John Mangudya

John Panonetsa Mangudya (born 5 October 1963)[1] is a former governor of the Reserve Bank of Zimbabwe.[2][3] He was appointed in March 2014 by the then Zimbabwean president, Robert Mugabe, and began his tenure as governor on 1 May that year. His second 5 year term ended on 28 March 2024.[4] He succeeded Gideon Gono as the governor of Zimbabwe's central bank and became the nation's 6th substantial exchequer.[5]

Early life and education

Mangudya was born in the Mutambara area of Melsetter (now Chimanimani), in Manicaland Southern Rhodesia,[1] the youngest of twelve children.[3]

Mangudya earned bachelor's and master's degrees in economics from the University of Zimbabwe, where he won several book prizes for his academic achievements. He also has a PhD in Economics from Washington International University.[6] His PhD qualification however, has been questioned by critics who have noted that it was obtained from an unaccredited institution in the United States.[7][8]

Reserve Bank of Zimbabwe governorship

John Mangudya started work as RBZ governor on 1 May 2014 after being appointed into office by Robert Mugabe.[9] He took over from Charity Dhliwayo who had been acting since November 2013 following Gideon Gono's retirement. In May 2019, his expired contract was renewed for a further 5 years by Emmerson Mnangagwa.[10] He was succeeded by John Mushayavanhu in March 2024.[4]

Bond notes and coins

A few months after assuming office, Mangudya introduced bond notes at that time stated not to be a currency, but a legal tender pegged to be with the same value as the US dollar. The bond coins were introduced to remedy a lack of small change.[11] In November 2016, Mangudya also introduced bond notes, pegged at the same value as the US Dollar again.[12]

RTGS Dollar

The bond notes and bond coins continued losing value against the US dollar on the parallel market and this led Mangudya to the introduce a new currency, the RTGS Dollar in February 2019. The RTGS dollar was introduced to bring sanity in the foreign currency market, promote diaspora remittances, protect foreign investments and exports.[13]

Career profile

Banking career [9]
Period Company/Organisation Position held
1986-1996 Reserve Bank of Zimbabwe Economist
1996-1999 Afrixembank Southern Africa regional manager
2000-2004 CBZ General manager
2004-2006 CBZ Executive director
2006-2012 CBZ Managing director
2012- March 2014 CBZ Group CEO
March 2014 – March 2024 Reserve Bank of Zimbabwe Governor
Boards [9]
Organisation Position
Industrial Development Corporation of Zimbabwe Chairman
Agricultural Marketing Authority of Zimbabwe Chairman
Afreximbank Board member
Africa University Board member

Personal life

Mangudya is married to Tapiwa Mangudya and they have three children. He is a member of the United Methodist Church.[9]

References

  1. ^ a b "John Panonetsa Mangudya | Who's Who Profile". Africa Confidential. Retrieved 18 September 2016.
  2. ^ John Panonetsa Mangudya. "John Panonetsa Mangudya: Executive Profile & Biography - Businessweek". Bloomberg.com. Retrieved 18 September 2016.
  3. ^ a b "John Mangudya". Pindula. Retrieved 21 November 2020.
  4. ^ a b "Mushayavanhu appointed reserve bank governor". The Chronicle. 28 March 2024. Retrieved 28 March 2024.
  5. ^ "Another 5-year term for Mangudya". The Herald. 4 May 2019. Archived from the original on 4 May 2019.
  6. ^ "Washington International University". www.washint.edu. Retrieved 27 August 2017.
  7. ^ "RBZ governor Mangudya's PhD degree sets tongues wagging". Newsday.co.zw. 25 March 2014. Retrieved 18 September 2016.
  8. ^ "Woman files lawsuit to challenge RBZ Governor's Doctorate – The Zimbabwe Mail". Thezimbabwemail.com. Archived from the original on 15 August 2016. Retrieved 18 September 2016.
  9. ^ a b c d Herald, The. "New RBZ chief assumes office". The Herald. Retrieved 20 May 2019.
  10. ^ "Zimbabwe Extends Central Bank Governor's Term by Another 5 Years". VOA. Retrieved 20 May 2019.
  11. ^ "Zimbabweans suspicious of new 'bond coins'". TimesLIVE. Retrieved 20 May 2019.
  12. ^ Crabtree, Justina (28 November 2016). "Zimbabwe's issuing new 'bond notes' to avoid a cash crunch". CNBC. Retrieved 20 May 2019.
  13. ^ "Zimbabwe's RTGS dollars explained | IOL Business Report". www.iol.co.za. Retrieved 20 May 2019.