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Zimbabwe’s Central Bank Gets New Governor Amidst Leadership Shuffle

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President Emmerson Mnangagwa yesterday appointed Dr. John Mushayavanhu as the next Reserve Bank of Zimbabwe (RBZ) governor, succeeding Dr. John Panonetsa Mangudya, whose ten-year term concludes on April 30, 2024. The announcement was made through a press release issued by Dr. Martin Rushwaya, the Chief Secretary to the President and Cabinet.Dr. Mangudya is set to take on the role of Chief Executive Officer at the Mutapa Investment Fund, a significant development considering his decade-long stewardship of the RBZ. The transition is in line with Section 15(3) of the RBZ Act (Chapter 22:15), which dictates the conclusion of Dr. Mangudya’s term at the helm of the central bank.The incoming RBZ governor, Dr. Mushayavanhu, is currently the Chief Executive Officer of FBC Bank. A seasoned professional in the financial services sector, Dr. Mushayavanhu boasts over 41 years of experience and holds a Doctorate in Business Administration from Binary University, Malaysia. His association with the Bankers Association of Zimbabwe and various leadership roles in both corporate and retail banking positions him as a capable successor to Dr. Mangudya.The Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe, plays a pivotal role in this leadership shuffle. Established under the Sovereign Wealth Fund Act (Chapter 22:20), the fund is a state-owned investment entity managing 20 parastatal entities. It was renamed following the re-election of President Mnangagwa, a move facilitated by Statutory Instrument 156 of 2023. The fund operates by utilizing balance of payment surpluses, official foreign currency operations, privatization proceeds, government transfer payments, fiscal surpluses, and resource earnings.

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