvin Dube:
Both Tinetariro and Tendai Mwari were born out of reflection and prayer. Tinetariro speaks about hope — the kind that reminds us we are God’s children, even in times of moral decline and confusion. I was inspired by the challenges we are facing today, especially among the youth. Many have lost direction and respect, and social media has become a space where spiritual values are often mocked.
I wanted to use Tinetariro to remind people that there’s still hope for our generation — that God hasn’t forgotten us.
Tendai Mwari carries a message of gratitude. It encourages us to appreciate God for the little we have and to remain thankful even before we receive the big things we dream of — the car, the house, the job. Gratitude opens doors, and I want listeners to embrace that attitude of thankfulness every day.
How do these songs reflect your personal journey or growth as a gospel artist?
Marvin Dube:
These songs mark a point of maturity in my journey. I’ve grown to understand that gospel music is more than melody — it’s ministry. I now write with more purpose, aiming to address real issues affecting believers and society. Tinetariro and Tendai Mwari reflect my growth in both faith and artistry, showing that gospel music can heal, correct, and inspire all at once.
Can you tell us about the creative process, from writing to production, and who you worked with on this project?
Marvin Dube:
My creative process is very spiritual and organic. I draw a lot of inspiration from preaching. Often, a melody will start as a small tune in my mind — it keeps ringing until I can’t ignore it. Usually, the chorus comes first. I then take time to pray for inspiration to write the verses so that the message aligns with what God wants to say through the song.
After that, I play the song on my guitar, record a rough version, and share it with the producer or the band I’ll be working with. For this project, I worked with Hertz Records, who have produced all my music to date. They truly understand my sound and help me bring my ideas to life.
I also want to give a special shout-out to my wife, Leonora, and my two little kids. They’ve been my biggest supporters and motivation throughout this journey. Their love and encouragement mean everything to me.
How do you see gospel music evolving in Zimbabwe and Africa, and where do you see your work fitting into that movement?
Marvin Dube:
Gospel music in Zimbabwe and across Africa is evolving in powerful ways. Artists are finding new ways to reach wider audiences by blending traditional gospel messages with contemporary sounds. It’s exciting to see how the gospel is being shared in modern, relatable ways — especially among young people.
I see my work fitting right into that movement. My goal is to be a bridge between generations — to deliver timeless spiritual truths with a fresh, modern sound that speaks to today’s world while staying true to the Word of God.
What has been the most powerful reaction or testimony you’ve received from people who have listened to your music?
Marvin Dube:
One of the most powerful testimonies I’ve received came from a young listener who said Tinetariro gave them hope again after going through a very dark season. They told me the song reminded them that God still has a plan for their life. Hearing that touched me deeply. It’s moments like those that remind me this is more than music — it’s ministry, and I’m humbled that God is using my songs to touch lives.
Closing Note
Marvin Dube:
I’m truly grateful for the love and support I’ve received for Tinetariro and Tendai Mwari. If you haven’t listened yet, both songs are available on all streaming platforms and on my YouTube channel, Marvin Dube. The year 2026 will be even more exciting, with several projects already in motion that I believe will uplift and bless many lives.
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