Published: 2 hours ago

WestProp Holdings Limited (WestProp) chief executive officer Ken Sharpe has called on the government to reconsider its 2030 mono-currency agenda, arguing that Zimbabwe is not yet ready to fully transition to a single local currency.

Sharpe, whose company is one of the country's largest property developers, has ambitious plans to produce one billion bricks by 2050, targeting a company valuation of up to US$5 billion.

Since the government announced its de-dollarisation policy through Statutory Instrument (SI) 218 of 2023, which aims to make the Zimbabwe Gold (ZiG) currency the sole legal tender by 2030, investors and businesses have expressed concerns over the practicality of the plan.

Financial institutions have reportedly limited lending beyond 2030 and, in some cases, halted long-term credit altogether to protect their foreign currency reserves. This has made it increasingly difficult for businesses to secure the financing needed for expansion and reinvestment.

Speaking at the Banks and Banking Survey 2025 hosted by the Zimbabwe Independent, Sharpe said the ZiG had not yet been sufficiently embraced by the market to sustain a full mono-currency system.

"My advice to the Reserve Bank of Zimbabwe, with all respect, is let's not focus so much on the here and now; let's focus on the future. And the 2030 deadline cannot be the future, because the future of Zimbabwe is not in 2030; it's too soon," he said.

Sharpe cited Israel as an example, noting that even in a country with strong financial reserves, it took decades before the local currency could function as the main medium of exchange, while the US dollar remained in circulation.

"And we, as Zimbabweans, can't compare ourselves to Jews. They have all the money, and it took them 20 years. How can we do it sooner? So, let's be realistic about the goals," he added.

Sharpe also questioned the credibility of the government's claim that the transition would be market-driven, arguing that the current policy undermines market confidence.

"The demand and supply of an economy is based on the freedom of the market. It cannot be forced," he said. "When you put up a warning flag saying beyond 2030 there's no predictability, possibly no dollars, banks will not extend loans beyond 2030. If the central bank is sincere about a market-led economy, this SI needs to be removed."

The WestProp CEO's remarks highlight growing investor anxiety over the country's de-dollarisation timeline and the broader impact on business and credit markets.
- Newsday

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