RBZ aims for structural change to regain public trust

Zim Now Writer

In a candid message to Reserve Bank of Zimbabwe staff, Governor John Mushayavanhu outlined a comprehensive reform plan aimed at restoring public trust in the central bank. 

The plan, titled the “Change Agenda”, acknowledges a decline in public confidence towards the RBZ’s policies and operations.

“We are aware that the market has lost confidence and trust in the credibility and impact of the Central Bank’s policies over the years,” Governor Mushayavanhu wrote, citing the need for a “focused re-orientation and change in the way we do things.”

The reform plan will be implemented in two phases. Phase 1, currently underway, focuses on a thorough internal diagnosis of the bank. This includes evaluating its tasks, personnel, structure, systems, culture, decision-making processes, and policy-making frameworks.

Mushayavanhu underlined the importance of acknowledging this critical juncture saying: “To rebuild our credibility and relevance, we must acknowledge that this is not ‘business as usual’ and undertake personal transformation as well as develop a new ‘RBZ brand’ to win back public confidence in the Central Bank.”

He called for a “Paradigm Shift” within the organisation, urging staff to embrace a new work culture focused on “operational effectiveness and excellence”. 

He said that this “Back-to-Basics” approach will involve empowering staff to be more adaptable and creative in their work.

Mushayavanhu pledged his support, stating: “I will make sure this is accomplished by going ‘Back-to-Basics’ and supporting all RBZ staff who embark on this culture of adaptability and creativity in the way we execute our statutory tasks.”

“Our Strategy will be in our Structure,” he wrote. 

The Bank’s programmes will be “better packaged, resourced and structured” to fulfil its core functions more effectively over the next five years (2024-2029).

Phase 2 of the Change Agenda will involve a comprehensive overhaul based on the findings of the Phase 1 diagnostics. Specific details regarding this restructuring remain undisclosed, but Governor Mushayavanhu assured staff that Phase 2 “is a normal process of learning the Bank’s operational framework” and should not be seen as a threat to job security.

Governor Mushayavanhu placed significant emphasis on regaining public trust. He outlined the primary objectives of the “Back-to-Basics” Agenda as “to regain lost market trust and prevent undue harm to the Central Bank’s institutional credibility in policymaking”.

The Governor concluded his message by emphasising the importance of the RBZ living up to its commitments.

“The Reserve Bank must present itself with dignified confidence in order to fulfil its obligations to the Zimbabwean people’s aspirations for improved social and economic well-being. We will start with our internal culture. Over the next five years, our strategic intent of restoring credibility, confidence, and trust will be achieved by ‘Walking the talk’ – doing what we say we will do; doing the right things in the right manner the first time around; and ensuring that what we say will happen, so happens,” Mushayavanhu stated.