Zimbabwe: Reserve Bank Governor Mangudya Receives ALM Commendation Award In Washington DC

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In recognition of his achievements in driving reforms and policies that have ensured the banking sector in Zimbabwe remained safe, sound, and sustainable to support economic activity, the Governor of the Reserve Bank of Zimbabwe, Dr John Mangudya has recently been conferred with the Special African Central Bank Leadership Commendation Award, during the just-concluded African Banking and Finance Leadership Forum, which took place at the Russell Senate Office Building on Capitol Hill, Washington DC, on the margins of the 2022 annual meeting of the International Monetary Fund (IMF) and the World Bank Group (WBG).

Organised by the African Leadership Magazine, the African Banking and Finance Leadership Forum brought leaders in the banking and finance industry in Africa, alongside their global counterparts under the same roof to brainstorm on the future of financing Africa’s development in critical times such as this. The event was attended by ranking members of the US Senate Committee on Finance and Banking including Senator Pat Toomey, Senator Steve Daines and Senator Jim Inhofe.

With the theme: Financing Investments & Economic Sustainability in Africa, the African Banking and Finance Leadership Forum was an avenue for industry leaders to have discussions on issues of global concerns in Africa, including fiscal and monetary policies, foreign direct investments, debt restructuring, private sector participation, as well as share remarks geared towards influencing financing for Africa’s development, as well as showcasing the contributions of African financial institutions to the future of banking.

Under the able leadership of Dr Mangudya, the Reserve Bank of Zimbabwe has continued to aggressively promote electronic means of payment, which assisted in resolving the cash challenges and in accelerating the country’s financial inclusion agenda. The use of electronic means of payments currently stood at 96% of retail and wholesale payments, one of the highest in Africa. Following his appointment in 2014, Dr Mangudya focused on managing the impact of low aggregate demand and competitiveness of the national economy, which the Bank achieved through the administration of the export incentive scheme and promotion of a cash-lite society to alleviate the cash challenge.

In 2016, Dr Mangudya introduced an export incentive scheme, administered through bond notes, which created a strong platform for sustained foreign currency generation in the national economy. As a result, the country is currently recording high foreign currency receipts, with US$9.7 billion having been received in 2021, the highest ever. The Governor has also ensured a robust monetary policy framework that has greatly assisted in managing inflation and exchange rate pressures, thus preventing the economy from plunging into the hyperinflationary era experienced by the country in 2008.

About African Leadership Magazine

The African Leadership Magazine is published by African Leadership Organization Limited, a company registered in the United Kingdom with a vision to celebrate African achievements and excellence in a way that empowers and inspires. The magazine focuses on bringing the best of Africa to a global audience, telling the African story from African perspectives, while evolving solutions to peculiar challenges being faced by the continent today. Since its maiden edition in August 2008, African Leadership Magazine has grown to become a leading pan-African flagship leadership-focused publication read by over 1.2M targeted international investors, business executives, government policymakers and multilateral agencies across Africa, the Middle East and Asia, Europe and the US.

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