CBZ Holdings group chief executive officer John Mangudya, who was at the weekend appointed new governor of the Reserve Bank of Zimbabwe, is cautious about rejuvenating the country’s sagging economy.
BY Tarisai Mandizha Business Reporter
Mangudya, who will take over the reins as central bank chief on May 1, yesterday hinted he would consult widely once he has settled down in his new job to tackle the comatose economy.
“At this point . . . I want to let it cool off, as you know the appointment is effective May 1 2014,” Mangudya said yesterday.
Finance minister Patrick Chinamasa at the weekend said President Robert Mugabe had appointed Mangudya the new RBZ governor to deal with the country’s economy.
Mangudya’s appointment came at a time the public expected the new central bank boss to prioritise compensating them for lost Zimbabwe Dollar savings.
Yesterday, captains of business and industry hailed Mangudya’s appointment saying they were confident of his capacity to steer the central bank out of the murky waters.
Zimbabwe Bankers’ Association (BAZ) vice-president Sam Malaba said: “We are very happy that CBZ chief executive officer Mangudya has been appointed as the new RBZ governor. He has been a member of BAZ for many years and is our association’s past president. He also worked at RBZ before and he is very well qualified for the position.”
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Confederation of Zimbabwe Industries (CZI) president Charles Msipa added that Mangudya was more than equal to the task at hand.
“His background as an economist and his experience as the CEO of the largest financial services institution in Zimbabwe, he is more than equal to the task,” he said.
Zimbabwe National Chamber of Commerce (ZNCC) deputy president Davison Norupiri also said: “We would like to congratulate Mangudya, because of his vast experience he will take the banking sector to another level and as the head of the largest financial institution in Zimbabwe, l believe he is a qualified person for the task and he will take the economy to another level.”
A local economist Joseph Mverecha said Mangudya had vast financial services sector experience and the right person for the job.
“As one of the finest economists in the country and has been at RBZ before definitely he is the best candidate in place. He knows central banking, he has experience on commercial banking, he is the former CEO of the largest banking institution in Zimbabwe, also his previous appointments at International Monetary Fund (IMF), World Bank and the private sector, Mangudya has everything that we need to get the country forward,” Mverecha said.
He takes over from former RBZ Governor Gideon Gono and will be deputised by Charity Dhliwayo and Kupukile Mlambo.
