Zimbabwean Finance Minister Honored as Best African Finance Minister Amidst Ongoing Economic Hardship
Professor Mthuli Ncube, the Zimbabwean Minister of Finance, Economic Development, and Investment Promotion, was awarded the title of "Best African Finance Minister" at the Reputable Banks and Fintech Awards ceremony held in London on December 8 and 9.
Despite the country's economic difficulties and high inflation, Professor Ncube was honoured for his commitment to economic reform, fiscal prudence, and strategic engagement with domestic and international partners. His leadership has focused on stabilising Zimbabwe's economy, achieving ambitious growth targets, strengthening key sectors like mining, agriculture, and manufacturing, and prioritising debt resolution and revenue mobilisation efforts.
Key factors contributing to this recognition include the stabilisation of the Zimbabwe Gold currency, government policies aimed at living within means, proactive debt resolution, and effective economic diplomacy with international partners such as China. Despite ongoing challenges, Ncube's approach aligns with best practices observed continentally, such as adopting digital tax administration and transparent fiscal strategies.
However, not everyone is in agreement about the award. Journalist Hopewell Chin'ono expressed discontent, stating that the organisation giving the award is perceived as bogus. Critics also blame the mismanagement of the ruling Zanu-PF party for Zimbabwe's economic struggles.
Zimbabwe's economy has been struggling for decades, with the Zimbabwean dollar abandoned in 2009 due to inflation reaching 231 million percent. The country's high debt continues to limit its fiscal space and growth potential. In November, consumer prices increased by 21.6% compared to the previous month, up from 17.8% a month earlier, according to a report by Bloomberg.
The ceremony, which took place at the Marriott County Hall in London, also provided a platform for fintech startups and established banks to present their latest innovations. Experts from the financial and technological sectors were present at the event. The Zimbabwean state media outlet The Herald reported on the awards ceremony and Professor Ncube's recognition.
Lord John Waverly, the president of Reputation Poll International, made a statement about Professor Ncube's achievement at the ceremony. Economist Professor Steve Hanke of Johns Hopkins University stated that the inflation rate in Zimbabwe is currently 943% per year, making it the highest in the world.
Despite the challenges, Professor Ncube's pragmatic, reform-oriented leadership style amidst difficult circumstances likely led to his accolade as "Best African Finance Minister," acknowledging progress and strategy rather than perfect conditions.
[1] The Herald [2] The Financial Gazette [3] Bloomberg [4] The Chronicle [5] NewsDay
- The accolade of "Best African Finance Minister" given to Professor Mthuli Ncube, in a ceremony held in London, highlights his strategic role in Zimbabwe's business sector, as he focuses on economic stabilization, growth, and debt resolution, despite political controversies and skepticism within general-news outlets.
- In the face of skepticism from some sectors, particularly The Financial Gazette, Professor Ncube's position as Zimbabwe's Minister of Finance has been marked by a pragmatic approach to reform, which has also garnered praise from international financial experts, such as Professor Steve Hanke of Johns Hopkins University, amidst a challenging economic landscape that has been covered extensively by financial outlets like Bloomberg.
