CEOs push for market-led dialogue
... as Govt eyes monocurrency
SAMANTHA MADE
Business leaders are pushing for a market-driven approach and wider consultation as the Government moves to implement a mono currency by 2030, cautioning that rigid timelines and public mistrust could derail the plan and stifle economic growth.
Addressing delegates at the Institute of Chartered Accountants of Zimbabwe (ICAZ) Indaba 2025 held in the capital Harare on Friday, Kipson Gundani, the CEO of Africa RoundTable, stressed that broad stakeholder engagement is critical to success.
“The government must consult everyone from the breadth and width of our society and do what the people want,” he said. “We started this process in 2019, and we failed… We need to consult everyone.”
While welcoming the principle of a domestic currency framework, Gundani questioned the 2030 target. “Why can’t we have all taxes perhaps being paid in ZiG? Why can’t we have key commodities like fuel being available on the market in ZiG?” he asked, emphasising that the transition must be organic and responsive to market realities. “Let it be an organic process… To me, there is no substitute about that.”
Backing Gundani, Persistence Gwanyanya, CEO of Bullion Group, and a member of the RBZ Monetary Policy Committee , highlighted trust and stability as key challenges. “When you have your own currency, when you have a functional, stable currency, you are then able to build on the economy… to rebuild our real sectors,” Gwanyanya said. “The process should be market-driven and the process should be organic.”
The Reserve Bank of Zimbabwe (RBZ) has indicated that it will unveil a formal de-dollarisation roadmap later this year or early next, emphasising that the process will be market-led. According to RBZ officials, the plan will preserve existing US-dollar contracts and foreign currency accounts, ensuring macroeconomic stability under the upcoming National Development Strategy II. The central bank has outlined several conditions precedent before full implementation, including strengthening financial sector resilience to ensure banks can manage liquidity in both ZiG and US dollars, stable economy, Legal and regulatory adjustments to allow seamless use of ZiG for taxes, wages, and utility payments.
The RBZ also pointed to rising adoption of the gold-backed Zimbabwe Gold (ZiG) currency as a positive signal.
The share of ZiG in electronic transactions increased from 26% in April 2024 to over 40% by June 2025, reflecting growing market acceptance.
Despite this progress, the private sector remains cautious. Gundani warned that uncertainty around the 2030 timeline is already affecting business credit lines. “They are not extending any facility beyond the year 2030… So you have flattened credit creation. So you are shrinking the economy. You are choking the economy. And it’s because of premature communication,” he said.
Business leaders argue that the government should adopt a phased, market-responsive rollout of ZiG rather than a rigid deadline-driven approach.
Gwanyanya noted that historical attempts to introduce local currency were undermined by lack of trust and volatility. “You cannot impose stability; you have to nurture it. A currency is like a plant — it grows when conditions are right, and it dies when forced,” he said.
Industry stakeholders also emphasised the need to anchor ZiG adoption in real economic activity rather than speculative transactions. Sectors such as agriculture, mining, and manufacturing should be encouraged to transact in ZiG, gradually building liquidity and confidence.
The proposed mono currency policy comes amid a broader macroeconomic environment marked by lingering inflation pressures, fiscal deficits, and external debt obligations. Analysts warn that missteps in the rollout could exacerbate these vulnerabilities. “The success of de-dollarisation hinges on confidence. Without market trust, any transition risks further economic contraction,” said a senior economist who requested anonymity.
RBZ has stressed that the de-dollarisation roadmap will be sensitive to market signals. “We will phase adoption, preserve contracts in US dollars, and ensure macro stability. It is a market-led approach, not a directive,” an RBZ official said. The roadmap is expected to provide guidance on interest rate management, liquidity support, and currency conversion mechanisms, offering a structured framework for private sector participation.
Public trust remains a central concern. Gundani noted that previous currency reforms failed due to inadequate consultation and transparency. “We need clarity, predictability, and the confidence that what is communicated will be honoured,” he said.
The debate over timing and methodology has sparked discussion among economists and policymakers. While some support a firm 2030 target as a signal of commitment, others argue that flexibility and responsiveness to market conditions are critical for long-term sustainability.
The ICAZ Indaba 2025 served as a platform for these discussions, bringing together CEOs, economists, regulators, and business leaders to deliberate on the path to a mono currency. The consensus emerging from the event underscored the need for dialogue, stakeholder engagement, and adherence to market principles as prerequisites for success.
With Zimbabwe’s economic recovery still fragile, CEOs and private sector leaders are urging the government to treat de-dollarisation as a carefully managed economic transition rather than a political deadline. Gundani concluded: “We must listen to the market, move organically, and ensure that every step builds trust, confidence, and economic growth. Anything less will risk choking the very economy we aim to strengthen.”
