ZiG No Longer Currency – Thabani Mpofu
Prominent lawyer Thabani Mpofu has alleged that Zimbabwe’s gold-backed currency, the Zimbabwe Gold (ZiG), introduced in April as a stabilizing alternative to the Zimbabwean dollar, may have lost its status as legal tender after a key statutory instrument lapsed earlier this month.
Thabani Mpofu publicly questioned the legality of the currency on X (formerly Twitter), raising concerns that the six-month-old currency has lost its legal foundation.
Chamisa’s lawyer pointed to a critical oversight:
“The ZIG was operationalised by the promulgation of the Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act and Issue of Zimbabwe Gold Notes and Coins) Regulations, 2024.”
According to the lawyer, statutory instruments issued under the Presidential Powers Act automatically expire after six months unless reaffirmed by parliamentary legislation.
The lawyer claims the expiration date, October 4, 2024, came without necessary legislative validation, rendering ZIG obsolete as of that date.
ZiG No Longer Currency – Thabani Mpofu
“ZIG NO LONGER CURRENCY?” the lawyer wrote, before explaining that the lapse prohibits any new, identical regulations from being issued under the Presidential Powers Act within six months.
He added, “For these reasons, the ZIG is no longer legal tender. The consequences are immense… This needs to be fixed by the only lawful way available.”
The ZIG, which marked Zimbabwe’s sixth currency attempt in 15 years, was introduced to counter inflationary pressures in April. However, the currency has faced several logistical and operational challenges since its rollout.
Mthuli Reassures People on ZiG: Public Remains Skeptical
Zimbabwean authorities are yet to issue a formal response to the allegations. The Reserve Bank of Zimbabwe (RBZ) has been tight-lipped about possible corrective steps, if any, to address the legal lapse or the currency’s regulatory foundation.
