Gold output to hit record 55.6 tonnes as mining drives Zimbabwe’s growth

ZIMBABWE expects gold production to reach a record 55.6 tonnes this year, helping drive growth in the mining sector, which the government says remains one of the country’s fastest-growing industries despite an overall slowdown in economic expansion.

Presenting the 2026 Mid-Term Budget and Economic Review in Parliament this Thursday, Finance Minister Professor Mthuli Ncube said mining was projected to grow by 5.6% this year after expanding by 10.4% in 2025, with gold remaining the key driver of the sector.

“The major driver being gold, which is expected to reach 55.6 tonnes in 2026, from 50 tonnes achieved in 2025,” Ncube said.

He said mining would continue to play a critical role in the economy through increased exports, employment creation and foreign currency generation.

“The sector is expected to further increase its contribution to GDP, foreign currency generation and employment, owing to the Government’s thrust for mineral beneficiation and value addition,” he said.

Ncube said Zimbabwe’s lithium industry was also recording strong growth, with export earnings surging during the first half of the year.

Already, according to the minister export earnings of lithium products grew substantially by 229.8% to US$782.2 million during the first half of 2026, from US$237.2 million in the first half of 2025.

The minister said the country’s overall economy was expected to grow by 5% in 2026, down from the 8.3% recorded last year, but said the outlook remained positive due to strong mineral prices, a favourable agricultural season and reforms aimed at improving the ease of doing business.

He added that Zimbabwe was becoming increasingly attractive to investors because of macro-economic stability.

“Zimbabwe is now one of the countries with a distinctly favourable macroeconomic environment, characterised by low and stable inflation, currency and exchange rate stability,” Ncube said.

“Zimbabwe is also among the countries with highest GDP growth rate on the African continent. As a result, the country is becoming more attractive for foreign direct investment, particularly in the mining and manufacturing sectors.”

According to the review, foreign direct investment rose to US$965 million in 2025 from US$597 million in 2024, while mining and manufacturing are expected to remain key pillars of economic growth.

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