Zimbabwe's post-independence journey is marked not only by political shifts but also by economic challenges that have tested the resilience of its people. High inflation, a struggling currency, and limited job opportunities remain pressing concerns for many citizens.
The country experienced one of the most severe hyperinflation episodes in history.
In mid-November 2008, Zimbabwe’s inflation rate peaked at an estimated 79.6 billion percent month-on-month, with an annual rate reaching 89.7 sextillion percent. At the time, the country’s highest banknote, the 100 trillion Zimbabwean dollars, couldn’t cover a week of public transport.
This hyperinflation led to the abandonment of the Zimbabwean dollar, as the country adopted foreign currencies like the U.S. dollar and South African rand for transactions.
In April 2024, Zimbabwe introduced the Zimbabwe Gold (ZiG) as a new currency to stabilize the economy and curb inflation. Backed by gold and foreign currency reserves, this currency symbolizes yet another effort by the government to establish economic independence. However, its reception has been mixed, reflecting decades of financial struggles.
“The new currency doesn’t help us as Zimbabweans because it only works in Zimbabwe,” says primary school teacher Candice Shoko. “The U.S. dollar does help, but versus the Zimbabwean Gold, inflation is always shooting.”
Shoko’s comments underscore the difficulty of aligning economic reforms with the needs of everyday citizens.
For many Zimbabweans, true financial independence feels out of reach.
Harare-based writer Beaton Mabaso echoes these sentiments: “I don’t have a proper bank account and transact using mobile money mostly. Money in the bank simply loses value in service charges and transaction fees. Ever since the new currency was introduced, I have never transacted it. We read reports about how it's doing well and wonder where they get that view, because on the streets, the reality is different.”
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