John Mangudya
Dr. John Mangudya | |
|---|---|
 Dr. John Mangudya | |
| Reserve Bank of Zimbabwe Governor | |
| In office 1 December 2014 – 27 March 2024 | |
| Preceded by | Gideon Gono |
| Succeeded by | John Mushayavanhu |
| Personal details | |
| Born | John Mangudya October 5, 1963 |
| Residence | Harare, Zimbabwe |
| Occupation |
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John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards. He was made RBZ governor after the expiry of Gideon Gono's term in 2014. Before this appointment, he had been CBZ Holdings Ltd Chief Executive since April 2012.
Mangudya is set to become the Chief Executive Officer of the Mutapa Investment Fund when his 10-year term of office at the helm of the central bank ends on 30 April 2024.[1]
In his maiden speech in May 2015, he called for fiscal discipline and a balance between indigenisation and the need to attract foreign investment. His call came at a time when the government is eager to implement the Indigenisation Act which requires all foreign-owned companies to cede 51% of their shares to locals.
In May 2016, Mangudya announced that Zimbabwe would introduce Bond Notes in October 2016 which would have the same value as the US dollars already in circulation. The announcement was met with anger and protests from the Zimbabwean population especially in Harare and Bulawayo.
Background
He was born on the 5th of October 1963 in the Mutambara area of Chimanimani. He is the last born in a family of 12.[2]
Education
He holds a Doctorate in Philosophy (Ph.D.) in Business Administration from Washington International University, a Bachelor of Science in Economics and a Master of Science degree in Economics from the University of Zimbabwe (UZ).
Maiden Speech
Mangudya, like his predecessor called for a cautious approach to the indigenisation policy. He said there was a need to balance indigenisation and attract foreign investment. He was quoted as saying 'Zimbabwe needs discipline enough to find an equilibrium position or a point of harmony between the need to promote indigenisation and the need for foreign direct investment and the ability to synchronise the two.[3]
Bond Notes
On 4 May 2016, Mangudya announced that Zimbabwe would introduce Bond Notes in October 2016 to stop US dollars being taken out of the country. Mangudya claimed the Bond Notes would be backed by a $200 million Africa Export-Import Bank (AFREXIM) facility.
The Bond Notes announcement was largely met with anger and protests from Zimbabweans who expressed that the government was trying to introduce the Zimbabwean Dollar back. Mangudya denied this was the intention.
Mangudya was not able to release the Bond Notes in October as planned instead announcing that they'd be released in November 2016.
Previous Positions
- RBZ economist (986 - 1996).
- African Export-Import Bank (Afreximbank) Regional manager in charge of Southern Africa(1996 - 1999)
- 2000 to March 2014 CBZ:
- General manager (international banking) (2000 - 2004)
- Executive director (corporate and merchant banking) (2004 - 2006)
- Managing director (2006 - 2012)
- Group chief executive officer (2012 - March 2014)
- Former Bankers’ Association of Zimbabwe president.
References
- ↑ Mnangagwa Appoints John Mushayavanhu As RBZ Governor, Pindula News, Published: 08 December 2023, Retrieved: 11 December 2023
- ↑ John Mangudya Zimbabwe Financier, 'The African Millionare', Published: Mar 2014, Retrieved: 20 May 2014
- ↑ New RBZ chief urges discipline, 'DailyNews', Published: 8 May 2014, Retrieved: 20 May 2014
