WestProp Holdings Limited chief executive Ken Sharpe has called on the government to shelve its plan to introduce a mono-currency by 2030, arguing that the economy is not ready for such a transition.
Following the announcement of the de-dollarisation roadmap under Statutory Instrument (SI) 218 of 2023, both investors and companies have become increasingly anxious.
Banks are reportedly refusing to issue loans that extend beyond 2030, making it harder for businesses to secure the credit needed for reinvestment and growth.
Speaking at the Banks and Banking Survey 2025 hosted by the Zimbabwe Independent on Thursday, Sharpe said that apart from the tightening credit environment, the market had not yet fully embraced the ZiG to support its use as the sole national currency. He said:
“My advice to the Reserve Bank of Zimbabwe, with all respect and to the banking community, to the financial sector of Zimbabwe is let’s not focus so much on the here and now; let’s focus on the future.
“And the 2030 deadline cannot be the future, because the future of Zimbabwe is not in 2030; it’s too soon.
“The second part of my discussion is the elephant in the room… If you take Israel, for example, as one of the countries that successfully de-dollarised, it took decades, 20 years, before they were confident enough to introduce the local currency as the main currency. And let’s call the local currency the main currency.”
However, Sharpe added that this shift did not stop the US dollar from circulating in the market, as people continued to use it for everyday transactions. He said:
“And we, as Zimbabweans, can’t compare ourselves to Jews. We’ve got to be honest; the Jews have the money.
“If they’ve got all the money in the world and it took them 20 years, how can we do it sooner? So, let’s be realistic about the goals.”
Pindula WhatsApp Channel
Facebook Page
Leave a Reply