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Former Reserve Bank of Zimbabwe (RBZ) Governor Gideon Gono has responded to allegations raised by ZANU PF national spokesman, Chris Mutsvangwa, that a former central bank governor facilitated the “theft” of the country’s gold by Arabs.
During a press briefing in Harare on Monday, Mutsvangwa claimed that Zimbabwe’s gold reserves were taken out of the country during the tenure of the late President Robert Mugabe, and the RBZ Governor at the time, who he did not name, sought assistance from contacts in the Arab world, who said they could provide US dollars.
Mutsvangwa added that an agreement was proposed wherein US dollars would be exchanged for Zimbabwe’s gold reserves.
Under the deal, Zimbabwe’s gold was to be transported from the RBZ’s vaults to a location abroad, allowing the Arab partners to verify the reserves.
Mutsvangwa said while the gold was transferred as per the agreement, the country never received the US dollars as per the agreement.
Gono refuted Mutsvangwa’s assertions, labelling them as “lies.” He explained that Mutsvangwa was Zimbabwe’s Ambassador to China, and he was misinformed about what really happened during the country’s financial crisis.
Below is Gono’s response to the allegations:
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“SETTING THE RECORD STRAIGHT: NO “GOLD RESERVES” WERE EVER STOLEN BY ANYONE DURING MY TENURE AS RBZ GOVERNOR UNDER FMR. Late President Robert Gabriel Mugabe’s WATCH.
1. Recent pronouncements by Hon. Chris Mutsvangwa, falsely alleging that the Reserve Bank of Zimbabwe (RBZ) lost an unspecified quantity of gold to an unnamed Arab country during the tenure of an “unnamed Governor”who”served under the late Former President R.G.Mugabe ( MHDSRIEP)put the Nation in a state of unnecessary frenzy . If such lies are left unchecked with authentic facts, they could become that “little spark” that sets alight a whole forest at a time when the Bank ( RBZ) and the country at large, have more important issues to deal with than waste time attending to veld-fires whose uncontrolled consequences could end up melting whatever confidence the Bank is trying to build around itself, the country and this great Nation at large… and how dare we dampen people’s spirits at this “ celebratory hour” with blatant lies!
2. Ordinarily, past Governors are not supposed to comment publicly on matters “current”which a sitting Governor is capable of dealing with regardless of which period those matters occurred. However in this case, I feel the need for leadership in dealing with this matter, so that there is we do not burden our new Governor Dr John Mushayavanhu or immediate past Governor Dr John Mangudya ,with an historical matter that I can easily deal with myself without “ambiguities “or the need to look for “sekuru Ndunge”( the late doyen of traditional healing and forecasting”to return from the other world so he can provide spiritual proclamations to something that is so straightforward, simple ( if we respect TRUTH)and explainable in plain, non-technical English.
3.If this explanation still proves difficult to understand, I would advocate that we ask His Excellency President E.D. Mnangagwa to set in a Commission of Inquiry in terms of the Commission of Inquiry Act( Chapter 10:07)incorporating all interested parties to look into this serious allegation of perfidious proportions and report to the Nation its Findings in simpler language than i would have done here.
4. Ordinarily too, no Governor would want to comment publicly on any matters he/ she dealt with while in Office because The Official Secrets Act( Chapter 11:09) by which binds and prohibits us from commenting on specific documentation recieved or matters of the State dealt with during our periods in Office(Section 4 is particularly telling ( level 14 fine or 20 years in jail or both if violated) but I am risking that by putting the record straight in a manner that cleans the image of the Nation’s Central Bank.
5. The third reason I have decided to take the bull by the horns is the ambiguous nature of the allegations, casting aspersions on many distinguished personalities who served as Governors under Former President RGM and still carry “scars and pride” of national service equal only to a few living souls around during one of the most difficult economic episodes of our country.
6. Their (Ex Governors) integrities ought to be respected and protected in retirement, as well as those the Hon. Ministers of Finance under whom they served and reported to. It is my duty to set the record straight for their sake as well as mine, so that our new Governor does not take his eyes off the “ZiG ball” to go into the archives of 18 years ago, searching for files and records for a response to this little fire that has deliberately or inadvertently been started with checking facts with all concerned.
7. For the record ,former Governors for the period concerned which excludes our inaugural independence Governor the late Dr K. Moyana( MHDSRIEP) ( 1983-93)are: Dr L. L. Tsumba( 1993-2003)part of the sanctions period 2001 to May 2003);Acting Governor Charles Chikaura( May 2003-November 2003);Acting Governor Dr Charity Dhliwayo ( December 2013-April,2014); Dr John Mangudya (May,2014-November 2017).These periods were under Late Fmr. President RGM. I am sure all of them have suffered some distress because the statement from the Hon. Ambassador Spokesperson was ambiguous as to who among us could have been that dump or daft! Now they can all sit back and tell their families and friends “ no it was not me whom was being referred to”!
8. I proudly served the longest of that sanctions period, 10 years in all, giving my country the best I could, from 1December 2003 to 30 November,2013 and it is natural to guess then who did what and when.
UPFRONT… 
9. Upfront, in summary, let it be known by all that we are talking here of whatCOULD , if it had succeeded, have been a “structured gold-backed transaction “which required mining the gold from underground in the first place, then export it in exchange for funds that would have been delivered and repackaged “fourfold in the first place” involving international banks and all above board, but after the first transaction amounting to US$5m deposit was executed by RBZ, the transaction failed on the other side and all parties to the envisaged transaction reimbursed each other, with no prejudice incurred or suffered by any of the parties to the transaction and ultimately, no GOLD was mined from underground for further export in terms of the initial Agreement which is now causing a hullabaloo due people who were not part of the RBZ team trying to confuse the Nation instead of letting us is happily celebrate our 44th UHURU!One frowns at the timing of the release of such “ news” even if , by any stretch of imagination, it was true!We need a little bit of finesse and circumspection in the discharge of our duties when it comes to the dissemination that has potential to harm the reputations of others in our positions as leaders! Please.
10.That’s the summary but here are the details. Background… ————————-
11. Managing this economy during the period 2000 to 2017 was not a “ walk in the park” for any Governor. The full story is yet to be written about the trials and tribulations of the times but that is for another day.
12.Some of us got onto the Sanctions list in 2001 and so for 23 years we were not as free Zimbabweans as some amongst us. Again for another day. We will always come out of retirement and defend the country when someone tries to burn it by setting the record straight when necessary.
13. The country survived through a series of non conventional gymnastics at a time when it was easier to give up than to accept thankless national service with all its risks in an environment of severe sanctions, international isolation, mono-currency and politically driven hyperinflation. It was a period most people witnessed the futility of trying to turn around our economic fortunes in an environment of needless political confrontation and conflict among fellow citizens.Again, that’s for another day. The RBZ Gold Contract of 2006.
14. When making public statements from positions of authority, we must resist temptation to be excitable and ambiguous, particularly when dealing with matters that could harm the confidence of key institutions such as a Central Bank. Facts and full facts backed by understanding the technical side of the matters at hand as well as CONTEXT are important.
15. Faced with a “ no forex reserve” situation for both Government and industry, it was incumbent on the sitting Governor to find that forex by whatever legal means and be accountable for every move taken by the Central Bank and its officials. It was also important to keep the Principals, especially the President fully in the picture and to ensure that at the end of each year, the Bank’s books were audited by at least two of the big 5 external international audit firms and results submitted on time to the Minister of Finance and Parliament.
16. The RBZ, during my tenure, was at different times annually audited by Delloite &amp; Touché, KPMG, Ernest &amp; Young as well as by Kudenga &amp; Co BDO. At no time during my ten years at the Bank did we get qualified accounts.
17. In May,2006 RBZ, after getting express approval from H.E. Cde. RGMugabe, entered into an Agreement with a large Jewelry Company based in Saudi Arabia.
18. The contract sought to provide Zimbabwe with an immediate cash injection of US$150m.At the same time, we negotiated with a large South African Bank to deposit that money with them as cash security in exchange for a Guarantee Line of Credit 4 times that amount i.e. US$600m which was to be used for importation of goods and services from South Africa particularly electricity, fuel, grain, fertilizers, mining inputs, machinery etc. in a 3 month revolving basis for 12-24 months as long as the cash backing was there.
19.The Guarantee was to cost us 1-2% negotiable at time of execution while the Saudi deal required us to supply over the same period a total of 200,000 Troy ounces of gold at a discount of 34% London Bullion price on day of trading/delivery.
20. The discount was on paper very steep but overally when we worked out the sums against the imminent risks that were facing us, we saw ultimate benefit to this economy through the multiplier effect of running the $600m facility on a 3 months cycle for 24 months against gold which was still UNDERGROUND worth between $140-150m to be supplied over a 24 month period while the economy got $600m for immediate use 8 times at a cost of day 1,5%per annum fees. Here is the arithmetic: ——
21. It is over ten years since I left RBZ but I still have the conceptual framework in my mind of what was going to happen if it had worked and I am still an Accountant and banker at heart: 200,000 Troy Ounces value $150m ———— Cost( Discount)34% 51m Guarantee Fees to SA Bank 18m ———— Total Facility cost over 2yrs $69m ———— Income Side: ——————- Raising Fees charged to Zim Customers per quarter: 0,0075x$600 x 8 =. $36m Interest @ 5% /quarter. $60m Interest on int. &amp; Fees 7m ————- Total Income to the Bank $103m Less cost of Facility. (69m) ————— Net Income to RBZ. $34m —————- Equivalent to a gain of 50,000 Troy ounces of gold in the 2 years the facility was planned to run for.
22. That amount would have been more than sufficient for the Bank’s iwn operating expenses without the need to knock on Treasury for support from tax-payers funds!
23. The Bank was required to pay $5m worth of Gold as a deposit and this was paid. When the lender couldn’t deliver the cash backing per contract, the Agreement was canceled and RBZ got back its US$5m.No prejudice to anyone.
24. It is important to also realize that we were dealing with an internationally recognized Jeweler and the Saudis are generally very honest people. And to say “ our gold reserves was stolen “ is wrong. We despatched about 7500 or so Troy Ounces worth $5m. We got back our $5m. At that time, in May, gold price was about $700/oz.if I’m not mistaken. Some Basics.
25. What is the meaning of Gold Reserves?
26.The term RESERVES generally refers to any surplus to immediate requirements.
27. Gold Reserves in this case would mean that RBZ had accumulated at some stage, surpluses to its immediate needs but nothing could be further from the truth… I got into a car that had no fuel on 1 December 2003 and I did my best to drive it on empty.
28. The Saudi contract was going to be fulfilled over a 12-24 months from incremental gold coming from the ground. We had done our homework as far as who the off-takers of the facility were going to be. It was not a blind shot so to speak.
29. To then mislead the public by saying RBZ lost the Nation’s “ Gold Reserves” is surely technically wrong and dangerous, worse when we seek to badmouth and besmirch the dead. Inga zvinonzi “ wafa Wa aka” wani? Why this penchant towards hate-speech against those you were with in the bush but never against Ian Smith? Nobody has bothered to find out how the RBZ was being run during the 15 years of sanctions and what some of us found in whatever records remained in there.
30. I certainly am not a direct descendant of St Peter or any of the Apostles who probably did not make mistakes but whatever mistakes my Team and I made during my tenure were neither deliberate nor fraudulent as all the audited set of books during my time there can attest. The Zimbabwe Anti-Corruption Commission( ZACC).
31. It is this same kind of irresponsible talk we witnessed from Hon. Ambassador Chris Mutsvanga who also happens to be my uncle, which in September/October 2021 led to ZACC spending public money and hours on a wild-goose chase after an anonymous someone misled ZACC to think the same way Zimbabweans have been emotionally whipped to think likewise.
32. ZACC carried out extensive investigations into this matter under Ref. 58/12/20 and 102/11/20 examining documents and interviewing RBZ Governor Mangudya, Mr Azvinandaa Saburi ( Director of Financial Markets who signed the Contract with Saudis under my authority) and others including myself in September 2021 and concluded that everything was above board and that there was no prejudice to anyone including RBZ and the Nation at large. Need to verify full facts .
33. It is key and important for people entrusted to speak on behalf of important organizations and political parties to always check their facts thoroughly for the sake of their own credibilities and that of others.
34. I forgive my sekuru for he was misled into believing that something was really amiss and more importantly, he was in the People’s Republic China as our Ambassador at the time we were battling to sort this economy out so he wouldn’t have been aware of some of the difficulties we went through to try and raise funding, including that required to support our esteemed embassies.
35. This country could benefit more from our individual and combined efforts if we sincerely direct them towards what our President, H.E. E.D. Mnangagwa and the Second Republic are trying very hard under difficult circumstances to achieve than to engage in blame-games that will not strengthen our new currency or take us foward especially during the country’s period of UHURU brought about by my sekuru and others.
36. Happy 44th to us All. I cherish the wonderful work being done by the Second Republic and salute all our National Heroes and Heroines, gallant fighters of our Liberation War, Mujibhas and Chimbwidos.
37. Be advised ALL, that no gold was lost during my time as Governor.
Dr Gideon Gono.
RBZ Governor During Biting Sanctions: (2003-13).
17 April, 2024.
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More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Gideon Gono Responds To Chris Mutsvangwa "Lies" Over Claims Zimbabwe's Gold Reserves Were Stolen

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The Crisis in Zimbabwe Coalition (CiZC) notes the exposé by lawyer Dr Alex Magaisa demonstrating how the Reserve Bank of Zimbabwe (RBZ) loan facility designed to support commercial agriculture between 2007 and 2008 was politicised, polluted and plundered.
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<blockquote>The exposé shows that the Farm Mechanisation looting is one of the greatest scandals in Zimbabwe post the new Millennium with at least US200 million dollars taxpayers money being looted by government Ministers, ruling party officials, clergymen and many other individuals who are connected to the ruling party.
The Crisis in Zimbabwe Coalition calls on the government of Zimbabwe to repeal the RBZ Debt assumption Bill and we, therefore, demand that everyone who benefitted from the loan facility MUST pay back the loans with interests.
We call upon the law enforcement agencies to do all they can to ensure that all the money that can be recovered must be paid back in full, including attaching properties of the individuals who benefitted from defrauding of the Farm Mechanisation loan facility. Now that the list is available, the Coalition expects the police to swiftly act on those who should be held accountable. The admittance by Gono in 2007 that the Farm Mechanisation programme was a loan facility which farmers were supposed to pay back is evidence enough to lay criminal charges against the beneficiaries. And to avoid conflict of interest, all the Judges and officers of the court who benefitted from this state loan facility must recuse themselves.
The shocking revelations only serve to confirm our long-held claims that corruption by the government, ZANU PF heavyweights and their connected elites are one of the largest contributors to the crisis in Zimbabwe.
The high-level corruption in Zimbabwe is going unchecked at a time when the government has failed to pay civil servants and when most of the country’s citizens are grovelling in grinding poverty. What is more embarrassing is that at the time of issuing out these loans, Zimbabwe’s economy was on its knees with rising cost of living, ever-increasing inflation, industrial output at its lowest and a weak local currency.
The Coalition maintains that the government should stem out the growing tide of corruption which has left the country on its knees. Endemic mismanagement has resulted in failure to prioritize pressing needs such as paying salaries of our hardworking civil servants.
Lack of will by the government to act on recommendations from the Auditor General’s office regarding corruption in government departments, including the President’s Office is also a pointer that corruption is going on unabated in Zimbabwe.
The so-called new administration led by President Mnangagwa has failed to deliver its promises to uproot corruption in the country as evidenced by an increase in the number of corruption cases including members of the First Family and their immediate connections.
Section 196 of the Constitution provides that public officers in leadership positions must abide by the following principles – honesty in the execution of public duties; accountability to the public for decisions and actions. Section 308 adds that it is the duty of every person who has custody or control of public property to safeguard the property and ensure that it is not lost, destroyed, damaged, misapplied or misused.
The Coalition also highlights the reality that the people of Zimbabwe now know that under Mr. Mnangagwa and the ZANU PF government has been reduced into systemic corruption and web of lies reflected in the many lies and distortions performed by public officials, notably former RBZ Governor Gono who lied to Zimbabwe about the Farm Mechanisation programme.
We, therefore, demand that the Government of Zimbabwe takes corrective measures to bring sanity and soberness to our nation by urgently instituting a Commission of Enquiry tasked with further investigating the RBZ loan saga.
Source: Crisis in Zimbabwe Coalition (CiZC)</blockquote>
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FULL TEXT: Crisis Coalition Statement On RBZ Farm Mechanisation Scandal

Former RBZ governor Gideon Gono has taken the time to dismiss an article written by Spotlight Zim that circulated last week claiming he was told by former president Mugabe that he should warn VP Constantino Chiwenga that President Mnangagwa is a time bomb who needed to be contained in one way or the other after the coup. Nehanda Radio reports.
Speaking to the publication Gono ‘s rebuttal of the article said:
<blockquote>(The article)truthfully confesses that she did not speak to or get comment from me prior to publication. I am not a media person, but something tells me that such journalistic irresponsibility not to contact the alleged primary source does cast a dark cloud over the credibility of the story and the professionalism of the author behind it.
(My Conversationg) most of the times after my retirement as Governor in November 2013, it would be the former First Lady in attendance or just the two of us, RG and myself at home. No aide or relative was ever present or invited to our meetings to discuss anything business or personal with me. It is therefore preposterous for anyone to suggest that a relative or aide could be the source of this fertilized imaginary happening neither can it be attributed the former FL (First Lady) because such a conversation never took place with her present or absent.”
“Whoever therefore is spreading these lies, with whatever objective or agenda, and trying to involve me in any plots or acts of disaffection with the President should please desist from doing so in my name and retreat to the nearest corner of truth, decency, respect and observe the sanctity of facts.
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<div id="vhoursidy-215283-1557362871-place">I became privileged to be a confidante of many Zimbabweans in high, middle and low positions in our country and society. It is the current president (Mnangagwa) who appointed me CEO of CBZ in 1994 when he was acting Minister of Finance and we continued to work together during those years and as Governor at RBZ including after my retirement. I continue to avail myself to him and to serve Government in whatever capacity if called upon to. I recently loyally completed my 3 year tour of duty as Chairman of the now repealed Zimbabwe Special Economic Zones Authority.</div>
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I also loyally served all arms of the Defense Forces of this country ( ZDF) under the the Commander Defence Forces now Hon Vice President Dr Chiwenga; I loyally served the State Security Apparatus under several State and Home Affairs ministers who include now Hon. Vice President Mohadi and at that time also became their confidante and banker.
(I have never been) a betrayer of their confidence or perpetrator of any spirit of division between them, other than to unite and promote oneness among them by not being a rumour monger or carrier of news detrimental to the callings of their offices.
No wonder, when all else seemed to be failing, I was, at 20:00hrs on 17 November, 2017 called upon to step in and intermediate between former President Mugabe, his family and Commanders of the Zimbabwe Defence Forces led by the then CDF, now V P Chiwenga. I have successfully carried out several intermediation missions since the mid 1990s when I had became of age!
How we, as the three parties (RG, Commanders and myself) succeeded to break the resignation impasse right to the day of actual resignation of the then President and subsequent behind-the-scenes negotiations for peace and and reconciliation remain unknown to many and the real truth untold to date. That’s how matters of statecraft are handled.
It is therefore ludicrous to a point of contemptuous amusement for anyone to suggest or think that I could, or would, for whatever reason, release a tit-bit of any conversation, real or imaginary, that could have taken or took place between anyone or anybody above and myself about anyone or anybody.
Gono said his relationship with both Mnangagwa and Chiwenga dated back to 1994. “I have not, over the years I have worked with or served them, detected any bad blood between them. The same applies to my relationship and working tenure with Hon VP Mohadi.
I’m enjoying my retirement post 40 years of loyal national and private sector service nowhere else but to Zimbabwe so please, speculators, leave me out of your machinations.
I enjoy good relations with and support our President and the entire leadership this country at the political, business, religious and social levels. I have learnt over the years that taking legal action against some dodgy websites of no permanent abode is an exercise in futility. I will let sleeping dogs lie</blockquote>
More: <a href="https://nehandaradio.com/2020/04/25/gono-angrily-denies-claims-mugabe-told-him-that-mnangagwa-was-a-ticking-time-bomb/">Nehanda Radio </a>

I Enjoy Good Relations With The President - Gono Debunks An Article That Claims He Was Told By Mugabe That ED Is A Time Bomb

Former Governor of the Reserve Bank of Zimbabwe, Dr Gideon Gono has been dragged to court by his tenant for allegedly trying to evict him.
The tenant, Dr Nongerai Moses Makurumidze, who runs a sports science and a research college at the Natvest Industrial Complex while renting the premises from Gono accused Gono of violating their agreement.
In his court papers in which Gono, Clark Makoni and fellow tenants, Mbonje, Dzobo, Matoko, Tambara, Mujeke and Chigondowa are respondents, Makurumidze said:
<blockquote>Your Worship, I had an agreement with Dr Gono. He was initially leasing the property to me but they are now ignoring the original agreement and are trying to evict me without any legal procedures. We are in the process of setting up a proposed university of sport and they all know it but his workers terrorise my clients and staff.</blockquote>
He added that Gono’s workers are disregarding the agreement he had with Gono saying that they had the mandate to evict Makurumidze.
Meanwhile, Chigondowa who works for Gono said that Makurumidze was evicted by Gono and it is surprising that he kept coming back.
More: <a href="https://www.manicapost.co.zw/tenant-drags-gono-to-court-over-eviction/">Manica Post</a>

Former RBZ Governor Dragged To Court Over "Unlawful" Eviction Of Tenant

<blockquote>Sunday’s National Heroes event is not a PRIVATE EVENT! It’s a national event. You can quote me. If there is going to be any private event, it will take place after the public send-off that will take place at the national shrine.
The family would like the send off to be attended by all who can and so desire, without limitation or invitation cards as has been played out in some social media outlets.
RG was not, and can not be a private affair. He was not a village-boy. The funeral is not and cannot be a Zvimba affair alone, cannot be a Gushungo event alone, cannot and should not be a ZANU (PF) of Government affairs alone; is not and cannot be a Mugabe family event alone, is not even a Zimbabwean event alone.
It is an inclusive, National and international event of sorrow, farewell and celebration.
Former Prez RGM was bigger than any box we may want to confine him to and so going to the National Shrine, the Heroes Acre is not an option: it is something agreed upon by all parties to the matter comprising of the former First Lady Mrs Grace Mugabe and immediate family and relatives, the Mugabe extended family, the Zvimba Chiefs and their families, the Gushungo Clan, the Marufu clan, the Sekuru’s from both sides, friends and relatives.
All are very grateful to H.E. President ED Mnangagwa, ZANU (PF) and all other political parties, Government and all people of Zimbabwe and beyond for honouring the Legend in the manner unfolding.
Any talk of disagreements or friction between families or between the late heroes’ immediate or extended family and President ED Mnangagwa and/or Government of Zimbabwe is FAKE NEWS.
The proceedings will go on in a United and well-coordinated manner, with each party to the arrangements playing their role as defined by the understandings reached by the Government and the family.
I’m speaking as someone who has been involved with the family side of issues from last Saturday to this morning and authorised to say what I’m saying.
Dr Gideon Gono 
Family Friend</blockquote>

Gideon Gono's Statement On Robert Mugabe State Funeral {Full Text}

Family spokesperson of the late former President Robert Mugabe, Leo Mugabe confirmed that burial will take place at the National Heroes Acre.
He, however, did not disclose when the burial will take place with some reports suggesting that it could be as early as Sunday or as late as Tuesday.
Speaking to reporters flanked by former Reserve Bank of Zimbabwe governor, Gideon Gono who is a close friend (sahwira) of the Mugabe family and Harare lawyer, Lovemore Madhuku, Leo said:
<blockquote>The family and the traditional leaders have agreed that he will be buried at the National Heroes Acre. As to when he is going to be buried, there are things that the chiefs want to be done at Heroes Acre, those will take time…
The issues to do with a private burial, I think those issues still are there. Heroes Acre, yes, but perhaps it will still remain private at a time to be advised. It’s definitely post-Sunday…
I would want also dispel rumours doing rounds that the chiefs were paid. They were not paid. It’s total, absolute nonsense…</blockquote>
The revelation puts to an end, the will he, or will he not, be buried at the National Heroes Acre rumours.

Mugabe Family Confirms That Burial Will Be At The National Heroes Acre

The Sunday Mail Business reports that US$60 million Agriculture mechanisation deal between Zimbabwe and an Indian firm, International Tractor Limited (ITL) has been approved.
The project will see local farmers receiving 2100 tractors, 100 combine harvesters and various implements. TL’s local partner, Glenwood Agriculture Equipment (GAE), which is working with a local bank, says a line of credit also been secured.
The equipment which is payable over five years will be sold to farmers, subject to risk assessment by the local bank, which is being used as a local conduit of the facility.
The Ministry of Lands, Agriculture, Water, Climate and Rural and Resettlement has revealed that Zimbabwe has a deficit of about 30 000 tractors.
It is not the first time for Zimbabwe to embark on such an initiative after a similar one by the former Reserve Bank Governor, Gideon Gono that was not a success.
More: <a href="https://www.sundaymail.co.zw/us60m-facility-for-farm-mechanisation" rel="noopener noreferrer" target="_blank">The Sunday Mail</a>

US$60 Million Agriculture Mechanisation Deal Approved

A NewsDay article has suggested that there are a number of factors that will impinge on government’s plans to reintroduce cheap shops under the Silo brand, popularly known as Bacossi, for purposes of easing the soaring inflation. 
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<div id="google_ads_iframe_/52555387/newsday.co.zw_750x300_300x250_0__container__">The article further suggests that the idea would be in contradiction with the Finance Minister’s neo-liberalism drive. The Finance minister recently announced plans to privatise a number of parastatals.</div>
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The editor observed that Zimbabwe was not learning from history as it is reintroducing the same concept that failed under former Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono. Part of the article reads:
<blockquote>As he tried to stem the tide Gono introduced the Foreign Currency Licensed Wholesalers and Retailers, but the Zimbabwean economy was far too gone and dollarisation had set in. 
Shortages did not end and prices continued to rise in spite of Gono’s interventions.
In the end, his motto failure is not an option, sounded quite hollow and meaningless.</blockquote>
The article further suggests that the government creates a conducive environment for the private sector to operate in as State interventionist policies have failed to produce desired results. It added that Zimbabwe also needs to open space for innovation, and entrepreneurship. It also advises the government to ensure policy consistency by pursuing one path, either neoliberal policies or interventionist policies.
 
More: <a href="https://www.newsday.co.zw/2019/05/learning-from-history-why-bacossi-part-2-will-fail/" rel="noopener noreferrer" target="_blank">NewsDay</a>

Why Another Bacossi Initiative Will Not Work

A ZANU PF social media activist has chided the Minister of Finance and Economic Development Prof. Mthuli Ncube.
Ncube has been castigated for talking too much and crossing into the role of the Central Bank.
He has been likened to the infamous former Reserve Bank of Zimbabwe Governor Gideon Gono whose quasi-fiscal activities reportedly brought the economy crashing to the ground. <a href="https://twitter.com/matigary/status/1117034909753847809" rel="noopener" target="_blank">Writing on Twitter, the ZANU PF activist said:</a>
<blockquote>Mthuli Ncube talks too much. He crosses over into the role of the central bank, talking about monetary policy, which he should not do.
He should focus on fiscal issues, which require his full attention. Does he want to be a central bank governor too? We can’t repeat Gono conduct!</blockquote>
Ncube was recently quoted by an American Television channel, Bloomberg TV as saying that Zimbabwe will have a new currency within 12 months.
<h4>Related:</h4>
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<h4><a href="https://news.pindula.co.zw/2019/04/12/imf-is-wrong-mthuli-ncube-is-right-eddie-cross/">IMF Is Wrong, Mthuli Ncube Is Right – Eddie Cross</a></h4>
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<h4><a href="https://news.pindula.co.zw/2019/04/11/zim-to-have-fully-fledged-currency-within-12-months-mthuli-ncube/">Zim To Have ‘Fully-fledged Currency’ Within 12 Months – Mthuli Ncube</a></h4>
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<h4><a href="https://news.pindula.co.zw/2019/03/07/dont-be-fooled-sanctions-harm-the-whole-economy/">“Don’t Be Fooled, Sanctions Harm The Whole Economy”</a></h4>
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Mthuli Ncube Is Becoming A 'Gideon Gono' - ZANU PF Activist

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said the interbank foreign currency market will not fail like it did during his predecessor Gideon Gono’s tenure.
Gono introduced the interbank foreign currency market in 2008 but launched an investigation into financial institutions that were allegedly abusing the facility with a view to cancelling their operating licences. At the time the central bank was investigating allegations in the market that some managers within the banking community are buying foreign currency in their individual capacities but using their bank’s structures. However Mangudya (JM) told Tinashe Kairiza (TK) that the interbank market will not fail. Below is an excerpt of the interview:
<blockquote>TK: Let us talk about the tenure of your predecessor, former governor Gideon Gono. He also experimented with liberalising the exchange rate and the consequences were quite catastrophic. A decade later, you are doing the same. Should we expect a different outcome?
JM: Let me be very blunt. We can never compare today and 2008. The economic fundamentals are so different. You are saying right now companies are producing and they are exporting. An estimated US$6,2 billion was earned in 2018. If you go back to 2008, there was no forex to talk about. We were buying bread from South Africa. There was nothing. So, yes, RBZ liberalised. What happened in 2008 and now is very different.</blockquote>
More: <a href="https://www.theindependent.co.zw/2019/02/22/bond-note-rtgs-model-didnt-fail-mangudya/">Independent</a>

Interbank Forex Market Will Not Fail Like Gono's- Mangudya

Analysts who spoke to The Herald criticised former Reserve Bank of Zimbabwe (RBZ) governor <a href="https://zero.pindula.co.zw/i-printed-zim-dollar-to-stop-coup-says-gideon-gono/">Gideon Gono for saying he printed the bearer cheque to prevent a coup by hungry soldiers</a>.
One of the three analysts who spoke to The Herald, Godwine Mureriwa said Gono should have resigned if he was a principled financial expert. He also criticised Gono for insinuating that Operation Restore Legacy was a coup. Said Mureriwa:
<blockquote>People of integrity, professionalism and who are progressive would have done what Nkosana Moyo or Simba Makoni did. We have Patrick Chinamasa, who was cornered during the Mugabe era, but stood with his position on civil service rationalisation and cutting of the wage bill until he lost his post. 2008 was a critical period for everyone and for Gono to tarnish the image of the army like that is unacceptable. It is sad that he sees Operation Restore Legacy as a coup, yet it was restoration of the ideals of the liberation struggle and removal of the one centre of power which had been clandestinely created by the G40 cabal.</blockquote>
More: <a href="https://www.herald.co.zw/gono-slammed-for-hypocrisy-lies-revisionism/">Herald</a>

Gono Criticised For Saying He Printed Zim Dollar To Prevent A Coup By Hungry Soldiers

Former Reserve Bank of Zimbabwe governor Gideon Gono told The Standard he had to print money even when he knew it would cause hyperinflation because the government was desperate to prevent a coup by hungry soldiers.
He said the soldiers were willing to stage a coup to get food. Said Gono:
<blockquote>If we had not done what we did printing money and allowing inflation to skyrocket, then the men and women you see in those beautiful uniforms, they were ready to get out of their barracks. Operation Restore Legacy would have happened much earlier, but not one that we would have been commanding ourselves. It would have been a ‘restore legacy’ that would have been commanded from elsewhere.</blockquote>
More: <a href="https://www.thestandard.co.zw/2018/04/29/printed-z-stop-coup-says-gono/">Standard</a>

I Printed Zim Dollar To Stop A Coup Says Gideon Gono

Former Reserve Bank of Zimbabwe (RBZ) governor and chairperson of the Special Economic Zones (SEZ) Authority board, Gideon Gono has claimed that the authority is failing to function as it has only received 10 percent of its budget allocation. Gono who was appointed 8 months ago also said that he does not know which Minister to report to as it is no clear which ministry the SEZ falls under. He also said that a chief executive officer and a secretariat is yet to be appointed to run the administration.
The former governor stressed that members of the SEZ board are currently using their own resources in setting up the authority. He also said that some of the board members who include, Busisa Moyo and himself, are willing to forego their board fees as a service to the nation.
Gono also told the Parliamentary Portfolio Committee on Industry and Commerce that once operational the SEZ will generate US$10 billion in investments.
More: <a href="http://www.zbc.co.zw/?p=75389">ZBC</a>

Gideon Gono Says SEZ Is Operating In The Dark, Has No Idea Which Minister To Report To

Time Bank of Zimbabwe, which is set to start operations after closing down in 2006, has accused former Reserve Bank of Zimbabwe (RBZ) Governor Gideon Gono of unlawfully cancelling the bank’s licence without following due process or giving the bank a chance to give its side of the story. The bank also accused Gono of misleading the public saying that he closed the bank down without repaying the money that the central bank owed to Time Bank. In a public notice, the bank said:
<blockquote>For the record in 2000, the Reserve Bank took Time Bank’s money. This created financial problems for Time Bank. The then RBZ Governor Dr Leonard Tsumba agreed to refund the money but his term ended as Governor before he could implement such agreement.
However, when Dr G. Gono became RBZ Governor, the RBZ dishonoured the previous agreement made during the time of Dr Tsumba as Governor. In fact, the RBZ under Dr Gono closed Time Bank under unclear circumstances in 2004 and cancelled its banking licence in 2006 unlawfully, without giving Time Bank a chance as required by law to respond to the allegations made against it, before a decision was made on such allegations. In terms of the principles of natural justice or the Audi Alteram Partem (let the other side be heard as well) rule, one must be given a chance to respond to allegations against him, before a decision is made on such allegations. In other words, Time Bank was denied natural justice by RBZ. This is a basic rule of any civilised society but it was not followed by the RBZ on the Time Bank case.</blockquote>
Time Bank goes on to say that its licence was reinstated by the courts as far back as 2009, but the court’s ruling was not upheld as Gono appeared to be too powerful at the time. The institution said that it was frustrated by the RBZ under Gono’s tenure, adding that the matter was only resolved after Gono left office.  Said Time Bank:
<blockquote>…Time Bank then approached the court for protection of its rights. In 2009 the court reinstated the licence of Time Bank after seeing that the RBZ had cancelled such licence unlawfully. Basically, the court upheld the law against the RBZ at a time the RBZ under Dr G Gono as Governor appeared too powerful to be brought to justice. The above ruling of the court showed the importance of having an independent Judiciary in the country.
However, despite the reinstatement of the licence by the court, Time Bank could not operate because its assets including records had not been fully handed back by the former curator of Time Bank and RBZ to the directors of Time Bank after the end of the period of curatorship. Among the assets not handed over were the computer system, reconciliation statements of our assets, audited financial statements for the period of curatorship, and other important records of the bank. In fact among such records of Time Bank lay the truth of Time Bank which had not been disclosed by RBZ to the public at the time it closed Time Bank. A delay in the handover/ takeover was basically an attempt to delay the truth to come out. The of matter could not be resolved while Dr G Gono had was Governor of RBZ.</blockquote>
The institution also lamented the loss of employment and business that resulted when it was closed down.
<blockquote>Sadly after Time Bank’s closure, more than 10 000 people lost jobs and their livelihoods directly and indirectly as a result of the closure of Time Bank. This clearly demonstrates the relationship between the protection of property rights and economic prosperity for all. In other words, the protection of constitutional rights and the economic progress of a country are strongly related. The loss of the above jobs and the consequent unemployment was a result of the violation of our constitutional rights and economic mismanagement by RBZ at that time.
In this regard, it is the unlawful local sanctions by one Zimbabwean on another Zimbabwean, and not foreign sanctions, which caused the above suffering of Time Bank, it’s employees and other stakeholders.
When Dr J P Mangudya took over as RBZ Governor, he resolved the matter very well as mentioned above, and agreed to repay the money which RBZ owed Time Bank before m Time Bank was closed in 2004 plus interest at 5%, among other things. However, Time Bank was not paid damages like loss of business during the period it was closed unlawfully.</blockquote>
However, the bank vowed to reestablish itself and to resume its operations as soon as possible.
<blockquote>Despite the above setbacks, we are determined to re-establish the bank successfully and contribute to the development of our country.
For the record, we have not yet opened for business but we have started working on the re-opening of the bank. We shall update the public on our progress in the near future.</blockquote>

Time Bank Accuses Gono Of Misleading The Public, Says He Illegally Closed It Without Repaying Money Owed By RBZ

In an exclusive interview with Nehanda Radio, former Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono confirmed that a picture showing him with Robert Mugabe and Grace Mugabe, was indeed taken on Tuesday 21 November, 2017 from the “Blue Roof” private mansion that belongs to the former First Family. The picture was taken just after Mugabe had resigned in a letter to the Speaker of Parliament Jacob Mudenda.
Asked why he went to assist Mugabe to negotiate his exit when he is not part of ZANU-PF structures or government, Gono responded:
<blockquote>People tend to run away from you when the chips are down and few will have the courage to stand by you during your darkest moments. I have experienced it personally before, when I retired from governorship in 2014 but I cannot be the evil that I don’t like to see happen to me. I’m not ashamed to say that I have remained loyal and a friend of the former President to the end, not for financial or commercial reasons but from a point of principle. Even with the incoming President, Cde E. D.Mnangagwa, when everyone deserted him in 2004/5 (alleged Tsholotsho coup), I am proud to state publicly that I was one of the few who fearlessly remained standing by him during those low moments in his political life and His Excellency the Former President, Cde R G Mugabe knew about it and never discouraged me from associating with him. So, issues of loyalty to me count a lot more in my life than political expediency or any form of gold, silver or opportunity. Those who are friends with me know that I will not waver on a day they need my umbrella.</blockquote>
More: <a href="http://nehandaradio.com/2017/11/23/exclusive-gideon-gono-played-key-role-mugabe-resignation-comments-leaked-picture-mugabe/">Nehanda Radio</a>

Gono played key role in Mugabe resignation, Comments on leaked picture with Grace & Bob

Gideon Gono has acquired a 76% shareholding in The Heritage School (THS).
He purchased 50% shareholding from David Rodney, Janet Austin and their son Thomas William for an disclosed amount; and acquired an additional 26% interest from the Pangeti family. The George Pangeti, his wife Evelyn Sandra and son George Jnr retain a 24% stake. The Austins and the Pangetis retain their positions on the school’s reconstituted board.
Gono has since appointed ex-Standard Chartered Bank senior staffer Julius Chikomwe as chairman of the board. The board will comprise of Dr Richard Mukurumbira, Jane Austin as deputy chairperson responsible for establishing beneficial networks.
More: <a href="http://www.financialgazette.co.zw/gideon-gono-acquires-heritage-school/">Financial Gazette</a>

Gideon Gono acquires majority shareholding in The Heritage School

Zanu PF MP for Harare East and Emmerson Mnangagwa’s ally Terrence Mukupe, posted on his Facebook page that the next President would emerge from among Grace Mugabe, Mnangagwa, former central bank governor Gideon Gono and cabinet ministers Sydney Sekeramayi and Saviour Kasukuwere.
In the Facebook post Makupe said that Zanu PF is now a party of individuals. Said Makupe:
<blockquote>As I look at how our party, Zanu PF, has transformed itself over the years and has come up with the one centre of power philosophy, it’s clear that we have become a party that is centred on individuals.</blockquote>
More: NewZimbabwe.com

Mnangagwa ally lists 5 people likely to succeed President Robert Mugabe

Former <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" target="_blank">Reserve Bank of  Zimbabwe</a> governor <a href="http://www.pindula.co.zw/Gideon_Gono" target="_blank">Gideon Gono</a> has claimed that he saved the country from being “recolonised” during the economic meltdown of 2008. Refuting allegations from <a href="http://www.pindula.co.zw/Munyaradzi_Kereke" target="_blank">Munyaradzai Kereke</a> that he engaged in corruption and stole money from the Reserve Bank of Zimbabwe, Gono countered that he did not steal the money but gave it to the security forces instead. This he claims he did with the full blessing of President Robert Mugabe.  Kereke has since withdrawn the allegations and apologized to Gono.
In an interview with State-controlled newspaper, Sunday Mail, Gono said:
<blockquote>In that year, we heightened the bank’s quasi-fiscal operations with full approvals from above, in order to keep the country afloat. The support rendered was of a security and defence nature, correctly done with approval of the Head of State and Commander of the Defence Forces.
I was convinced that without this critical support, our country was in danger.
…Every cent was properly used and signed for by authorities and it is this money that Dr Kereke was alleging the governor used for personal purposes.
I was a hands-on, not armchair, governor and I’m both proud and humbled by what I know about our security services.
Without these dedicated men and women, who often serve under very trying conditions, this country would have been recolonised and the peace and stability we today take for granted would not be there. 
…It is significant to note that it was an act of mischief to selectively point to the amount that was used to support one arm of the security sector in 2007/8 (almost ten years ago), when Dr Kereke knew that we had also supported other key arms.</blockquote>
More: <a href="http://www.sundaymail.co.zw/i-have-no-regrets-gono/">Full opinion in the Sunday Mail</a>

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