Reggae Artist’s Song Praises Zimbabwe’s New Currency, Faces Backlash
HARARE, Zimbabwe (AP) — The debut of Zimbabwe’s newest currency, the ZiG, in April sparked a wave of excitement and controversy, with reggae artist Ras Caleb releasing a catchy tune titled “Zig Mari” to praise the gold-backed currency.
The song quickly gained popularity on state television and radio, earning Ras Caleb a car and $2,000 in U.S. dollars as a reward for his “patriotic” act. However, the irony of being paid in greenbacks instead of the new ZiGs was not lost on many.
Despite the government’s efforts to promote the ZiG as a solution to the country’s economic woes, public mistrust and structural barriers have hindered its acceptance. The currency’s value has plummeted on the black market, where $1 can be exchanged for up to 17 ZiGs.
In response, authorities have launched a crackdown on street currency dealers, arresting over 200 individuals for allegedly flouting foreign exchange regulations. The government has also frozen the accounts of businesses that refuse to accept the ZiG or use unofficial exchange rates.
While the government aims to de-dollarize the economy and boost confidence in the local currency, many Zimbabweans still rely on U.S. dollars for everyday transactions. The crackdown on street currency dealers has only driven the trade underground, with traders now using social media platforms to connect with clients.
Economists warn that arrests alone will not solve the underlying issue of public distrust in the ZiG. Building confidence in the new currency and addressing the demand for U.S. dollars are crucial steps to stabilize Zimbabwe’s monetary system and economy.