٠٠:٠٢:٤٤Zimbabwe's ruling party, Zanu-PF, passed a resolution last week to adopt the gold-backed ZiG as the country's primary currency in a bid to "expedite efforts to de-dollarize the economy".
In footage captured in Harare on Thursday, Taurai Kandishaya, Deputy Secretary of Zanu-PF's youth wing, explained the importance of economic self-reliance for Zimbabwe.
"We build our own people using our own resources. The moment we stop depending on the US dollar, It means we have increased power," Kandishaya said. "The advantage of it is that the government decided not to back the ZiG with the United States dollars but with gold."
"So if we use our own currency, it means when people are coming here, they are forced to buy gold using local currency. They are forced to buy diamonds using local currency, and we remain with the currency, which means we have the value," he continued.
Kandishaya also claimed that Zimbabwe cannot grow its own economy while it continues to pin its development on 'other people's currency'.
"The only way you can improve your economy is when you believe in your own currency and introduce your own currency that you have total control over," the politician said.
"The US dollar has never been a currency to use if you are focused on development. There is not even a single country in the world that has developed by using the US dollar because it's a currency that bullies other economies," he added.
The Zimbabwe Gold (ZiG) currency was first introduced in April to replace the Zimbabwean dollar, which had failed to quell inflation since its reintroduction in 2019.
It comes after Zimbabwe experienced a sudden surge in inflation in July, which economists have attributed to rising food costs and market instability fuelled by growing concerns from domestic and international investors over the country's ailing economy.
Zimbabwe's current legislation allows for the US dollar to be used as a currency until 2030, although President Emmerson Mnangagwa has hinted that the bullion-backed ZiG could become the country's soul tender earlier.
'Believe in your own currency!' - Zimbabwe’s ruling party backs gold-based 'ZiG' in bid to de-dollarise economy
Zimbabwe's ruling party, Zanu-PF, passed a resolution last week to adopt the gold-backed ZiG as the country's primary currency in a bid to "expedite efforts to de-dollarize the economy".
In footage captured in Harare on Thursday, Taurai Kandishaya, Deputy Secretary of Zanu-PF's youth wing, explained the importance of economic self-reliance for Zimbabwe.
"We build our own people using our own resources. The moment we stop depending on the US dollar, It means we have increased power," Kandishaya said. "The advantage of it is that the government decided not to back the ZiG with the United States dollars but with gold."
"So if we use our own currency, it means when people are coming here, they are forced to buy gold using local currency. They are forced to buy diamonds using local currency, and we remain with the currency, which means we have the value," he continued.
Kandishaya also claimed that Zimbabwe cannot grow its own economy while it continues to pin its development on 'other people's currency'.
"The only way you can improve your economy is when you believe in your own currency and introduce your own currency that you have total control over," the politician said.
"The US dollar has never been a currency to use if you are focused on development. There is not even a single country in the world that has developed by using the US dollar because it's a currency that bullies other economies," he added.
The Zimbabwe Gold (ZiG) currency was first introduced in April to replace the Zimbabwean dollar, which had failed to quell inflation since its reintroduction in 2019.
It comes after Zimbabwe experienced a sudden surge in inflation in July, which economists have attributed to rising food costs and market instability fuelled by growing concerns from domestic and international investors over the country's ailing economy.
Zimbabwe's current legislation allows for the US dollar to be used as a currency until 2030, although President Emmerson Mnangagwa has hinted that the bullion-backed ZiG could become the country's soul tender earlier.
Zimbabwe's ruling party, Zanu-PF, passed a resolution last week to adopt the gold-backed ZiG as the country's primary currency in a bid to "expedite efforts to de-dollarize the economy".
In footage captured in Harare on Thursday, Taurai Kandishaya, Deputy Secretary of Zanu-PF's youth wing, explained the importance of economic self-reliance for Zimbabwe.
"We build our own people using our own resources. The moment we stop depending on the US dollar, It means we have increased power," Kandishaya said. "The advantage of it is that the government decided not to back the ZiG with the United States dollars but with gold."
"So if we use our own currency, it means when people are coming here, they are forced to buy gold using local currency. They are forced to buy diamonds using local currency, and we remain with the currency, which means we have the value," he continued.
Kandishaya also claimed that Zimbabwe cannot grow its own economy while it continues to pin its development on 'other people's currency'.
"The only way you can improve your economy is when you believe in your own currency and introduce your own currency that you have total control over," the politician said.
"The US dollar has never been a currency to use if you are focused on development. There is not even a single country in the world that has developed by using the US dollar because it's a currency that bullies other economies," he added.
The Zimbabwe Gold (ZiG) currency was first introduced in April to replace the Zimbabwean dollar, which had failed to quell inflation since its reintroduction in 2019.
It comes after Zimbabwe experienced a sudden surge in inflation in July, which economists have attributed to rising food costs and market instability fuelled by growing concerns from domestic and international investors over the country's ailing economy.
Zimbabwe's current legislation allows for the US dollar to be used as a currency until 2030, although President Emmerson Mnangagwa has hinted that the bullion-backed ZiG could become the country's soul tender earlier.