OPPOSITION Labour Economists and Afrikan Democrats (LEAD) has flagged the scarcity and lack of confidence surrounding the newly introduced Zimbabwe Gold (ZiG) currency.
The central bank debuted the ZiG on April 5, 2024, replacing the Zimbabwe dollar, which had lost 80% of its value against the US dollar on the official market.
The ZiG is backed by 2.5 tonnes of gold as well as other commodities and $100 million in foreign currency reserves held by the central bank.
LEAD, fronted by Linda Masarira, says the non-availability of ZiG is inconveniencing the transacting public and further impoverishing masses.
In a statement Tuesday, LEAD national secretary for information and publicity, Sarathiel Samkange claimed the majority of Zimbabweans have never had sight of the ZiG, let alone transacted with it.
"As LEAD, we are deeply concerned about the chaos and lack of confidence surrounding the newly introduced ZiG currency. The majority of Zimbabweans have not even seen the new currency, let alone used it.
"In rural areas, the ZiG is as good as a foreign currency, and the scarcity of ZiG coins has led to the South African Rand becoming the preferred currency in other provinces.
"The situation is dire, with people in rural areas relying solely on the Rand and US dollars for transactions. The ZiG has failed to penetrate rural areas, making it impossible to convince local businesses, such as traditional beer brewers, to accept a currency they have never seen," said Samkange.
The opposition political party observed that the community has lost faith in the local currency, and evident that the government's attempts to paint a picture of stability are misleading.
"The reality is that the local currency is not in circulation, and this has led to a severe shortage of money, exacerbating poverty among Zimbabweans.
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"As LEAD, we urge the government to take immediate action to address this crisis. We recommend government to increase the circulation of the ZiG currency to ensure it reaches rural areas, implement policies to boost confidence in the local currency and provide education and awareness programmes to help Zimbabweans understand the value and use of the ZiG.
"Address the scarcity of ZiG coins and ensure their availability in all provinces. To our fellow Zimbabweans, we offer a message of hope. We understand the struggles you are facing, and we are committed to working towards a solution.
"Let us stand together and demand better from our leaders. We can build a more stable and prosperous economy, but it requires collective effort and a willingness to listen to the voices of the people. Let us rise above this crisis and work towards a brighter future for all Zimbabweans," the LEAD spokesperson said.
