ZIMBABWE’S push to expand external earnings under the National Development Strategy 1 (NDS1) has paid off, with the country recording a more than 40% increase in foreign currency receipts to over US$16 billion from US$9 billion in 2021.
The strong performance signals the growing dominance of exports as the primary source of foreign currency.
Industry groups, particularly the Confederation of Zimbabwe Industries (CZI), have been at the forefront of promoting increased production and export of goods and services.
From tobacco, gold and chrome to manufactured products, diaspora remittances and foreign direct investment, the surge in receipts has laid a firm foundation for the transition to NDS2.
Speaking to journalists in Harare last week, CZI chief economist Cornelius Dube described the milestone as historic, noting that Zimbabwe has never recorded such high earnings since independence.
“It reflects commitment by monetary authorities to focus on key deliverables that unlock more foreign currency. As CZI, we stand ready to complement government efforts and work together to strengthen the nation’s foreign currency inflows,” he said.
Updates from the Reserve Bank of Zimbabwe show sustained momentum in external earnings, though analysts warn that preserving these gains will depend on policy discipline and structural reforms.
Zimbabwe National Chamber of Commerce chief executive Chris Mugaga said the long-term sustainability of inflows hinged on addressing underlying bottlenecks while strengthening domestic production.
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“Reducing the import bill, focusing on domestic resource mobilisation, stabilising the exchange rate and broadening the export base, especially through value addition and beneficiation, are key to retaining foreign currency,” he said.
With NDS2 now underway, policymakers say focus has shifted from economic recovery to consolidation.
The priority is to safeguard recent achievements, enhance competitiveness and ensure that rising foreign currency inflows translate to wider economic development and improved livelihoods for Zimbabweans.
