Zimbabwean Finance Minister Tendai Biti has appointed a 10-member board for the Reserve Bank of Zimbabwe that is expected to have a significant impact in restoring the institution's proper functioning.
Observers said the board, which includes top economists like Tony Hawkins of the University of Zimbabwe, Godfrey Kanyenze of the Labor and Economic Development Research Institute, and independent economists Daniel Ndlela and Nyasha Zhou, will help ensure the institution follows appropriate and sustainable policies.
Bulawayo-based independent economist Eric Bloch said the new board, which will be chaired by RBZ Governor Gideon Gono, is the best the central bank has had since independence, despite some political appointees.
But Bloch told VOA Studio 7 reporter Gibbs Dube that there is not much the new board can do if the government does not recapitalize the Reserve Bank to the tune of approximately US$100 million.
“If the bank is not recapitalized, the board will fail to refocus the bank to engage in its core activities,” he said.
Other board members are Finance Ministry Secretary Willard Manungo, retired judge George Smith, lawyer Mordecai Mahlangu, Zimbabwe State Procurement Board Director Charles Kuwaza, and academic Primrose Kurasha.