Story by Stanley James, Business Reporter
ZIMBABWE’S drive to grow external earnings under the National Development Strategy 1(NDS1) has been achieved after the country recorded over 40 percent growth in foreign currency receipts from US$9 billion in 2021 to over US$16 billion in 2025.
The trend is showing how exports are dominating foreign currency earnings as institutions such as the Confederation of Zimbabwe Industries (CZI) are promoting the thrust to produce and sell more goods and services abroad.
Be it tobacco, gold, chrome, manufactured goods, diaspora remittances and Foreign Direct Investments, the rise in receipts has laid the foundation for NDS2.
“It is historic because since independence Zimbabwe had never recorded such a figure so what it will have in terms of impact to the economy is that it reflects commitment by monetary authorities to focus on those key deliverables that can unlock more Foreign currency and as CZI we are ready to further complement government on such issues and work together for the cause of the nation’s ability or thrust to grow foreign currency inflows,” CZI Chief Economist, Dr Cornelius Dube said.
The Reserve Bank of Zimbabwe’s quarterly updates also point to sustained momentum in external earnings generation, although analysts caution that maintaining the gains will require consistent policy discipline and structural reforms.
Zimbabwe National Chamber of Commerce (ZNCC) Chief Executive, Mr Chris Mugaga, said sustaining foreign currency inflows will depend on addressing structural bottlenecks while deepening domestic production.
“Reducing the import bill, focusing on domestic resource mobilisation, a stable exchange rate, broadening the export base as well as value addition and beneficiation are factors cited by authorities as important in retaining foreign currency,” he said.
With NDS2 now underway, policymakers say the focus has shifted from recovery to consolidation, with emphasis on safeguarding recent gains, enhancing competitiveness and ensuring that foreign currency growth translates into broader economic development.
