Stakeholders in the business community have raised concerns over the slow adoption of the Zimbabwe Gold (ZiG) currency, which remains at a mere 30% usage rate since its introduction in April 2024.
Bigboy Murenga, Midlands Small to Medium Enterprises’ chairperson, Mr Bigboy Murenga, emphasized the need for businesses to fully embrace the new currency, warning that skepticism is hindering its potential.
“We need to fully utilize the Zimbabwe Gold. We’re at 30% usage, and while that shows some progress, we’re not where we need to be. The challenge is to recognize the value of our currency and use it effectively,” Murenga stated, highlighting the difficulties in getting the public to trust and use ZiG over foreign currencies.
Despite an initial appreciation of ZiG against the US dollar, and a drop in the parallel market rate from 20 to 16-17, 70% of transactions continue to be conducted in foreign currency.
