A forced shift to the local currency for government contracts and a 39% overnight fuel price rise are squeezing businesses and workers owed billions by the state. On 13 March, Minister of Finance and Economic Development, Mthuli Ncube, announced that all local suppliers on government contracts would be paid in the local currency, the ZiG. He also introduced a National Standard Price List ‘to guide the procurement of commonly used goods and services across Ministries, Departments and Agencies’. The ZiG, (Zimbabwe Gold) was introduced in April 2024, replacing the rapidly devaluing Zimbabwe dollar. The government says it is backed by physical gold held by the Reserve Bank, but many are sceptical. The currency lost half its value within its first few months, but has been stable since late 2024.
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