Ncube backs gold liberalisation but urges rules
Zimbabwe’s finance minister has backed a plan to allow citizens to possess gold, saying authorities need to act quickly on establishing the necessary framework for implementation.
Finance Minister Mthuli Ncube voiced support for the initiative during a parliamentary budget seminar held on Wednesday in Bulawayo. He responded to Zanu-PF spokesperson Christopher Mutswangwa, who advocated for policies similar to those operating in India and China. Ncube argued that permitting gold ownership makes sense since residents already can hold U.S. dollars, noting that gold functions as a hard asset equivalent to American currency. The minister said domestic gold supplies remain within national jurisdiction, unlike dollars controlled by foreign authorities.
Ncube emphasized that regulators must create comprehensive rules before liberalization begins. Officials need to determine measurement standards, whether using coins or bars, and develop digital tracking systems to monitor certificates showing who possesses gold and its current value. The government plans to introduce regulations modeled after approaches used in India, establishing minimum units and other essential guidelines for the precious metal market.
