Reserve Bank of Zimbabwe (RBZ) Governor, John Mangudya, has been ranked among the worst central bank governors, according to rankings by Global Finance magazine.
The magazine annually grades the world’s leading central bankers based on a series of metrics, including the appropriate implementation of monetary policy.
Since his appointment as the RZB chief, in March 2014 by the then president, Robert Mugabe, Mangudya has failed to tackle Zimbabwe’s financial chaos characterising the country’s monetary sector.
Zimbabwe has faced a runaway exchange rate and cash shortages, and this has eroded public confidence in the banking sector.
The highlight of Mangudya’s tenure, so far, is the introduction of bond notes which he claimed were at par with the US dollars.
Speaking to Fin24, a Zimbabwean CEO with a large manufacturing company expressed concern over the monetary mismatches obtaining in the economy. He said:
There is no confidence in the banking sector, inflation remains problematic and the exchange rate is far divorced from the parallel market despite advice from IMF for convergence.
He cannot be among the best governors with the state of the economy and monetary sector.
Global Finance gave Mangudya a score of “C” for 2021, signifying one of the worst scores for the African continent and only below Namibia, Mauritania and Madagascar which have scores of “D”.
This was, however, an improvement from 2020 when the magazine gave Mangudya a “D” grading.
With inputs from analysts, economists and financial editors, Global Finance each year grades the world’s leading central bankers on a scale of A to F.