Now Buyanga, founder of the Sandton-headquartered African Medallion Group (AMG) – which is in a coin dealer agreement with the South African Mint Company, a subsidiary of the South African Reserve Bank – says his company has capacity to launch the new gold-backed currency.

“I am writing this letter requesting that you allow us (AMG) to create a formal (gold backed) currency that will be used as legal tender in Zimbabwe. This will be of great relief to the economy and the people of Zimbabwe,” says Buyanga in his letter to Zimbabwe Reserve Bank governor John Mangudya.

He says given the situation in Zimbabwe, gold is more acceptable as a form of currency by combining its appeal as a store of value and a much more efficient medium of exchange.

“My executives are immediately available to start discussions on the creation of the new currency. We have done extensive research and are convinced it’s time for us to introduce our gold-backed currency in Zimbabwe. Every Zimbabwean is a shareholder in the progress of their nation.”

Mangudya couldn’t be reached for comment by the time of publishing.

Buyanga concludes saying his team is “ready for this and willing to share the framework we envisage for a better Zimbabwe”.

African News Agency (ANA)