Zimbabweans unexcited by Mushayavanhu’s appointmen...

Zimbabweans unexcited by Mushayavanhu’s appointment as RBZ governor

Michael Mashiri and Patience Muchemwa

Many people have expressed pessimism over incoming Reserve Bank of Zimbabwe governor, Dr. John Mushayavanhu with no expectations that he will bring any solution for the beleaguered local currency.

Comments on social media showed that very few people have high expectations of Mushayavanhu.

@kmugova captured the prevailing sentiment with his comment: “Mangudya leaves the RBZ on a higher note with the ZWL losing 88% of its value year to date. Will Mushayavanhu beat his record?🏃”

@zimpricecheck said: “Two things to note. The outgoing governor will always be known for his bond notes and coin. Also it is unlikely that the new governor will change much due 2 political power dynamics.”

Just a few positive comments congratulating Mushayavanhu and expressing hope in his tenure are to be found on the streets, both physical and digital.

Mai Chirimuta, a vendor from Mbare Musika said she wishes the incoming governor would create stability.

“We want astable currency in the country. Multi-currency is really confusing, especially when you want to give someone change," she said.

Another vendor, who declined to be named, said he hoped that Mushayavanhu would speak the common people’s language.

“These things of gold coins and digital coins don’t make sense. How can I sell vegetables in digital coins? The governor must make sure that we have money for our transactions here on the street,” he said.

In response to a question from Zim Now on what the country can expect from Mushayavanh, economist Eddy Cross declined to speculate.

“I cannot comment. Let’s wait and see,” said Cross.

Business journalist and economic analyst, Happiness Zengeni said the appointment of Mushayavanhu was a move in the right direction as he had made great strides in leading FBC into a better business.

“John has managed to grow FBC into a top-tier bank over the years and no doubt will do well as central bank governor. He is risk averse and steady - necessary characteristics for the post,” she said.

“He will be required to maintain a stable macroeconomic environment with low inflation and exchange rate stability. What would be key is discipline, sound monetary targeting framework, consistency and clear alignment with fiscal policy as the country moves towards dedollarisation,” she said.

Mushayavanhu, who was appointed by President Emmerson Mnangagwa, is FBC Holdings Limited Group CEO, will be taking over from the outgoing Dr. John Mangudya, whose term will be ending end of April and will move to be the new chief executive officer of Mutapa Investment Fund.