NEW: Dr John Mushayavanhu appointment as new Governor for Reserve Bank of Zimbabwe formalised  

Online Reporter

The appointment of Dr John Mushayavanhu as the new Governor of the Reserve Bank of Zimbabwe has been gazetted, paving the way for him to start work today.

His appointment, announced by President Mnangagwa in December last year, will have a term running up to March 27, 2029.

Dr Mushayavanhu could not immediately take over in December last year because the then governor Dr John Mangudya’s term had not expired.

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube confirmed the appointment of Dr Mushayavanhu in General Notice 410 of 2024.

“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 28^th March, 2024, and ending on 27^th March, 2029,” he said.

Dr Mangudya has been moved to the new Mutapa Investment Fund as chief executive.

The President appoints the Governor of the Reserve Bank in terms of the Reserve Bank of Zimbabwe Act and the head of the Mutapa Investment Fund in terms of the Sovereign Wealth Fund Act.

He can reappoint a Governor once for a second five-year term, but at the end of a maximum of 10 years there has to be a new person.

Dr Mushayavanhu is a career banker with over 30 years banking experience, having worked at Standard Chartered Bank and FBC Bank in senior capacities.

He holds several educational qualifications, including a Master’s Degree in Business Administration and a PhD in Business Administration.