President Mnangagwa Inspects Zimbabwe’s Gold Reserves as Holdings Surpass Four Tonnes

President Mnangagwa Inspects Zimbabwe’s Gold Reserves as Holdings Surpass Four Tonnes – Zimbabwean President Emmerson Mnangagwa on Monday toured the vaults of the Reserve Bank of Zimbabwe alongside Governor John Mushayavanhu to inspect the country’s growing gold and foreign currency reserves.

According to officials, Zimbabwe’s reserves have now exceeded four metric tonnes of gold and US$1.4 billion in foreign currency, an amount said to be sufficient to cover the ZiG money supply six times over. Authorities attributed the increase to government policies introduced two years ago requiring mining companies to remit 10 percent of royalties in physical gold.

The reserves reportedly stood at around 1.5 tonnes in mid-2024 but have grown steadily due to increased mineral output and favourable international gold prices. Government officials believe the country is on course to achieve its target of five metric tonnes by the end of the year.

In a statement shared on X, President Mnangagwa said the reserves were helping strengthen Zimbabwe’s monetary sovereignty and shielding the local currency from global economic shocks.

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“This morning, I inspected the vaults of the Reserve Bank of Zimbabwe (RBZ) to personally verify our national gold and ZiG reserves,” said President Mnangagwa.

“I am delighted to report that our strategic initiatives to establish a gold-backed foundation for our economy are producing substantial outcomes. Following my directive two years ago to accumulate mineral royalties in physical form, our gold reserves have increased considerably.”

The President further stated that Zimbabwe now ranks 11th in Africa and third within the SADC region in terms of official gold reserves.

“These reserves are tangible assets that underpin our monetary sovereignty, rather than mere numbers. With over four metric tonnes of gold and foreign currency reserves, our ZiG currency remains fully backed and resilient to global economic shocks,” he said.

“As we progress toward our goal of five metric tonnes by year-end, we remain committed to fostering a stable, transparent, and prosperous economy for all Zimbabweans. Collectively, we are laying the groundwork for a robust future.”

However, some analysts and critics have questioned the rankings and pointed to data from the World Gold Council which indicates that countries such as Algeria hold significantly larger gold reserves.