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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}.