Self Inflicted {by Zanu PF} Currency Collapse AGAIN hits Zimbabwe
A recent article by Africa Logistic on 12th January 2025 make the point that the recently introduced ZiG is not worthy! In fact to quote their article;
Zimbabwe is grappling with yet another chapter of economic turbulence as its currency crisis intensifies, undermining confidence in the nation’s monetary system. The Zimbabwe Gold (ZiG), a gold-backed currency introduced in April 2024, was intended to stabilize the economy and inspire trust.
Instead, it has spiraled into rapid devaluation, losing over 40% of its value against the U.S. dollar within months. “The ZiG was supposed to be our beacon of hope,” says economist Tendai Moyo. “But its collapse is a reflection of deeper structural issues that cannot be fixed by simply introducing a new currency.”
On Twitter/X ZHRO have been making this point ever since the "claimed" - Gold backed Currency was introduced - AND amply supported in our assertion by the well respected economist Steve Hanke - at John Hopkins University USA - in fact many of our cartoons pointing out both Inflation and Currency - are sourced from Steve Hanke. SEE above.
Only on 9th January 2025 Prof Steve Hanke's message was that Zanu PF had invaded a Gold Mine - one assumes to get more "backing" for ZiG?
"Zimbabwe's Vubachikwe Gold Mine has been invaded, again. This time, it looks like President Mnangagwa and his ZANU-PF political mafia are stealing private property, again. ZIM = LAWLESS."
Inflation is at a staggering 948% See Twitter/X post to verify - this in itself underscores the failure of both ZiG and RBZ. Co-conspirators are the Minister (out of his depth) Mthuli and his puppet masteres within the so called 'elite' of Zanu PF {heads of the Kleptocracy}.
Zig is just Another Currency "SCAM" - {image source Steve Hanke -Twitter/X}
Back on the 17th February 2023 {zim-dollar-unconstitutional} {zim-dollar-unconstitutional} we reported on the case of the Zimbabwe Dollar:
"The High Court of Zimbabwe on 15th February 2023 ruled that laws used to convert US$ balances into Zimbabwean dollars were unconstitutional to the extent that they violated property rights. Further, it ordered Respondents to pay the money to Applicants in US$ [USD] not Zim$....."
"It remains to be seen if the highly politised Judiciary in Zimbabwe will honour this case and return USD to the victims of this State Sponsored Crime! Unfortunately this is a huge case and involves the entire population."
If this seems all too familiar - well it IS!
We penned a comprehensive article about Zig back on 10th April 2024 called "Ghost of Zimbabwean Gold""Ghost of Zimbabwean Gold" well worth a re-visit as it too confirms the disinformation spouted by Zanu PF to promote this scam and theft.
"What is ZiG? According to the new 'clown' {oops, Governor} of the Reserve Bank of Zimbabwe [RBZ] it, {Zimbabwe Gold - and other Reserves(?) in "support"} has been shoe-horned into Zimbabwe to replace the previous failed currency and currencies "initiatives"."
""5th April 2024: Steve Hanke on Twitter/X: ""ZIM's latest financial gamble: ANOTHER "currency" backed by gold tokens, scheduled to be launched late this week. The tokens aren't convertible into gold or gold coins. It looks like another ZIM financial scam. Reserve Bank of Zimbabwe Gov. John Mushayavanhu = CLUELESS, CROOK, OR BOTH?""
It's just Zanu PF stealing directly from the bank account of all citizens. Those now paid in ZiG have been swindled. Those whose savings have been switched to Zig have again been swindled!
As if the #GoldMafia was not enough - Zimbabwe's current administration {they cannot be called a government as their tenure has never been actually verified by the electorate- only be the "Captured ZEC" See previous articles regarding the August 2023 Election fiasco. Click Here