John Mangudya appointed CEO of Mutapa Investment Fund; Mushayavanhu named as new RBZ Governor

TAKUDZWA HILLARY CHIWANZA

HARARE – In a statement released on Friday, President Emmerson Mnangagwa announced the appointment of John Mangudya, the current Reserve Bank of Zimbabwe (RBZ) governor, as the Chief Executive Officer (CEO) of the Mutapa Investment Fund. 

Redeployed ... John Mangudya is now the CEO of the newly revived Mutapa Investment Fund

Mangudya's tenure as RBZ governor, which began in March 2014, will end on April 30, 2024, as per Section 15 (3) of the Reserve Bank of Zimbabwe Act [Chapter 22:15], which limits the governor's term to 10 years.

Mangudya, an economist by training and former chief executive at CBZ Holdings, previously worked as an economist at the central bank for 10 years until 1996 before joining the African Export-Import Bank (Afrexim) as its manager for southern Africa. 

His redeployment to the newly revived Mutapa Investment Fund will pave the way for John Mushayavanhu, the former FBC Holdings Limited Group chief executive officer, to assume the position of RBZ governor.

“Dr. Mangudya’s 10-year term of office at the helm of the Reserve Bank of Zimbabwe ends on 30 April 2024 in terms of Section 15 (3) of the Reserve Bank of Zimbabwe Act [Chapter 22:15]. Dr. Mangudya shall be succeeded by Dr. John Mushayavanhu as Governor of the Reserve Bank of Zimbabwe,” part of the statement read.

Dr John Mushayavanhu 

Mushayavanhu brings over 30 years of experience as a career banker to the central bank, having previously worked at Standard Chartered Bank. 

He holds several educational qualifications, including a Master's Degree and a PhD in Business Administration, according to the statement. 

The appointments of Mangudya and Mushayavanhu were made in accordance with the “dictates of good corporate governance and succession planning” to provide guidance to the market, as stated in the press release.