By Patience Gondo
PRESIDENT Emmerson Dambudzo Mnangagwa has said Zimbabwe’s foreign currency reserves have risen to over US$1.2 billion, driven by strong gold section performance.
Mnangagwa described this as a sign of improved liquidity and growing economic resilience.
Speaking during the 46th Independence Day celebrations in Maphisa, Mnangagwa said reforms have resulted in a single-digit inflation rate of 4.1% recorded in January 2026.
He said exchange rate stability is being supported by increased foreign currency inflows, which exceeded US$16 billion, mainly from exports of gold, tobacco and platinum group metals as well as diaspora remittances.
“Following a raft of reforms, our country achieved a single-digit annual inflation rate… thereby anchoring long-term stability,” he said.
On the investment climate, Mnangagwa said Government has implemented a review of taxes, fees and levies across critical sectors, adding that more must be done to ensure full financial inclusivity despite progress in the banking sector.
Mnangagwa said strong agricultural output has also contributed to economic stability, with the 2024/2025 summer season producing 2.4 million tonnes of maize and nearly 635,000 tonnes of traditional grains, exceeding national requirements.
Similarly, the 2025 winter wheat harvest surpassed 640,000 tonnes against a national requirement of 550,000 tonnes.
“This gives impact of the wheat based food security strategy.” He said.
In the export sector, Mnangagwa said tobacco production reached a record 355 million kilogrammes, generating over US$1.2 billion, while horticulture exports have grown to more than US$140 million.
“The Strategic Grain Reserve continues to guarantee national food security and sovereignty,” he said.
“No one and no region will starve,”Mnangagwa said giving assuarance to the nation.
Mnangagwa added that the mining sector remains a key growth driver and is projected to expand by 6.3% in 2026, supported by new lithium processing and beneficiation projects.
These remarks come as Zimbabwe continues to implement economic reforms under the Second Republic, focusing on stabilising the currency, boosting exports and increasing production across agriculture, mining and manufacturing sectors.
Ending his remarks Mnangagwa thanked Matabeleland South Province , Matobo District , for welcoming the nation to their sacred lands,to celebrate our Independence.
“Thank you for turning out in your large numbers,” he said