Zimbabwe Central Bank Governer John Mangudya fired by ED, World Bank’s Andrew Bvumbe takes over

Reserve bank of Zimbabwe Governor Dr John Mangudya has been fired, with a senior World Bank official being tipped for the post, reports suggest.

According to Alternate Executive Director at World Bank Group representing Africa, Anne Kabagambe the incoming Zimbabwe Reserve Bank Governor is Andrew Bvumbe who has since left his position as Executive Director at World Bank.

Anne Kabagambe posted on her twitter handle @akabagambe congratulating the country’s new governor.

She also removed any doubts regarding Bvumbe’s latest appointment by by sharing pictures of the incoming RBZ boss farewell party at World bank pending the new appointment.

“Farewell ceremony for the outgoing Executive Director, Andrew Bvumbe at WorldBank. Working to end extreme poverty and boost shared prosperity,” she said.

Mangudya took over as RBZ chief in March 2014, replacing Gideon Gono who was blamed for the hyperinflationary mayhem of the period up to 2008.

Mangudya’s job has been on the line following president Emmerson Mnangagwa unannounced visit at RBZ last month, raising uncertainty over his future.

The Zimbabwean leader has signalled a fresh thrust at Treasury after removing long-serving permanent secretary Willard Manungo and bringing in former Barclays CEO George Guvamatanga.

Top Zanu PF politician Patrick Chinamasa was also axed as finance minister to be replaced by internationally renowned economist and public policy expert Prof Mthuli Ncube.

Mangudya was also feeling the heat as he himself indefinitely suspended four senior managers on allegations of corruption raised against them by the then chairperson of the Finance and Economic Development Communication Taskforce, Mr Acie Lumumba.

The managers are Messrs Mirirai Chiremba (Director Financial Intelligence), Norman Mataruka (Director Bank Supervision), Gresham Muradzikwa (Head of Security) and Azvinandawa Saburi (Director Financial Markets).

Efforts to get any comments from John Mangudya were fruitless as his phones were out of reach at the time of publication of this article.

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Source: ZWNews

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