“SETTING THE RECORD STRAIGHT: NO STOLEN GOLD UNDER MY WATCH,” DECLARES FORMER RBZ GOVERNOR GIDEON GONO
In a heated statement, former Reserve Bank of Zimbabwe (RBZ) Governor, Dr. Gideon Gono, has fiercely countered allegations made by Zanu PF spokesperson Chris Mutsvangwa regarding the supposed theft of the country’s gold reserves. Gono categorically denied any wrongdoing, labeling Mutsvangwa’s claims as “blatant lies.”
The controversy stems from Mutsvangwa’s assertion in a recent party briefing that substantial gold reserves had been stolen under the watch of an unnamed governor, implicating that they were illicitly sold to Saudi Arabia without any financial compensation to Zimbabwe. According to Mutsvangwa, this transaction occurred during the governorship of someone who served under the late President Robert Mugabe, sparking widespread speculation and concern.
However, Gono, who led the RBZ from December 2003 to November 2013, explained that the transaction in question was actually a legitimate deal made in 2006 with a Saudi jewelry company. This deal was intended not for the sale of stolen gold but was a strategic move by the RBZ to secure a substantial line of credit. The central bank negotiated a US$150 million transaction which was leveraged with a South African bank to secure a US$600 million line of credit. This funding was crucial for Zimbabwe to import essential goods such as electricity, fertiliser, and fuel during a time when the nation faced severe economic sanctions from the West, starting in 2002.
Gono emphasized that Mutsvangwa was misinformed about the events, as he was serving as Zimbabwe’s Ambassador to China at the time and was not privy to the intricacies of the deal. He criticized Mutsvangwa’s allegations as harmful misinformation that could damage reputations through unwarranted character assassination.
The former governor also noted that the Anti-Corruption Commission of Zimbabwe (ZACC) had already conducted a thorough investigation into the claims and found no evidence of misconduct regarding the gold deal. He highlighted the unnecessary waste of public funds spent on chasing these baseless allegations.
Defending his tenure, Gono pointed out that when he assumed office in 2003, the RBZ was financially depleted, effectively operating without any reserves. He described his leadership period as challenging due to the dire economic conditions and the overarching sanctions that isolated Zimbabwe economically. Despite these hurdles, he insisted that the RBZ’s operations were transparent and regularly audited by reputable international firms, which never found any irregularities.
Moreover, Gono took it upon himself to address these allegations directly, stating that it was important not to burden the current and recent governors with issues that he could clarify himself. He suggested that if confusion still persists, a Commission of Inquiry could be appointed to investigate thoroughly and report in layman’s terms.
The former governor concluded his statement by calling for unity and focus on national development rather than dwelling on divisive and misleading accusations. He commended the ongoing efforts of the government under President Emmerson Mnangagwa and celebrated the progress made since Zimbabwe’s independence.
Gono’s statement was a robust defense of his actions and a firm rebuttal to the claims made by Mutsvangwa, aiming to clear the air and restore confidence in the integrity of the RBZ’s past leadership.
Gono’s attempt to justify the gold deal as a strategic move for the country’s benefit seems dubious at best. The lack of transparency surrounding such transactions raises legitimate concerns about the integrity of Zimbabwe’s financial institutions.It’s concerning that allegations of corruption within the RBZ are met with dismissive responses rather than thorough investigations and accountability. Zimbabweans deserve transparency and accountability from their leaders, past and present.
The suggestion of appointing yet another Commission of Inquiry to investigate these allegations only adds to the perception of government inefficiency and ineffectiveness. Zimbabweans are tired of empty promises and bureaucratic red tape.
Gideon Gono’s detailed explanation of the 2006 gold deal provides much-needed clarity amidst the confusion surrounding the allegations. His commitment to transparency and willingness to address the accusations head-on is commendable.The RBZ’s efforts to secure a line of credit during a time of economic crisis demonstrate strategic thinking and resourcefulness. Gono’s leadership during that period, as described in his statement, sheds light on the challenges faced by Zimbabwe and the measures taken to address them.
The back-and-forth between Gideon Gono and Chris Mutsvangwa only serves to highlight the deep-seated corruption and lack of accountability within Zimbabwean politics. It’s disheartening to see former government officials engaging in public disputes while the country grapples with pressing economic and social issues.