In a fiery response that has shaken Zimbabwe’s political and financial circles, former Reserve Bank of Zimbabwe (RBZ) Governor Dr. Gideon Gono has broken his silence to challenge explosive claims made by Zanu PF spokesperson Chris Mutsvangwa. Gono called Mutsvangwa’s accusations “blatant lies” and a reckless distortion of history.
At the center of the storm is Mutsvangwa’s claim that Zimbabwe’s gold reserves were stolen and sold to Saudi Arabia without compensation. The claim, made during a recent Zanu PF press briefing, accused a former central bank governor from the Mugabe era of authorizing the deal, sparking anger and speculation across the nation. Though Mutsvangwa didn’t mention Gono by name, it was clear whom he meant.
But Gono, who served as governor from 2003 to 2013, has hit back hard, denying any theft or wrongdoing. He explained that the gold transaction Mutsvangwa referred to was in fact a legitimate and strategic deal. In 2006, the RBZ signed an agreement with a Saudi jewelry company, not to sell stolen gold, but to secure desperately needed foreign currency.
According to Gono, the RBZ leveraged this deal to secure a US$150 million facility through a South African bank. That money helped Zimbabwe import fuel, fertiliser, and electricity at a time when the country was crippled by Western sanctions. “There was no theft. No loot. Just a desperate country trying to survive a brutal economic war,” Gono declared.
He added that Chris Mutsvangwa, who was Zimbabwe’s Ambassador to China at the time, had no knowledge of the RBZ’s internal operations. Gono labeled Mutsvangwa’s allegations as “misinformed, malicious, and damaging to the country and to my personal integrity.”
Importantly, Gono also revealed that the Zimbabwe Anti-Corruption Commission (ZACC) had already investigated the gold deal years ago and cleared him of any wrongdoing. “This matter has already been dealt with. Why is it being brought up again?” he asked. “It only wastes time and taxpayers’ money.”
The former central bank chief reminded the nation that he inherited a bankrupt RBZ in 2003, with no meaningful reserves and under immense pressure from global sanctions. He said the bank’s operations were audited by respected international firms and no reports of fraud or theft were ever recorded during his tenure.
In a move that showed his willingness to stand by his legacy, Gono said he personally contacted the current and previous RBZ governors to clarify the matter. “I wanted to make sure that they are not blamed for something I can explain myself,” he said. He even proposed a full public inquiry if the matter continues to cause confusion.
Gono’s remarks were not only aimed at clearing his name. He also warned about the dangers of political score-settling. “We need unity, not division,” he said. “Let’s build our country instead of destroying each other with lies.”
He ended his statement by expressing his support for Zimbabwe’s development efforts under President Emmerson Mnangagwa, praising the progress made since independence and calling for more focus on national goals than political infighting.
Gono’s defense is strong, detailed, and backed by facts. It puts the pressure back on Mutsvangwa to either provide evidence or withdraw his damaging claims. In a country still battling to recover from decades of economic collapse, the public deserves the truth — not political sideshows.
For now, Gono has thrown down the gauntlet: no gold was stolen, and no deals were made behind Zimbabwe’s back. He says he’s ready to face any commission, any inquiry, and any public forum — because he has nothing to hide.