Zimbabwe is on course to record US$20 billion in foreign currency receipts by the end of 2026, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has said, citing stronger export earnings, improving international commodity prices and continued growth in key external inflows, Mining Zimbabwe can report.
By Ryan Chigoche
Speaking at a breakfast meeting held on the margins of the post-Mid-Term Budget Review in Harare, Professor Ncube indicated that the country’s total foreign currency receipts for the full year are expected to approach US$20 billion, which would be nearly double the US$10.7 billion recorded in the first six months.
Export earnings are set to remain the primary engine behind that growth, with gold forecast to make a particularly strong contribution, supported by expectations of rising international bullion prices. He also noted that platinum group metals and other mineral prices are likely to firm up in the second half of the year.
At the same time, the government’s beneficiation push, encompassing a gradual prohibition on unprocessed lithium concentrate exports alongside an expansion of domestic gold refining capacity, is designed to help Zimbabwe retain a larger share of the value generated from its natural resources.
This policy-led push is reinforced by a supportive global demand outlook. The World Gold Council points to sustained investment demand and continued central bank buying underpinning bullion through 2026, while the World Platinum Investment Council foresees a structurally undersupplied platinum market, with persistent deficits expected to keep prices supported over the medium term.
Beyond the global picture, Treasury’s projections are also anchored in a robust first-half performance, with foreign currency receipts jumping 47.8% to US$10.7 billion between January and June, from US$7.3 billion in the corresponding period of 2025.
Export proceeds contributed US$7.53 billion, representing 70.3% of total foreign currency inflows during the period. Diaspora remittances added US$1.55 billion, while foreign direct investment more than doubled to US$269.9 million, reflecting a 126.8% increase over the same period last year.
Professor Ncube described the first-half performance as evidence of the resilience of Zimbabwe’s external sector despite ongoing geopolitical tensions and global trade disruptions.
That resilience was reflected in the country’s current account — the balance of money flowing into and out of the country through trade, services, income and transfers — which recorded a US$616.3 million surplus in the first quarter of 2026, compared with a US$22.5 million deficit a year earlier.
The improvement was supported by stronger export earnings, with merchandise exports rising 41.6% to US$4.5 billion in the first five months of 2026. With mining remaining a major contributor to export receipts, the growth highlights the sector’s continued importance to Zimbabwe’s external position. Treasury expects the current account surplus to widen to US$2.6 billion by year-end, supported by stronger exports and sustained remittance inflows.
Looking ahead, stronger export earnings, increased foreign currency inflows and continued investment are expected to support the broader fiscal outlook. If international commodity prices remain supportive and export growth continues at the current pace, Treasury believes Zimbabwe is on track to achieve its US$20 billion foreign currency receipts target for 2026.
