Zimbabwe Now 3rd In SADC For Gold Reserves, Government Claims
The Zimbabwean government says the country is now ranked third in the SADC region for official gold reserves after holdings reportedly rose to 4.4 tonnes, as authorities continue efforts to strengthen confidence in the ZiG currency.
President Emmerson Mnangagwa made the remarks on Monday, 11 May 2026, after inspecting vaults at the Reserve Bank of Zimbabwe in Harare. The visit comes as the Government seeks to reassure the market over the stability of the ZiG, which was introduced in April 2024 to replace the Zimbabwe dollar.
According to the President of Zimbabwe’s official X account, Zimbabwe now ranks 11th in Africa and third in the SADC region for official gold reserves.
Mnangagwa Says Gold Reserves Have Increased
President Mnangagwa said Zimbabwe’s gold reserves had increased following a directive issued two years ago requiring mineral royalties to be stored in physical form.
He said:
“This morning, I inspected the vaults of the Reserve Bank of Zimbabwe to personally verify our national gold and ZiG reserves.”
The President added:
“Following my directive two years ago to accumulate mineral royalties in physical form, our gold reserves have increased considerably. Presently, Zimbabwe proudly ranks 11th in Africa and third in the SADC region for official gold reserves.”
Mnangagwa also argued that the reserves strengthen Zimbabwe’s monetary system.
“These reserves are tangible assets that underpin our monetary sovereignty, rather than mere numbers. With over four metric tonnes of gold and foreign currency reserves, our ZiG currency remains fully backed and resilient to global economic shocks.”
While authorities say the ZiG is fully backed, economists and market watchers have previously raised questions about long-term confidence in local currencies, citing Zimbabwe’s history of inflation and currency instability.
RBZ Gives Details On ZiG Backing
RBZ governor Dr John Mushayavanhu said the country now holds more than US$1.4 billion (approximately R25.9 billion) in reserves backing the ZiG currency.
According to ZiFM Stereo News, Dr Mushayavanhu said most of the reserves are in gold.
He said:
“Currently, the country has over US$1.4 billion worth of reserves backing the ZiG currency, and that amount is predominantly comprised of gold reserves. We are continuing to grow it.”
The governor also revealed that around 22 billion ZiG is currently in circulation.
“The total ZiG in circulation and deposits is about 22 billion ZiG. If you divide that by the value of reserves, it means we can buy back all the ZiG in the market at an exchange rate of just under 16.”
Dr Mushayavanhu said there was “no reason” for a large gap between the official exchange rate and the parallel market rate. However, parallel market activity has continued in Zimbabwe despite repeated interventions by monetary authorities.
Zimbabwe Targets Five Tonnes Of Gold
Authorities say Zimbabwe is aiming to increase its reserves to five metric tonnes before the end of 2026.
Dr Mushayavanhu also said current reserves cover about one and a half months of imports.
“Our target is between three and six months’ import cover, but at the moment we are at 1.5 months.”
The latest claims come as authorities continue attempting to build trust in the ZiG amid ongoing public reliance on the US dollar for many everyday transactions.
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