Harare, Zimbabwe – Despite a catchy reggae tune praising Zimbabwe’s newest currency, the ZiG (Zimbabwe Gold), public mistrust persists. Released in April, the ZiG was hailed by reggae artist Ras Caleb in his song “Zig Mari,” which received extensive airplay on state television and radio.
The song’s popularity reflects government efforts to promote the ZiG as a solution to the country’s economic challenges. However, skepticism and structural barriers have hindered its acceptance.
Senior officials from the Reserve Bank of Zimbabwe and the ruling ZANU-PF party have organized rallies and meetings to encourage the adoption of the ZiG. Commercial jingles, along with Caleb’s single, flooded the airwaves as part of a charm offensive to win over the population.
Despite these efforts, the ZiG has struggled to gain traction. It faces public mistrust and devaluation on the black market, where the exchange rate is significantly higher than the official rate. In response, authorities have arrested street currency dealers and frozen the accounts of businesses suspected of undermining the new currency.
However, many businesses continue to prefer U.S. dollars over the ZiG, further eroding confidence in the local currency. The government’s crackdown has driven currency traders underground, using social media platforms to conduct transactions.
Economists warn that arrests alone will not address the underlying issue of public distrust in the ZiG. Building confidence in the currency and addressing the demand for U.S. dollars through official channels are essential steps to stabilize Zimbabwe’s monetary system.
