Amidst Zimbabwe's economic turmoil, its Finance Minister garnered the title of Best African Minister of Finance.
Professor Mthuli Ncube, the Zimbabwean Minister of Finance, Economic Development, and Investment Promotion, was recently awarded the title of "Best African Finance Minister" at the Reputable Banks and Fintech Awards held in England on December 8-9, 2022. The ceremony took place at the Marriott County Hall in London.
The award was presented by Reputation Poll International, a global management company that establishes lists of reputable personalities, Africans, and bank CEOs. The organisation acknowledged Professor Ncube's efforts in steering Zimbabwe’s economy towards positive indicators despite significant challenges.
Despite a projected 6% GDP growth driven by strong agricultural and mining sectors, and a relative stabilization of the domestic currency, Zimbabwe continues to grapple with persistent inflation, strong dependence on low-productivity agriculture, slow structural transformation, and intermittent shocks such as drought, natural disasters, and the Covid-19 pandemic. These factors have contributed to the high rate of poverty and vulnerability in the country.
Critics, however, blame the mismanagement of the ruling party, Zanu-PF, for Zimbabwe's struggling economy, first under Robert Mugabe and then under Mr. Mnangagwa. Western sanctions and the country's high debt are also cited as factors that limit fiscal maneuvering room and growth potential.
Steve Hanke, a renowned economics professor at Johns Hopkins University, measured Zimbabwe's inflation rate at 943% per year, the highest in the world. A recent Bloomberg article reported a 21.6% increase in consumer prices in November compared to the previous month, up from 17.8% a month earlier.
The award acknowledges not just macroeconomic outcomes but also Professor Ncube's transparency, strategic fiscal management, and proactive responses to Zimbabwe’s unique economic constraints. His leadership has been noted for transparent mid-term budget reviews that candidly address both achievements and ongoing economic difficulties, such as inflation and climate-related risks, while implementing strategic fiscal measures to sustain growth and development.
The annual event also provides a platform for fintech startups and established banks to present their latest innovations. This recognition reflects his efforts to balance shortfalls and push reforms amid a difficult global and domestic environment, showing measurable progress in key sectors like mining, agriculture, and manufacturing—vital for economic recovery.
However, Hopewell Chin'ono, an award-winning journalist, expressed discontent with the award given to Professor Ncube, stating that the organization awarding him is "as shady as his economy." This controversy adds another layer to the ongoing debate about Zimbabwe's economic trajectory and the role of its leaders in shaping its future.
The Zimbabwean dollar was abandoned in 2009 after inflation reached the staggering figure of 231 million percent. Despite the challenges, the country continues to strive for economic recovery and development, with Professor Ncube's leadership playing a significant role in this journey. According to World Bank data, although extreme poverty has decreased since its peak in 2020 in Zimbabwe, it remains high in the context of cyclical agricultural production and rising food prices.
The award received by Professor Mthuli Ncube recognizes not only his success in handling Zimbabwe's economy despite numerous challenges, but also his transparency, strategic fiscal management, and proactive responses to the country's unique economic constraints in the areas of mining, agriculture, and manufacturing. However, criticisms persist about the role of the ruling party, Zanu-PF, and the impact of sanctions, high debt, and external shocks on Zimbabwe's economic progress.
