Zimbabwe wants to stand on one currency, ZiG as the sole legal tender by 2030.

Government says it’s about sovereignty. Economists say it’s about timing. The IMF says: not yet. And the streets the slogan is survival, not slogans.

ZNyaya unpacks the promise, the peril, and the silent numbers policymakers rarely mention.

The Dream: A Currency We Can Control

The RBZ argues that a return to a sovereign currency gives Zimbabwe back the steering wheel on inflation, interest rates and long-term planning.

A formal de-dollarisation roadmap is part of NDS2. Deputy Governor Dr Innocent Matshe is clear: “This economy is affected by low liquidity, especially in US dollars, which we cannot control at all. De-dollarisation is the best route available to give us full control over monetary policy.”

On paper that is sound economics. In practice it needs foundations.

IMF to Zimbabwe: First Build the House, Then Remove the Roof

An IMF mission in June 2025 acknowledged stability gains under ZiG (lower inflation, smaller exchange rate shocks) but cautioned: reform first, mono-currency later.

Key conditions the IMF says cannot be skipped:

• No printing money to cover deficits
• Transparency in forex markets
• Reform state-owned enterprises + Mutapa Fund governance
• Explain what happens to USD deposits post-2030
• Strengthen fiscal discipline

“The authorities should provide more clarity on the operational implications of the transition plan,”
— Wojciech Maliszewski, IMF mission chief

The biggest blind spot? Credible reserves. Without them, no currency, gold-backed or not, is safe.

Economists: Without Fundamentals, ZiG Will Break Before It Stands

Professor Gift Mugano does not mince words. “If Government bans the USD, it will be the biggest loser … Where the informal sector is so huge, it cannot work.”

He says Zimbabwe still lacks:

Chenayi Mutambasere adds that gold reserves alone cannot back national money demand: “Zimbabwe’s multi-currency system currently functions as a buffer … Gold reserves alone cannot sustainably back that demand.”

Consultant Brian Sedze calls the plan a confidence crisis disguised as policy: “ZiG is not backed by gold. It is not even backed by anything. Its value is maintained by not paying exporters and contractors, which is predatory and unsustainable.”

When exporters lose trust, exports fall. When trust falls, smuggling rises. If smuggling rises, forex streams dry up.And the currency collapses inward.

The Street: Policy Must Feed Families, Not Just Reports

You cannot de-dollarise hunger. You cannot de-dollarise input costs. People trade in whatever keeps them alive — and right now that is USD.

Tafadzwa Shoko, vendor, Warren Park: “They can talk about ZiG all they want, but here in the market, people only trust the US dollar. If Government says we must stop using USD, customers will just go to the black market.”

Salimu Sadiki, farmer, Guruve: “Payments are delayed and part of the money comes in ZiG, which loses value before we buy inputs. If they force us into a mono-currency without fixing these problems, farmers will be discouraged.”

Until currency works in markets and commuter ranks, not just policy documents, the economy will obey survival, not announcements.

Context Matters: 27 Years of Currency Fragility

From Black Friday, 1997, to Bearer cheques, to Bond Notes, to RTGS, to ZiG — trust has been broken too many times.

Professor Mugano again: “We have travelled 27 years with currency crisis. This is not a walk in the park. If we are not careful, it will take us decades to have a local currency.”

Bottom Line: Policy ambition is high. Economic scaffolding is thin. Without trust, reserves  and essential reform , mono-currency becomes mono-risk.