RECENT
pronouncements
by
Chris
Mutsvangwa,
the
Zanu
PF
spokesman
falsely
alleging
that
the
Reserve
Bank
of
Zimbabwe
(
RBZ)
lost
an
unspecified
quantity
of
gold
to
an
unnamed
Arab
country
during
the
tenure
of
an
“unnamed
governor”
who
served
under
the
late
former
President
Robert
Mugabe
(MHDSRIEP)
put
the
nation
in
a
state
of
unnecessary
frenzy.
If
such
lies
are
left
unchecked
with
authentic
facts,
they
could
become
that
“little
spark”
that
sets
alight
a
whole
forest
at
a
time
when
the
Reserve
Bank
of
Zimbabwe
and
the
country
at
large
have
more
important
issues
to
deal
with
than
waste
time
attending
to
veld-fires
whose
uncontrolled
consequences
could
end
up
melting
whatever
confidence
the
bank
is
trying
to
build
around
itself,
the
country
and
this
great
nation
at
large.
And
how
dare
we
dampen
people’s
spirits
at
this
“
celebratory
hour”
with
blatant
lies?
Ordinarily,
past
governors
are
not
supposed
to
comment
publicly
on
matters
“current”
which
a
sitting
governor
is
capable
of
dealing
with
regardless
of
which
period
those
matters
occurred.
However
in
this
case,
I
feel
the
need
for
leadership
in
dealing
with
this
matter,
so
that
we
do
not
burden
our
new
governor
John
Mushayavanhu
or
immediate
past
governor
John
Mangudya
with
an
historical
matter
that
I
can
easily
deal
with
myself
without
ambiguities
or
the
need
to
look
for
Sekuru
Ndunge,
the
late
doyen
of
traditional
healing
and
forecasting
to
return
from
the
other
world
so
he
can
provide
spiritual
proclamations
to
something
that
is
so
straightforward,
simple
(if
we
respect
TRUTH)
and
explainable
in
plain,
non-technical
English.
If
this
explanation
still
proves
difficult
to
understand,
I
would
advocate
that
we
ask
President
Emmerson
Mnangagwa
to
set
up
a
Commission
of
Inquiry
in
terms
of
the
Commission
of
Inquiry
Act
(Chapter
10:07)
incorporating
all
interested
parties
to
look
into
this
serious
allegation
of
perfidious
proportions
and
report
to
the
nation
its
findings
in
simpler
language
than
I
would
have
done
here.
Ordinarily
too,
no
governor
would
want
to
comment
publicly
on
any
matters
he/she
dealt
with
while
in
office
because
the
Official
Secrets
Act
which
binds
and
prohibits
us
from
commenting
on
specific
documentation
received
or
matters
of
the
state
dealt
with
during
our
periods
in
office.
Section
4
is
particularly
telling
–
level
14
fine
or
20
years
in
jail
or
both
if
violated.
But
I
am
risking
that
by
putting
the
record
straight
in
a
manner
that
cleans
the
image
of
the
nation’s
central
bank.
The
third
reason
I
have
decided
to
take
the
bull
by
the
horns
is
the
ambiguous
nature
of
the
allegations,
casting
aspersions
on
many
distinguished
personalities
who
served
as
governors
under
former
President
Robert
Mugabe
and
still
carry
“scars
and
pride”
of
national
service
equal
only
to
a
few
living
souls
around
during
one
of
the
most
difficult
economic
episodes
of
our
country.
The
ex-governors’
integrities
ought
to
be
respected
and
protected
in
retirement,
as
well
as
those
ministers
of
finance
under
whom
they
served
and
reported
to.
It
is
my
duty
to
set
the
record
straight
for
their
sake
as
well
as
mine,
so
that
our
new
governor
does
not
take
his
eyes
off
the
“ZiG
ball”
to
go
into
the
archives
of
18
years
ago,
searching
for
files
and
records
for
a
response
to
this
little
fire
that
has
deliberately
or
inadvertently
been
started
with
checking
facts
with
all
concerned.
For
the
record,
former
governors
for
the
period
concerned
which
excludes
our
inaugural
independence
governor
the
late
Dr
K.
Moyana
(1983-93)
are:
Leonard
Tsumba
(1993-2003);
acting
governor
Charles
Chikaura
(May
2003-November
2003);
acting
governor
Charity
Dhliwayo
(December
2013-April
2014);
John
Mangudya
(May,2014-November
2017).
These
periods
were
under
the
late
former
president
Robert
Mugabe.
I
am
sure
all
of
them
have
suffered
some
distress
because
the
statement
from
the
Ambassador
Spokesperson
was
ambiguous
as
to
who
among
us
could
have
been
that
dumb
or
daft!
Now
they
can
all
sit
back
and
tell
their
families
and
friends
“no
it
was
not
me
who
was
being
referred
to!”
I
proudly
served
the
longest
of
that
sanctions
period,
10
years
in
all,
giving
my
country
the
best
I
could,
from
December
1,
2003,
to
November
30,
2013,
and
it
is
natural
to
guess
then
who
did
what
and
when.
UPFRONT
Upfront,
in
summary,
let
it
be
known
by
all
that
we
are
talking
here
of
what
could,
if
it
had
succeeded,
have
been
a
“structured
gold-backed
transaction”
which
required
mining
the
gold
from
underground
in
the
first
place,
then
export
it
in
exchange
for
funds
that
would
have
been
delivered
and
repackaged
“fourfold
in
the
first
place”
involving
international
banks
and
all
above
board,
but
after
the
first
transaction
amounting
to
a
US$5
million
deposit
was
executed
by
RBZ,
the
transaction
failed
on
the
other
side
and
all
parties
to
the
envisaged
transaction
reimbursed
each
other,
with
no
prejudice
incurred
or
suffered
by
any
of
the
parties
to
the
transaction
and
ultimately,
no
gold
was
mined
from
underground
for
further
export
in
terms
of
the
initial
agreement
which
is
now
causing
a
hullabaloo
due
people
who
were
not
part
of
the
RBZ
team
trying
to
confuse
the
nation
instead
of
letting
us
happily
celebrate
our
44th
Independence
One
frowns
at
the
timing
of
the
release
of
such
“
news”
even
if,
by
any
stretch
of
imagination,
it
was
true!
We
need
a
little
bit
of
finesse
and
circumspection
in
the
discharge
of
our
duties
when
it
comes
to
the
dissemination
of
information
that
has
potential
to
harm
the
reputations
of
others
in
our
positions
as
leaders.
That’s
the
summary
but
here
are
the
details.
BACKGROUND
Managing
this
economy
during
the
period
2000
to
2017
was
not
a
walk
in
the
park
for
any
governor.
The
full
story
is
yet
to
be
written
about
the
trials
and
tribulations
of
the
times
but
that
is
for
another
day.
Some
of
us
got
onto
the
sanctions
list
in
2001
and
for
23
years
we
were
not
free
Zimbabweans
as
some
amongst
us.
Again
for
another
day.
We
will
always
come
out
of
retirement
and
defend
the
country
when
someone
tries
to
burn
it
by
setting
the
record
straight
when
necessary.
The
country
survived
through
a
series
of
non
conventional
gymnastics
at
a
time
when
it
was
easier
to
give
up
than
to
accept
thankless
national
service
with
all
its
risks
in
an
environment
of
severe
sanctions,
international
isolation,
mono-currency
and
politically
driven
hyperinflation.
It
was
a
period
most
people
witnessed
the
futility
of
trying
to
turn
around
our
economic
fortunes
in
an
environment
of
needless
political
confrontation
and
conflict
among
fellow
citizens.
Again,
that’s
for
another
day.
THE
RBZ
GOLD
CONTRACT
OF
2006
When
making
public
statements
from
positions
of
authority,
we
must
resist
the
temptation
to
be
excitable
and
ambiguous,
particularly
when
dealing
with
matters
that
could
harm
the
confidence
of
key
institutions
such
as
a
central
bank.
Facts
and
full
facts
backed
by
understanding
the
technical
side
of
the
matters
at
hand
as
well
as
context
are
important.
Faced
with
a
“no
forex
reserve”
situation
for
both
government
and
industry,
it
was
incumbent
on
the
sitting
governor
to
find
that
forex
by
whatever
legal
means
and
be
accountable
for
every
move
taken
by
the
central
bank
and
its
officials.
It
was
also
important
to
keep
the
principals,
especially
the
president,
fully
in
the
picture
and
to
ensure
that
at
the
end
of
each
year,
the
bank’s
books
were
audited
by
at
least
two
of
the
big
five
external
international
audit
firms
and
results
submitted
on
time
to
the
minister
of
finance
and
parliament.
The
RBZ,
during
my
tenure,
was
at
different
times
annually
audited
by
Delloite
&
Touché,
KPMG,
Ernest
&
Young
as
well
as
by
Kudenga
&
Co
BDO.
At
no
time
during
my
ten
years
at
the
bank
did
we
get
qualified
accounts.
In
May
2006,
the
RBZ,
after
getting
express
approval
from
President
Mugabe,
entered
into
an
agreement
with
a
large
jewelry
company
based
in
Saudi
Arabia.
The
contract
sought
to
provide
Zimbabwe
with
an
immediate
cash
injection
of
US$150
million.
At
the
same
time,
we
negotiated
with
a
large
South
African
bank
to
deposit
that
money
with
them
as
cash
security
in
exchange
for
a
guarantee
line
of
credit
four
times
that
amount,
that
is
US$600
million,
which
was
to
be
used
for
importation
of
goods
and
services
from
South
Africa
particularly
electricity,
fuel,
grain,
fertilizers,
mining
inputs,
machinery
etc.
on
a
three-month
revolving
basis
for
12-24
months
as
long
as
the
cash
backing
was
there.
The
guarantee
was
to
cost
us
1-2
percent
negotiable
at
the
time
of
execution
while
the
Saudi
deal
required
us
to
supply
over
the
same
period
a
total
of
200,000
Troy
ounces
of
gold
at
a
discount
of
34
percent
London
Bullion
price
on
day
of
trading/delivery.
The
discount
was
on
paper
very
steep
but
overally
when
we
worked
out
the
sums
against
the
imminent
risks
that
were
facing
us,
we
saw
ultimate
benefit
to
this
economy
through
the
multiplier
effect
of
running
the
US$600
million
facility
on
a
three
months
cycle
for
24
months
against
gold
which
was
still
underground
worth
between
$140-150
million
to
be
supplied
over
a
24
month
period
while
the
economy
got
$600
million
for
immediate
use
at
a
cost
of
1,5
percent
per
annum
fees.
THE
ARITHMETIC
200,000
Troy
Ounces
value
$150
million
————
Cost
(Discount)
34
percent
($51
million)
Guarantee
Fees
to
SA
Bank
($18
million)
————
Total
facility
cost
over
2
years
US$69
million
————
Income
Side:
——————-
Raising
Fees
charged
to
Zim
customers
per
quarter:
0,0075x$600
x
8
=
$36
million
Interest
@
5
percent/quarter
$60
million
Interest
on
int
&
fees
(US$7
million)
————-
Total
income
to
the
RBZ
$103
million
Less
cost
of
facility
($69
million)
—————
Net
income
to
RBZ
$34
million
—————-
Equivalent
to
a
gain
of
50,000
Troy
ounces
of
gold
in
the
2
years
the
facility
was
planned
to
run
for.
That
amount
would
have
been
more
than
sufficient
for
the
nank’s
own
operating
expenses
without
the
need
to
knock
on
treasury
for
support
from
tax-payer
funds.
The
bank
was
required
to
pay
$5
million
worth
of
gold
as
a
deposit
and
this
was
paid.
When
the
lender
couldn’t
deliver
the
cash
backing
per
contract,
the
agreement
was
cancelled
and
RBZ
got
back
its
US$5
million.
No
prejudice
to
anyone.
It
is
important
to
also
realise
that
we
were
dealing
with
an
internationally
recognised
jeweler
and
the
Saudis
are
generally
very
honest
people.
And
to
say
“our
gold
reserves
were
stolen”
is
wrong.
We
despatched
about
7,500
or
so
Troy
ounces
worth
$5
million.
We
got
back
our
$5
million.
At
that
time,
in
May
2006,
gold
prices
were
about
$700/oz
if
I
am
not
mistaken.
SOME
BASICS
What
is
the
meaning
of
gold
reserves?
The
term
reserves
generally
refers
to
any
surplus
to
immediate
requirements.
Gold
reserves
in
this
case
would
mean
that
RBZ
had
accumulated
at
some
stage,
surpluses
to
its
immediate
needs
but
nothing
could
be
further
from
the
truth.
I
got
into
a
car
that
had
no
fuel
on
December
1,
2003,
and
I
did
my
best
to
drive
it
on
empty.
The
Saudi
contract
was
going
to
be
fulfilled
over
a
12-24
months
from
incremental
gold
coming
from
the
ground.
We
had
done
our
homework
as
far
as
who
the
off-takers
of
the
facility
were
going
to
be.
It
was
not
a
blind
shot
so
to
speak.
To
then
mislead
the
public
by
saying
RBZ
lost
the
nation’s
“gold
reserves”
is
surely
technically
wrong
and
dangerous,
worse
when
we
seek
to
badmouth
and
besmirch
the
dead.
Inga
zvinonzi
“wafa
wanaka”
wani?
Why
this
penchant
towards
hate
speech
against
those
you
were
with
in
the
bush
but
never
against
Ian
Smith?
Nobody
has
bothered
to
find
out
how
the
RBZ
was
being
run
during
the
15
years
of
sanctions
and
what
some
of
us
found
in
whatever
records
remained
in
there.
I
certainly
am
not
a
direct
descendant
of
St
Peter
or
any
of
the
Apostles
who
probably
did
not
make
mistakes
but
whatever
mistakes
my
team
and
I
made
during
my
tenure
were
neither
deliberate
nor
fraudulent
as
all
the
audited
set
of
books
during
my
time
there
can
attest.
It
is
this
same
kind
of
irresponsible
talk
we
witnessed
from
Ambassador
Chris
Mutsvanga
who
also
happens
to
be
my
uncle,
which
in
September/October
2021
led
to
ZACC
spending
public
money
and
hours
on
a
wild
goose
chase
after
an
anonymous
someone
misled
ZACC
to
think
the
same
way
as
many
Zimbabweans
have
been
emotionally
whipped
to
think.
ZACC
carried
out
extensive
investigations
into
this
matter
under
Ref.
58/12/20
and
102/11/20
examining
documents
and
interviewing
RBZ
governor
Mangudya,
Azvinandaa
Saburi
(director
of
financial
markets
who
signed
the
contract
with
Saudis
under
my
authority)
and
others
including
myself
in
September
2021
and
concluded
that
everything
was
above
board
and
that
there
was
no
prejudice
to
anyone
including
the
RBZ
and
the
nation
at
large.
VERIFYING
FACTS
It
is
key
and
important
for
people
entrusted
to
speak
on
behalf
of
important
organiSations
and
political
parties
to
always
check
their
facts
thoroughly
for
the
sake
of
their
own
credibility
and
that
of
others.
I
forgive
my
sekuru
for
he
was
misled
into
believing
that
something
was
really
amiss
and
more
importantly,
he
was
in
the
People’s
Republic
of
China
as
our
ambassador
at
the
time
we
were
battling
to
sort
this
economy
out
so
he
wouldn’t
have
been
aware
of
some
of
the
difficulties
we
went
through
to
try
and
raise
funding,
including
that
required
to
support
our
esteemed
embassies.
This
country
could
benefit
more
from
our
individual
and
combined
efforts
if
we
sincerely
direct
them
towards
what
President
Mnangagwa
and
the
Second
Republic
are
trying
very
hard
under
difficult
circumstances
to
achieve
than
to
engage
in
blame-games
that
will
not
strengthen
our
new
currency
or
take
us
forward,
especially
during
the
country’s
period
of
Uhuru
brought
about
by
my
sekuru
and
others.
Happy
44th
to
us
all.
I
cherish
the
wonderful
work
being
done
by
the
Second
Republic
and
salute
all
our
national
heroes
and
heroines,
gallant
fighters
of
our
liberation
war,
mujibhas
and
chimbwidos.
Be
advised
all,
that
no
gold
was
lost
during
my
time
as
governor.
Dr
Gideon
Gono.
RBZ
Governor
During
Biting
Sanctions
(2003-13)
17
April
2024