Good Times Ahead for Zimbabwe as Gold Production Surges
HARARE – Zimbabwe is entering a promising economic phase as gold production and exports surge, offering a critical boost to the national economy and solidifying the strength of the country’s gold-backed currency, the Zimbabwe Gold (ZiG).
Massive Surge in Output
According to the latest data from Fidelity Gold Refinery (FGR), Zimbabwe’s gold output soared by 36.4% in the second quarter of 2025. Production climbed to 11.6 tonnes, up from 8.5 tonnes in Q1, bringing the cumulative output for the year to over 20 tonnes by mid-year — a resounding indicator of the sector’s resilience and momentum.
Artisanal Miners Powering the Gold Boom
At the heart of this resurgence are the country’s small-scale artisanal miners, who delivered 8.79 tonnes in Q2, up from 5.77 tonnes in Q1. Large-scale miners saw a modest increase from 2.72 to 2.81 tonnes, but it is the agility and expansion of artisanal operations that are propelling Zimbabwe’s gold sector to new heights.
Gold-Backed ZiG Gains Strength
This is more than a mining success story. The gold surge has profound implications for financial stability. The ZiG, introduced as part of Zimbabwe’s economic stabilization strategy, is backed by gold reserves, setting it apart as one of the few asset-backed currencies in Africa. As gold reserves grow, confidence in the ZiG is rising, enhancing its strength against the US dollar, Euro, and South African rand.
Gold Exports Skyrocket
Gold exports are reflecting this production boom. According to the Reserve Bank of Zimbabwe, the country exported US$748 million worth of gold in the first five months of 2025 — up 24% from US$599.2 million in the same period last year. March and April stood out with year-on-year export increases of US$155.6 million vs. US$82.2 million, and US$183.3 million vs. US$102.6 million, respectively.
Macro Stability and Economic Optimism
The surge in export earnings is doing more than boosting confidence — it’s enhancing foreign reserves, improving liquidity, and helping Zimbabwe finance imports, service national debt, and stabilize the exchange rate.
This positive trend is underpinned by rising global gold prices, robust Government policies, and continued support for small-scale miners. These factors collectively position Zimbabwe for macroeconomic stability, renewed investor confidence, and a sustainable path to economic independence.
A Golden Future
If these trends hold, Zimbabwe is on track to surpass the 2024 gold export record of US$1.52 billion. Gold is once again proving to be Zimbabwe’s most valuable asset — not only underground but also as a cornerstone for financial recovery and sustainable growth
