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Mangudya ranked among worst central bank governors

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BY MEMORY MATARANYIKA

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has been classified among the worst central bank governors, according to rankings by Global Finance magazine, in sharp contrast to South Africa’s Lesetja Kganyago who has a top ranking and has been described as a “bold” central banker.

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Zimbabwe has faced sustained monetary and inflationary headwinds, chief among them a runaway exchange rate, cash shortages and plummeting public confidence in the banking sector.

Mangudya has not had much progress in addressing the financial mayhem characterising Zimbabwe’s monetary sector.

Industry, business and manufacturing has also been hammered by the monetary mismatches obtaining in the economy, say business leaders.
“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.

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“He cannot be among the best governors with the state of the economy and monetary sector,” a Zimbabwean CEO with a large manufacturing company told Fin24.

Global Finance gave the Zimbabwean central bank governor 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.

In 2020, Mangudya had a D grading.

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The globally respected magazine, with input from analysts, economists and financial editors, each year grades the world’s leading central bankers on a scale of A to F, based on a series of objective and subjective metrics, including the appropriate implementation of monetary policy.

According to Oxford Economics Africa “Zimbabwe headline inflation came in at 60.7 percent year on year in December, which means overall inflation averaged 143 percent in 2021”.

This illustrates the price hikes Zimbabweans have endured, a trend that has continued into the new year with life assurance companies hiking premiums, schools steeply raising fees and prices of medicines in pharmacies going up .

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Mangudya has deferred the start of the 2022 foreign exchange auction market to January 18, courting much criticism and speculation that Zimbabwe has run out of foreign currency to allocate local producers.

According to central bank data, it allocated just about US$2 billion to small scale and large-scale enterprises in 2021.

“The apex bank also wants commercial banks to help the recovery by encouraging their clients to invest in government securities.

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“The bank has launched a regulatory sandbox framework to encourage innovations in the fintechs and further liberalized the operations of bureau de change to promote financial inclusion,” noted Global Finance in its report card for Mangudya.

On Wednesday Mangudya said he was going after currency manipulators in the pharmaceutical sector and in schools.

The poor performance of Zimbabwe’s reserve bank governor is in stark contrast to Kganyago, the SA Reserve Bank (SARB) governor described by Global Finance as “bold” in responding to the economic shocks that have characterised South Africa’s economy.

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Kganyago is graded A- for 2021 for a man who has marshaled the banking sector to remain sound, liquid and well capitalised “despite grappling with bad debts and low” profits.

“Five banks continue to dominate, accounting for 90% of assets.” – Fin24

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National

Zimbabwe fast-tracks approval of long-acting HIV prevention drug Lenacapavir

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BY WANDILE TSHUMA

Zimbabwe has taken a major step in the fight against HIV following the rapid approval of Lenacapavir, a groundbreaking long-acting injectable for HIV pre-exposure prophylaxis (PrEP). The Medicines Control Authority of Zimbabwe (MCAZ) authorised the drug in just 23 days, marking one of the fastest regulatory approvals in the country’s history.

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The application, submitted by pharmaceutical company Gilead Sciences in October, underwent an expedited review because of its public health importance. MCAZ says the fast-tracked process did not compromise scientific scrutiny, with the product subjected to a rigorous assessment of its safety, efficacy and quality.

Lenacapavir is designed for adults and adolescents weighing at least 35kg who are HIV-negative but at substantial risk of infection. Unlike traditional daily oral PrEP, the medicine is administered as a six-monthly injection, following an initiation phase that includes one injection and oral tablets on Days 1 and 2. Health authorities say this long-acting formulation could dramatically improve adherence and expand prevention options, particularly for communities where daily pill-taking is difficult.

MCAZ Director-General  Richard T. Rukwata described the approval as a landmark moment in Zimbabwe’s HIV response.

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“The rapid approval of Lenacapavir reflects MCAZ’s dedication to accelerating access to trusted, high-quality health products. This milestone brings new hope for HIV prevention and reinforces our commitment to safeguarding public health,” he said.

To fast-track the process, the Authority applied a regulatory reliance approach, drawing on scientific assessments from the World Health Organization’s Prequalification Programme (WHO PQ). This allowed evaluators to build on internationally recognised review processes while ensuring Zimbabwe’s own standards were met.

The introduction of Lenacapavir comes as Zimbabwe continues efforts to reduce new HIV infections, particularly among young people and key populations who face barriers to consistent PrEP use. Public health experts say the drug’s twice-yearly dosing could be a game changer in improving uptake and protection.

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MCAZ says it remains committed to ensuring Zimbabweans have access to safe, effective and good-quality medical products, in line with its mandate under the Medicines and Allied Substances Control Act.

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ZimParks to host first-ever International Wildlife Conservation symposium

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BY NOKUTHABA DLAMINI

The Zimbabwe Parks and Wildlife Management Authority (ZimParks) will hold its inaugural International Wildlife Conservation Symposium under the theme “Wildlife Conservation and Sustainable Development.”

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The two-day event, scheduled for October 22 to 23, next week, will take place at the Management Training Bureau in Msasa, Harare. It will bring together conservationists, researchers, policymakers, and students to discuss key issues around wildlife protection and sustainable development.

The symposium will focus on eight sub-themes, namely Wildlife Conservation and Transboundary Management, Freshwater, Fisheries and Aquatic Management, Sustainable Tourism and Socio-Economic Development, Human-Wildlife Interactions, Environmental Health and Safety, Climate Change Adaptation and Mitigation, Community-Based Natural Resource Management, and Natural Resource Policy and Governance.

ZimParks says the symposium will provide a platform to exchange ideas and deepen understanding of the link between wildlife conservation and sustainable development. Members of the public, students, and professionals are encouraged to attend.

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CCC legislators in road accident, Nkulumane MP dies

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BY STAFF REPORTER

One Citizens Coalition for Change (CCC) legislator has died while four others were seriously injured in a road accident that occurred early Friday morning near Shangani along Bulawayo-Harare highway.

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CCC spokesperson Promise Mkhwananzi confirmed the accident, saying it happened between 2 a.m. and 3 a.m. when the vehicle carrying the members collided with an elephant.

“The vehicle hit an elephant along the Shangani area, and unfortunately Honourable Desire Moyo, the Member of Parliament for Ngulumane, died on the scene,” Nkwananzi said.

He added that the other occupants — Honourable Madalaboy Ndebele, Senator Rittah Ndlovu, Honourable Sethulo Ndebele, and Libion Sibanda — sustained serious injuries and were rushed to a hospital in Bulawayo.

Nkwananzi said he was deeply shocked by Moyo’s death, as he had met him just yesterday in Harare.

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“I had seen Moyo yesterday and we spent about an hour chatting outside Jamieson Hotel about the party and our future plans for national development,” he said. “I’m gutted by his passing. It’s a huge loss for the party.”

He conveyed his condolences to the Moyo family and wished a speedy recovery and strength to the families of the other CCC members who remain in critical condition.

He said further details, including the name of the hospital where the injured are receiving treatment, would be released once confirmed.

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