Parliament Raises Concerns Over Resistance to Zimbabwe Gold Currency

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HARARE – Parliament has voiced concerns over the reluctance of some traders to accept the newly launched Zimbabwe Gold (ZiG) currency, posing a challenge to the government’s directive for its use in transactions.

The resistance from traders, particularly informal ones who serve a significant portion of the population, has raised doubts about the widespread adoption of ZiG, with some citing a lack of understanding of the new currency.

Tendai Nyabani, the Zanu PF Member of Parliament for Rushinga constituency, highlighted these discrepancies during a parliamentary session on Tuesday.

“In my capacity as a representative for the people of Rushinga, I have observed the positive steps taken by the President to reintroduce a national currency.

However, during my visits to wholesalers, I have found that basic commodities in Harare are already expensive, despite not incurring transportation costs,” Nyabani stated.

He expressed concern over reports of wholesalers marking up prices by 18% and noted discrepancies in the acceptance of ZiG, particularly at certain establishments like Mohammed Mussa.

A recent survey by corroborates these concerns, indicating hesitancy among some traders to accept ZiG. Even among those willing to accept the currency, there are apprehensions about potentially inflated exchange rates.

Despite the government’s call for the private sector to adopt ZiG for everyday transactions, reports have emerged of some government departments not accepting the currency, further complicating its integration into the economy.

Economists have cautioned that the lack of widespread acceptance could undermine confidence in ZiG, potentially leading to its devaluation and hampering the government’s efforts to stabilize the currency and boost economic recovery.

As Parliament continues to monitor the situation, addressing the challenges surrounding the acceptance and adoption of ZiG remains a priority to ensure its successful implementation as a national currency.