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Farirai Machivenyika-Senior Reporter

THE Government yesterday went on a charm offensive, explaining to Zimbabweans living and working outside the country the reason behind its decision to introduce a new currency, Zimbabwe Gold (ZiG).

Foreign Affairs and International Trade Minister Dr Frederick Shava told the second Diaspora Investment Conference and Homecoming Event in Masvingo that the new currency was part of measures to address economic challenges facing the country.

Reserve Bank of Zimbabwe Governor Dr John Mushayavanhu introduced the mainly gold backed ZiG currency in his maiden Monetary Policy Statement last Friday.

The recently introduced structured currency, the ZiG, which is backed by the value and quantity of precious minerals, mainly gold, as well as foreign currency reserves held by the RBZ, is intended to solve the ongoing challenges and stabilise the economy.

“This, in turn, will bring back confidence into the financial markets and service providers, thus paving way for normal business operations,” Dr Shava said.

He commended the Zimbabwe Diaspora for their remittances, which stood at US$1,8 billion last year.

He said the remittances had surpassed foreign direct investment, portfolio investment and official development assistance since 2009.

The Government was committed to making the investment climate for Diasporans easier.

“I wish to also say that Government is conscious of the need to create mutually beneficial platforms and policies that will facilitate your active participation in the development of your country. 

“In this regard, the National Diaspora Taskforce, which is the technical arm of the National Diaspora Committee is, in consultation with the Diaspora, reviewing the National Diaspora Policy of 2016 and align it with the National Development Strategy 1 and the national vision of becoming an upper middle income economy by 2030,” Dr Shava said.

Women Affairs, Community Development and Small and Medium Enterprises Development Minister Monica Mutsvangwa commended the Diasporans for showing commitment to the development of the country.

“I am impressed by the attendance here because you can see Zimbabweans who are committed to the core and are committed to the development of their country,” she said.

The Conference was convened in a physical and virtual format with attendees showing interest in various fields but mainly focused on agriculture, mining, infrastructure development and marketing of Zimbabwean products for export.

Mr Ernest Marimbe, who is based in Texas, USA, urged Government to update agriculture equipment that could be imported into the country duty free.

Netherlands-based economist, Mr Tatenda Zinyemba, said there were Zimbabweans wiling to impart the knowledge and skills they had acquired back home.

“We want to know how we can work with Government using the knowledge and expertise we have acquired,” he said.