John Mangudya’s tenure as RBZ will not be coming to an end as most wanted. Instead, the RBZ announced that he will be getting a new 5-year term in office. If you don’t like the guy for whatever reason, you’re stuck with him for the foreseeable future.
The Cabinet Secretary Misheck Sibanda released the following press statement announcing the extension:
Extension of the term of office of the Reserve Bank Governor of Zimbabwe: Dr John Panonetsa Mangudya
The Chief Secretary to the President and Cabinet, Dr Misheck J M Sibanda, has announced the Extension of the Term of Office of the Reserve Bank Governor of Zimbabwe, Dr John Panonetsa Mangudya by His Excellenxy. the President of the Republic of Zimbabwe, Cde E D Mnangagwa, acting in terms of Section 14 of the Reserve Bank Act [Chapter 22:15]. The extension takes effect from1st May 2019 for another five yearsDr Misheck Sibanda
It’s pretty easy to understand why most Zimbos will NOT be delighted by this news. Whilst most of us are certainly not economists, Mangudya is known as the guy who brought Bond coins into effect. At the time of their introduction they were supposed to be a mechanism that would allow consumers to get change instead of sweets.
The bond coins served their purpose for a while but now like a wolf in sheep’s clothing the bond coins have changed form multiple times and today they have adopted what seems like their final form, the RTGS$.
To make matters worse, the Governor was the same person who had pledged that he would resign if the bond notes failed. In his book, and the President’s book as well, it seems the bond notes were a success and thus Mangudya will continue going to work for the next 5 years…
Of course, Twitter was ablaze with hot takes (nothing quite like the Twitter hot-take eh?), and here are some of them:
If you’re looking for a positive response among the tweets, trust me, I was as well…
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe
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. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya