In an interview with Bloomberg, Ncube expressed an optimistic outlook for the economy, thanks to the effective domestic resource management and agricultural reforms that are helping to grow the economy.
“As a result, Zimbabwe is expecting a bumper wheat harvest, achieving self-sufficiency with an estimated 600,000 metric tons and plans to begin exporting wheat,” he added.
Commenting on the drought, Ncube acknowledged the struggles many Zimbabweans face but pointed to ongoing support from European donors to assist vulnerable families, alongside fiscal discipline to maximize domestic resources.
According to him, the government aims to expand agricultural insurance programs in 2025 to target the most vulnerable communities in 22 affected districts.
Bullion-Backed Currency and Economic Stability
Speaking on the recent performance of the Zimbabwe Gold, Ncube described the (ZiG) as a stable currency underpinned by the nation’s strong reserves. According to him, the local currency has strengthened against the US dollar, signaling improved economic fundamentals.
“There’s no reason why the currency shouldn’t remain stable. We have 13 billion ZiG worth of reserves compared to 12 billion ZiG in circulation,” Ncube said. “The fundamentals are strong, with a budget deficit expected to be just 1.4% of GDP by year-end, current account surpluses for six consecutive years, and tough monetary policy measures in place.”
When asked about the possibility of the ZiG replacing the US dollar in the country, Ncube remained hopeful but failed to disclose a timeline. “One day the Zimbabwe Gold would become the nation’s sole currency,” he said, noting that the country currently has a roadmap and the timing must be carefully managed to avoid speculative risks.
“We can never pronounce the exact timing of that. But, but we have a road map. We’ve made it clear that one day it will become the sole domestic currency of the country,” he added.
