The newly appointed Governor of the Reserve Bank of Zimbabwe, Dr John Mushayavanhu, assumed office ahead of schedule with high expectations for him to address rising inflation and stabilize the exchange rate. This indicates that the long-awaited Monetary Policy Statement will be announced soon, addressing key issues related to macroeconomic stability.
President Mnangagwa appointed Governor Mushayavanhu in December, well in advance of the formal handover from Dr John Mangudya, who had completed his second and final term. The appointment notice confirms that Dr Mushayavanhu's five-year term will run until March 27, 2029.
Dr Mushayavanhu was scheduled to assume office on May 1.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube confirmed the assumption of office by Dr Mushayavanhu in General Notice 410 of 2024, published yesterday, to pave the way for him to start work. So his five-year term runs to March 27, 2029.
“It is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act (Chapter 22:15) appointed John Mushayavanhu as the Governor of the Reserve Bank of Zimbabwe for a period of five years beginning on March 28, 2024, and ending on March 27, 2029,” he said.
The assumption of office by Governor Mushayavanhu has been welcomed by Deputy Minister of Finance, Kuda Mnangagwa, who believes the exchange rate volatility is linked to the anticipation of the upcoming Monetary Policy Statement. He assured the public that the government is committed to introducing currency stabilization measures to prevent loss of value.
Economist Persistence Gwanyanya expressed confidence in Governor Mushayavanhu, describing him as a veteran banker with a good understanding of the challenges faced by the economy. Governor Mushayavanhu is well aware of the tasks at hand, including the impact of falling mineral prices and drought on currency stability.
Various stakeholders, including the Confederation of Zimbabwe Industries, emphasized the importance of the new Governor announcing the Monetary Policy Statement. The statement sets priorities for the year and guides businesses in aligning their operations accordingly.
Dr Mushayavanhu brings over 30 years of experience in the financial services sector, with a successful tenure at FBC Holdings. Under his leadership, FBC solidified its position within Zimbabwe and expanded internationally. He holds advanced degrees in Business Administration.
He holds several educational qualifications, including a Master’s Degree in Business Administration and a PhD in Business Administration.
The President recently appointed Dr Mangudya as the chief executive officer of Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe.
Mutapa is a State-owned investment fund established from the balance of payment surpluses, official foreign currency operations, the proceeds of privatisation, Government transfer payments, fiscal surpluses and resource earnings. It manages at least 20 parastatals and State-owned entities.
