Gideon Gono will in November have served his second and last term in accordance with the Reserve Bank of Zimbabwe Act. The law stipulates that a governor and his or her deputies can only serve a maximum of two five-year terms.
Analysts agree that the country is not short of competent bankers but fear that politicians will continue to put their interests ahead of the needs of the economy.
Zimbabwe National Chamber of Commerce president, Oswell Binha, said he was worried by political appointments.
“What we are worried about is the process. It has to be transparent and stringent, giving the assurance that the right candidate will be selected,” Binha said. “We want the right candidate appointed for the job.”
Economist John Robertson said he feared that competent and skilled bankers would not want to be considered for the post because they would not be willing to take political directives.
“The technically qualified people I know would definitely not be willing to work under those conditions,” Robertson said. The respected economist was, however, not willing to put forward any names.
Confederation of Zimbabwe President, Kumbirai Katsande, said it was a shame that the industry was not consulted on such matters.
“We are not consulted on these issues. We just wait for whoever is appointed and work with that individual,” Katsande said.
Finance and economics research firm, Econometer Global Capital, in its survey of bank chief executive officers for 2013, identified three candidates including CBZ Holdings chief John Mangudya and deputy governor Kupukile Mlambo as some of the leading contenders for the post.
“We tip the top man at CBZ Holdings to be a leading candidate with individuals such as Mthuli Ncube, a senior economist at the African Development Bank, remaining a contender for the post without discounting the chances of the newly appointed RBZ deputy governor,” Econometer said.
Analysts also say since the new governor is going to be a political appointment the result of the forthcoming elections will also be a factor in deciding who the new central bank chief will be.
President Robert Mugabe appointed Gono to his current post in November 2003 and the tenure was renewed in November 2008. Past occupants of the office in independent Zimbabwe include Leonard Tsumba and Kombo Moyana.
Post published in: News