Industry and Commerce Minister Mangaliso Ndlovu has dismissed growing concerns over Zimbabwe’s plan to transition towards a de-dollarised economy, saying the business sector stands to benefit significantly from the move.
The Reserve Bank of Zimbabwe (RBZ) has already indicated its intention to proceed with full-scale de-dollarisation, arguing that maintaining a dollarised economy increases export costs and undermines competitiveness.
However, the announcement has sparked mixed reactions from various industry players — with sectors such as real estate calling for a clear policy roadmap before implementation. The International Monetary Fund (IMF) has also urged the government to clarify its approach to ensure transparency and predictability.
Speaking in Plumtree on Friday during a media tour organised by the Ministry of Transport and Infrastructure Development, Minister Ndlovu said while scepticism is understandable, businesses should not lose sight of the long-term advantages of restoring a local currency.
“They are justified to be cautious given our past experiences,” Ndlovu said. “But if you speak to business leaders today, many will tell you that for the first time they’ve held on to the ZWG for over three months because they trust its growing stability. As government, our duty is to sustain that confidence.”
He emphasised that the transition would be gradual and carefully managed, rejecting claims that the government was acting hastily.
“Zimbabwe will never achieve full competitiveness while relying on the US dollar,” he added. “Our goal is to strengthen our local currency so we can effectively engage larger markets — the SADC region with over 400 million people, COMESA, and the African Continental Free Trade Area (AfCFTA) with 1.3 billion consumers. To tap into those opportunities, we need to trade using our own currency.”
Ndlovu reiterated that the de-dollarisation process would be implemented with proper safeguards and thorough planning, stressing that the country cannot continue depending on foreign currency indefinitely.
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