Is this a reward for a job well done? Is this supposed to mean that Dr Gono is doing a good job managing the Zimbabwe monetary sector??? DR Gideon Gono has been re-appointed Reserve Bank of Zimbabwe Governor for another five-year term. According to a Herald report Finance Minister Dr Samuel Mumbengegwi announced yesterday. The appointment, sanctioned by President Mugabe, is effective December 1 and ends on November 30, 2013. Dr Gono became RBZ Governor in the first week of December 2003 and his current term expires on Sunday.
Given the lawlessness in the Zimbabwe financial sector, is Dr Gono the best man to lead the country out of the current economic mess????
Here is more on what the Herald had to say about Dr Gono and note how the Herald does not say anything about the troubles, corruption and lawlessness in the financial sector:
At the time of his appointment, Dr Gono inherited a weakening currency, runaway inflation, unattractive interest rates and rampant indiscipline within the financial services sector.
He managed, within a few months, to briefly stabilise inflation during the first half of 2004, returned sanity to the banking sector and tried to reform the foreign exchange rate to spur export performance.
Dr Gono has also played a key role in building broad national consensus around formulation and co-operative implementation of monetary, fiscal and structural policies, including the inception of a comprehensive framework to turn around and privatise public sector enterprises.
During his first term, the Reserve Bank has been key in funding crucial national development programmes, among them the four phases of the Farm Mechanisation Programme.
Dr Gono’s biggest enemy remains hyperinflation, which catapulted to 231 million percent at the end July, followed by stabilising foreign exchange rates.
So, is Dr Gono the best man to lead Zimbabwe out of the current financial problems?? Feel free to add your views and comments.
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