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Zimbabwe president appoints former banker as finance minister

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Zimbabwe president appoints former banker as finance minister

Zimbabwean President Emmerson Mnangagwa named Mthuli Ncube, a former African Development Bank chief economist, as the country's finance minister, Reuters reported.

Ncube, 55, founded Zimbabwe's Barbican Bank and asset management company. He also taught finance at the London School of Economics and Wits Business School in South Africa.

Mnangagwa's move signals his commitment to rebuild the country's economy, which has been staggered by a lack of foreign investment, unemployment above 80% and acute dollar shortages that have hobbled some imports, according to Reuters.

"It sounds very encouraging especially on the choice of finance minister," John Robertson, a Harare-based economist, told Reuters. "That's a very good foundation for the country's economic recovery prospects."

Mnangagwa also retained Winston Chitando as the country's minister of mining. Chitando was a former managing director and chairman at the Impala Platinum and Sibanye-Stillwater joint venture platinum miner Mimosa.

"I hope the president will permit those ministers to exercise their skills without interference," Robertson said, according to Reuters.