Zimbabwe moves to liberalise gold ownership

Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, has endorsed a proposal to liberalise gold ownership for Zimbabwean citizens, describing it as a logical and necessary step in aligning the nation's monetary framework with international best practices.

Speaking at the 2026 Pre-Budget Seminar in Bulawayo, Prof Ncube responded positively to calls from Zanu-PF spokesperson Cde Christopher Mutsvangwa, who had urged the Government to adopt a gold ownership model similar to those in India and China, where citizens are free to buy and hold gold as a store of value.

Prof Ncube said the move made economic sense, noting that gold serves as a hard currency asset equivalent to the United States dollar, which is already in widespread use within Zimbabwe.

"Frankly, once you allow citizens to hold U.S. dollars, gold is a U.S.D. asset. It's a hard asset. So whether it's U.S. dollars or gold, it's either here or there. You might as well allow it," said Prof Ncube.

The Minister argued that allowing citizens to own gold would help retain value within the country, unlike the circulation of foreign currencies controlled externally.

"At least if the gold is ours, the U.S.D. is controlled elsewhere. So we have to do that," he explained.

However, Prof Ncube emphasised that the liberalisation process must be accompanied by strong regulatory and monitoring frameworks to ensure transparency and prevent abuse.

"Before we liberalise that ownership, we have to build some rules around it," he said. "Regarding, for instance, the lowest unit of measurement — is it a coin, is it a gold bar? There are certain rules that we need to put in place, in a way that India has done so far."

He revealed that the Government plans to develop a fully digitalised tracking system to monitor gold ownership, allowing authorities to maintain a clear record of all holders and the value of their holdings.

"We must have a digital system that can track all certificates so that at any point in time, we know who holds what and what it is worth," he said.

Reaffirming his full support for the initiative, Prof Ncube declared:

"I fully endorse that proposal. We need to move with speed."

If implemented, the gold liberalisation policy would mark a significant shift in Zimbabwe's financial landscape — enabling citizens to legally accumulate and trade gold as a personal asset while supporting the country's efforts to stabilise value, deepen financial inclusion, and strengthen domestic reserves.