Extend Gono's term

HARARE - Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono’s ten-year tenure at the helm of the central bank comes to an end tomorrow at a time when the economy is going through a shocking downward spiral.

Gono, who presided over the bank at a tumultuous time of unprecedented inflation and economic collapse, is credited with helping the country from sliding into anarchy through his quasi-fiscal policies in which he printed huge tranches of the Zimbabwe dollar, goes away with both critics and sympathisers.

We call upon President Robert Mugabe and the minister of Finance, Patrick Chinamasa to come up with a respected and credible replacement for Gono if they are not going to renew his term.

All things being equal, we urge Mugabe and Chinamasa to find ways of extending Gono’s term. Like him or hate him, Gono had and has a presence no one could ignore in the country and despite suffering abuse at the hands of Zimbabweans during the height if inflation, he stood firm and managed to steer the ship.

Yes, inflation reached alarming levels at the time but Gono explained himself out through his favourite phrase; “extra-ordinary circumstances demands extra-ordinary measures.” Yes, politicians abused the schemes undertaken at the RBZ including inputs programmes and the farm mechanisation programmes.

Having survived the storm of the inflation era, Gono won himself the trust of the nation when he publicly clashed with the former minister of Indigenisation, Savior Kasukuwere, whose robust approach to the programme led to investor flight from the country.

Gono wanted a more sober approach and fiercely resisted Kasukuwere’s dangerous moves to indigenise banks, a development which could have led to the total collapse of the struggling financial sector.

In the past, Gono also resisted price controls warning government that by implementing the policy, the country would face food and goods shortages and indeed within weeks, supermarket shelves were empty.

For continuity purposes, government must consider extending his term for at least one year while he grooms his successor.

The successor must be someone with an ability and temerity to approach Mugabe and the country’s leaders to offer alternatives to their policies without any fear.

If Gono’s term can’t be extended, then the successor should surely be one of his deputy governors for continuity sake because Zimbabwe at the moment is at crossroads and there is no time to come up with a new central bank boss from outside the RBZ who will take time to acquaint him/herself with the operations at the apex bank.

And the decision to replace or extend Gono’s term should be done as a matter of urgency.

Comments (9)

Go to hell.

chakachaya - 29 November 2013

Hey, for the first time kunzwa a positive remark regarding this gentleman from the media which is usually critical of anything associated with Zanu PF

Dedza - 29 November 2013

nIWO MAFUNGIRO AKAIPA IWAWA. asi vana vezimbabwe makaitwa sei chaizvo ne recycling of leaders. Georgr washington was Offered a third term akaramba we need to see kuti at most after ten years hapana chinyowani chauchataura

Basop - 29 November 2013

to hell with what will happen if his tenure is extended, what did he do in the last 10 years he was in the office. he is an old broom that needs to be thrown away, if not in the sea. nxaaaaa

tobias - 29 November 2013

This is a wrong proposal altogether. Who this proposer who calls him/herself 'We?' New minds are needed at times. Is the country that desperate such that no replacement can be found, especially with the high level of education? Ndokusaka iye zvino people think that without Bob Zim will not go anywhere. This mentality should go. There are some think tanks who are being suppressed. Give others chance please.

samaz - 29 November 2013

You have to be really daft to write something like, this mentality that a single person is indispensable is the exact reason why Zim is in such a mess!!!! When time is up, you have to go, period & he's doing the right thing by going. He shld have gone in 08 really!

Chando! - 29 November 2013

I am afraid I can not agree. What is it that the governor can do that he has failed to do in his ten years? He should be allowed to move on and try his hand on other issues. No one in the land courted more controversy. He was loved and hated with equal intensity. Besides his many faults as Governor he was one hell of a PR man. It was a marvel to watch how he managed his relationship with a bellicose and attention seeking Biti on the one hand and a coterie of confused crowd hounds on the other side. He managed to get these two belligerants dancing to his orchestra. He was at times not too afraid to take out the whip to put some of those baying in the wind in their place to achieve his ends. Here was a true disciple of Charles Darwin's "Origin of the Species" which stated among other things: It is not the strongest or the most intelligent of the species that survive but those that adapt to their circumstances. To this end the government might want to use this guy as our new Foreign Minister he would be a shoe in. All those who wanted to see Zimbabwe dead would be at our doorsteps with roses and bags laden with gold..for 'your governor' has proven beyond all doubts reasonable, he is the best PR man in the land. The government should be sad they are losing a governor but happy they have now available somebody who can engage a hostile world with the urgency and panache this needs! They could employ him to start with to engage the Bretton Woods institutes and then move on to the EU, US and so on..more like a roving ambassador if you please. If anybody was made for this job, here is your man.

gutter poet - 30 November 2013

corporate govrnance framework ye state enterprises and parastatats of 2010 ,gives a maximum of two years . chero aigona makore akwana(two terms). How can you see the ability of other young Zimbos if we continue recycling leaders.He had ten years to prove himself and its necessary to have a change.(fairness). toto madawo mabasa acho iwawo

mbembe - 2 December 2013

Gon is the worst thing that ever happended. He transferred the UZ account to CBZ from Barclays when he was Chairman of UZ Council. Now we have difficulties in accessing our salaries. CBZ wants every one to receive their salaries through it. That is blackmail. Ngaaende asadzoka.

Peter Tombo - 3 December 2013

Post a comment

Readers are kindly requested to refrain from using abusive, vulgar, racist, tribalistic, sexist, discriminatory and hurtful language when posting their comments on the Daily News website.
Those who transgress this civilised etiquette will be barred from contributing to our online discussions.
- Editor

Your email address will not be shared.