Dr. Gideon Gono, the former Governor of the Reserve Bank of Zimbabwe (RBZ), has strongly denied accusations made by Chris Mutsvangwa, the Zanu PF spokesperson, regarding the theft of Zimbabwe’s gold reserves during his tenure. Mutsvangwa claimed that substantial amounts of gold were stolen through unauthorized transactions with a Saudi Arabian company.
Gono explained that these accusations are a severe misunderstanding of a legitimate and complex financial transaction from 2006. During this period, the RBZ engaged in a $150 million deal involving jewelry with a Saudi entity. This was not a simple sale but part of a broader plan to secure a $600 million line of credit through a South African bank. The funds from this deal were crucial to ease the economic pressure from severe Western sanctions imposed on Zimbabwe in 2002, which disrupted government operations and the economy.
At the time of this transaction, Mutsvangwa was Zimbabwe’s Ambassador to China. Gono criticized Mutsvangwa for making claims without a factual basis, noting that Mutsvangwa’s absence from the country during the deal’s planning meant he was not fully informed about its details and strategic importance.
The funds obtained from this credit line were essential for importing necessary goods such as electricity, fuel, and fertilizer, which were vital for keeping the Zimbabwean economy running. Gono emphasized that the harsh sanctions had left the RBZ and the nation in a dire financial state when he took office in December 2003, with the central bank nearly bankrupt.
Gono also revealed that the Anti-Corruption Commission of Zimbabwe (ZACC) had previously investigated these claims and found no evidence of wrongdoing. The investigation included interviews with Gono, his successor John Mangudya, and a thorough review of the financial transactions and agreements involved.
Gono warned that such “blatant lies” could lead to widespread character assassination and misrepresentation of facts if left unchallenged, damaging reputations and the credibility of the nation’s financial institutions. He stressed the importance of defending the integrity of those involved and ensuring the public receives accurate information.
Reflecting on his time in office, Gono discussed the complex financial maneuvers required to navigate the sanctions. He pointed out that those without direct involvement or sufficient knowledge might easily misunderstand the actions taken during that period.
In a call for accountability and transparency, Gono suggested that President E.D. Mnangagwa should consider establishing a Commission of Inquiry to thoroughly investigate and clarify the situation. This would help dispel myths and provide the public with clear and accurate information.
Gono’s tenure from 2003 to 2013 was marked by efforts to stabilize and boost Zimbabwe’s economy under challenging conditions. He concluded his statement by reaffirming his commitment to defending the integrity of Zimbabwe’s financial governance and the importance of historical accuracy and integrity in public discourse.
By addressing these allegations directly, Gono aims to restore confidence in Zimbabwe’s banking system and promote a more informed and respectful dialogue about the country’s economic history and the legacies of its leaders.