PORT ELIZABETH – Johannesburg-based businessman Frank Buyanga has urged Zimbabwe to introduce a gold-backed currency to curtail the economic decay the country faces.
The businessman says with the gold standard monetary system Zimbabwe’s currency will be directly linked to the yellow metal and this will increase the trust necessary for successful global trade.
Zimbabwe’s economic crisis has taken a turn for the worse. Investors were already fearing a repeat of the 2008 meltdown, which threw the country into one of its worst economic crises.
The Zimbabwe government this week announced it would print more cash to increase liquidity.
Last week, the central bank said it would introduce a Z$2 coin and Z$2 and Z$5 notes to "boost the domestic availability of cash for transaction purposes through a gradual increase in cash supply over the next six months".