Zimbabwe’s gold export earnings grew by 8.64% in the first two months of 2025, reaching US$240.1 million, up from US$221 million during the same period in 2024, according to official data from the Reserve Bank of Zimbabwe (RBZ).
By Ryan Chigoche
In January 2024, Zimbabwe’s gold exports stood at US$123.1 million, but the figure dipped slightly to US$117 million in February 2024.
Despite this monthly fluctuation, the overall trend points to steady growth in gold export revenues, reflecting increased production, policy interventions, and a stronger formal gold market. The government’s commitment to supporting small-scale miners, who contribute around 65% of the country’s total gold output, has also played a key role in driving higher deliveries.
This increase underscores the continued strength of the gold sector in driving the national economy, with gold maintaining its position as the country’s largest export commodity and a critical source of foreign currency.
Gold production in Zimbabwe has expanded significantly in recent years, with major investments leading to the reopening of mines and the expansion of existing operations.
The country exceeded its 2024 production target, surpassing the previous record set in 2022, further cementing its position among Africa’s top gold producers.
Leading bullion-producing nations on the continent include Ghana, South Africa, Mali, Burkina Faso, and Tanzania, with Zimbabwe increasingly strengthening its presence in this competitive market.
This growth in gold exports coincided with a strong upward trend in global gold prices in early 2025. In January, gold traded between $2,623.91 and $2,798.46 per ounce, averaging $2,707.61—a significant increase compared to the previous year.
February saw further price gains, with gold reaching a high of $2,951.42 per ounce, supporting higher revenues for gold-exporting nations like Zimbabwe.
The rally intensified in March 2025, when gold breached the $3,000 per ounce mark for the first time, hitting a record $3,065.50 on March 27.
This surge was fueled by global economic uncertainty, trade tensions, and strong central bank demand for gold as a safe-haven asset.
Given that Zimbabwe sells its gold at international market rates, the sharp increase in prices further strengthened the country’s export earnings.
Looking ahead, the outlook for gold prices remains bullish, with Goldman Sachs projecting a year-end price of $3,300 per ounce.
If this trend continues, Zimbabwe’s gold revenues could rise even further, potentially setting new records in 2025.
The government’s ongoing efforts to curb smuggling, improve mining efficiencies, and support small-scale producers will be crucial in ensuring that the country fully capitalizes on this favorable global market.
With both rising production and stronger prices, Zimbabwe is well-positioned for a historic year in gold earnings, reinforcing its status as one of Africa’s major gold producers.
