In a recent announcement, the presidency revealed that John Mushayavanhu, the CEO of FBC Holdings and a business associate of President Emmerson Mnangagwa, is set to assume the role of governor of the central bank from May 1, 2024. This move comes as part of a succession plan in accordance with good corporate governance principles.
The current governor, John Mangudya, who is in his second and final term, will transition to the role of CEO at the Mutapa Investment Fund. The appointments, as noted by the chief secretary to the president and cabinet, Martin Rushwaya, align with the principles of good corporate governance for effective succession planning.
Mushayavanhu brings over four decades of experience in the financial services sector, including a previous role at Standard Chartered Bank. However, this appointment has sparked renewed accusations of nepotism against President Mnangagwa, with critics alleging a pattern of hiring family members and clansmen for key government positions during his final term. Mushayavanhu’s business ties with Mnangagwa, dating back to their partnership during Zimbabwe’s involvement in the Democratic Republic of Congo in 1999, add fuel to existing concerns about political cronyism. Reports suggesting familial connections between Mnangagwa and Mushayavanhu further intensify the scrutiny surrounding these appointments.
