In a resolute response to accusations by Chris Mutsvangwa, the spokesperson for Zanu PF, Dr. Gideon Gono, former Governor of the Reserve Bank of Zimbabwe (RBZ), has strongly denied claims of mismanagement and theft of the nation’s gold reserves. Mutsvangwa alleged that Gono was involved in unauthorized transactions with a Saudi Arabian company, leading to substantial losses during his tenure.

Gono described these accusations as a “gross misinterpretation” of a complex and legitimate financial deal executed in 2006. According to Gono, the RBZ engaged in a $150 million transaction involving jewelry with a Saudi entity. This deal was part of a broader strategy aimed at securing a $600 million credit line through a South African bank, which was crucial for alleviating economic pressures.

The former governor elaborated that these funds were essential for importing vital commodities like electricity, fuel, and fertilizer. These imports were necessary to sustain the Zimbabwean economy during a period severely impacted by Western sanctions initiated in 2002. These sanctions targeted government operations and significantly disrupted the national economy.

Gono defended the transaction’s integrity and strategic importance, stating that Chris Mutsvangwa, who was Zimbabwe’s Ambassador to China at the time, lacked a factual basis for his claims due to his absence from the country when the deal was formulated.

Further defending his position, Gono highlighted that the Anti-Corruption Commission of Zimbabwe (ZACC) had already investigated these allegations and found no evidence of wrongdoing. This investigation included thorough interviews and scrutiny of relevant financial documents and agreements, involving both Gono and his successor, John Mangudya.

The former governor expressed concerns about the potential damage such unfounded claims could have on reputations and the credibility of Zimbabwe’s financial institutions. He stressed that unchecked, these allegations could lead to systematic character assassination and misrepresentation of facts.

Reflecting on his tenure from 2003 to 2013, Gono underscored the financial hardships and the extensive maneuvers required to navigate the sanctions. He suggested that those not directly involved or adequately informed might misinterpret the actions taken during those challenging times.

To further address these issues and ensure public clarity, Gono proposed that President E.D. Mnangagwa should consider establishing a Commission of Inquiry. Such a commission would thoroughly investigate the matter, helping to dispel myths and provide the public with accurate and transparent information.

Gono concluded his statement by reaffirming his commitment to defending the integrity of Zimbabwe’s financial governance. He called for historical accuracy and integrity in public discourse, hoping to restore confidence in Zimbabwe’s banking system and promote a more informed and respectful dialogue about the nation’s economic history and the legacies of its leaders.

By confronting these allegations directly, Gono aims to clear his name and strengthen the public’s trust in the nation’s financial systems, emphasizing the importance of truth and accountability in maintaining national stability and respect.