Chronicle Editor
Prosper Ndlovu/Nqobile Tshili, Chronicle Reporters
HE is arguably one of the shining examples of the country’s academic and economic geniuses.
With a vast experience gained from years of service at high level in both the private and public sectors,
Professor Mthuli Ncube (57), is regarded as a respected authority in economics.
He has served as the vice president and chief economist of the African Development Bank (AfDB) and also boasts of an illustrious career as a lecturer at prestigious global institutions such as the Oxford University, London School of Economics and Wits University in South Africa.
Over the years Prof Ncube has written 14 books on economics and more than 100 academic papers published in world-class journals.
Before returning home in 2018 to become the Minister of Finance and Economic Development, a post he assumed following his appointment by President Mnangagwa, he was juggling between Oxford University as a visiting professor and Switzerland where he pursued business interests as a portfolio investment consultant.
Coming from a rustic background from Lupane District in Matabeleland North Province, Prof Ncube defied the odds as an ‘exceller’ from his elementary school days at Fatima Primary, Inyathi Mission High, Fletcher High up to university.
He has maintained the momentum to become a prominent international economist and an accomplished scholar.
The Chronicle recently conducted an in-depth interview with Minister Ncube in which he shared more insights about his background, milestones achieved to date and why he joined the Government.
“I was born in Zimbabwe and went through school quickly and was able to complete my PhD when I was about 26 years old and I was already out into the market by then,” he recalled.
“I’ve always worked hard, I was focused. It always helps to be bright at school and Iam passionate about whatever I do hence I tend to excel in terms of whatever I put my hand on.”
Tasked with the finance and economic development portfolio, Prof Ncube has been the anchorman behind the crafting and implementation of the austerity measures under the Transitional Stabilisation Programme (TSP), which ended in 2020, paving way for the National Development Strategy (NDS1).
Working under the leadership of President Mnangagwa, these policies are being credited for bringing about economic stability and driving a positive productive sector momentum.
The knowledge and skills that is influencing this renewed economic focus is drawn from the global experience that Prof Ncube gained over the years especially during his stint at the AfDB.
“After joining the AfDB, I lived in Tunisia for almost five years – right through the Arab spring. That really opened me up to the whole continent.
“So, when it comes to the continent’s economy, I understand it all because as chief economist you have to know about these economies and so I do have a sense of where these economies stand and what are the issues and what needs to be done,” he said.
“As the AfDB vice president I was also in charge of the strategy of the bank. So, I developed the 10-year strategy for the bank and whatever you see happening now at the AfDB, I developed that.
“Those skills are the ones that I use now to make a contribution to shape our TSP and now our NDS1 documents. It’s the same skills, those pillars that you see on our 14 pillars. Those resonate with what you see right across Africa when dealing with the regional economy.”
He, however, contends that being in charge of the Treasury is always a dauting task as it comes with many challenges.
“Being the Minister of Finance is never an easy job. Going through a period where there was high inflation, trying to make sure that our currency retains its value was the most challenging time in the economic reform agenda,” he said.
“But here we are, inflation has come under control and we have introduced our own currency, it’s reasonably stable.”
Prof Ncube said he regards returning home as the best decision driven by desire to contribute to his country’s development.
“I have always been to the private sector and public sector, and I love that. I am able to contribute equally and now I am in Government. I love being in Government,” he said.
“So, when I take on a job or something, I bring all myself and all my skills to it and I tend to then enjoy what I do because I am committed to it and nowhere else.”
Prof Ncube said he is convinced there are vast opportunities for all Zimbabweans mainly in the agriculture sector, manufacturing and mining.
“So, I would say to the diaspora, opportunities are bound in Zimbabwe and as the diaspora you must stand ready to lend your skills, we always need skills in many areas in Government. So, the Diaspora can lend their skills to their country. I’m pleased to be making a contribution to the development of the country as finance minister.”
“Zimbabwe is the most beautiful country in the world. The best African citizens are in this country and trust me I have been all over Africa and the best citizens of the continent are in Zimbabwe.”
After completing his BSC Honours Degree in Economics with a distinction at the University of Zimbabwe in 1985, Prof Ncube quickly got a scholarship to study at masters’ level at Cambridge University in the United Kingdom.
He briefly returned home to become a lecturer at UZ before going back again to the UK, where he pursued a PhD Degree Mathematical Finance. He later got a job as lecturer at London School of Economics where he had a longer stint.
Thereafter Prof Ncube shifted into investment banking sector, which later saw him establishing the Barbican Holdings Group in early 2000s but the project was short lived, pushing him to return to academics.
Due to his exposure to different parts of the world, Prof Ncube can speak French, Arabic and the German Deutsch languages.
In his rich business leadership profile, Prof has also served as chairman of the Zimbabwe International Trade Fair (ZITF) company some 20 years ago.
He was also chairman of the National Investment Trust and sat on many boards including Rainbow Tourism Group, Caps Holdings Pharmaceutical and Hwange Colliery Company Limited.
Prof Ncube is a family man too. “My wife is also from here in Matabeleland. I have been married for almost 30 years now and I have four children, three sons and one daughter,” he said.
Online Reporter