Zimbabwe will cap government spending on its gold-buying incentive scheme at $300 million in 2026 as authorities seek to limit the country’s fiscal exposure to fluctuations in gold prices.
Finance Minister Mthuli Ncube and Central Bank Governor John Mushayavanhu said the spending limit will help manage the financial risks associated with the programme. The scheme will be reviewed during the 2027 budget process.
The gold-buying incentive programme plays a key role in supporting the credibility of Zimbabwe’s gold-backed currency, the ZiG, which was introduced in 2024.
Zimbabwe has been seeking to strengthen its economic position amid longstanding debt challenges. In February, the country secured a 10-month International Monetary Fund staff-monitored programme, marking progress toward addressing billions of dollars in debt arrears.
The programme is also part of wider efforts to restore Zimbabwe’s access to international capital markets, from which the country has been largely shut out since defaulting in 1999.
Meanwhile, Zimbabwe’s gold production has continued to grow. Gold output reached 21.4 metric tons in the first half of 2026, while export earnings rose 69% to $3.1 billion.
The increase highlights the growing importance of gold to Zimbabwe’s economy and the government’s efforts to use the precious metal to support currency stability and strengthen external finances.
