Zimbabwean Finance Minister Honored as Best in Africa Amidst Persisting Economic Turmoil
Professor Mthuli Ncube, Zimbabwe's Finance Minister, was recently awarded the title of "Best African Finance Minister" at the Reputable Banks and Fintech Awards. The ceremony, which took place in England on December 8 and 9, is known for recognising the 100 most reputable personalities, the 100 most reputable Africans, and the 50 most reputable bank CEOs.
The award came amidst Zimbabwe's ongoing economic struggles. The country has been grappling 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. Despite these challenges, Professor Ncube has been commended for his efforts in key areas such as debt resolution, economic reforms, and stabilizing the economy.
Under his guidance, Zimbabwe has made "tremendous progress" since 2022 on arrears clearance and debt resolution. This progress is crucial for unlocking affordable, long-term external financing for development. The country is also transitioning to implement the National Development Strategy 2 (NDS2) starting in 2026 with a focus on economic development, supported by reforms in land tenure, investment protections, and governance.
The economy showed signs of recovery under Professor Ncube's leadership, with improvements in mining, agriculture, manufacturing, and relative stabilization of the domestic currency (Zimbabwe Gold - ZiG). This provided a foundation for targeted 6% annual growth.
Professor Ncube has been praised for his transparency and policy responsiveness. He presents candid reviews of economic achievements paired with strategic responses to challenges such as global headwinds and climate disruptions.
Critics, however, have expressed displeasure about Professor Ncube receiving the title of "Best African Finance Minister". Renowned journalist Hopewell Chin'ono stated that the organization awarding him is "as bogus as his economy". Economist Steve Hanke, a professor at Johns Hopkins University, also declared that Mthuli Ncube's designation as "African Finance Minister of the Year" is a joke, as he measures Zimbabwe's inflation at 943% per year, the highest in the world.
The awards were organized by the Global Reputation Forum and Reputation Poll International. Western-imposed sanctions are also cited as a factor in Zimbabwe's economic difficulties. The Zimbabwean dollar was abandoned in 2009 due to inflation reaching 231 million percent.
In summary, the award acknowledges Professor Ncube's role in advancing crucial economic reforms, debt management, and growth initiatives that are essential for Zimbabwe’s long-term recovery and development, rather than immediate economic conditions alone. His leadership has prioritized resolving Zimbabwe's crippling debt overhang, economic growth and stability reforms, governance reforms, and key sector revitalization, earning broad trust and confidence in these efforts.
- In the midst of Zimbabwe's ongoing economic struggles, marked by persistent inflation, strong dependence on low-productivity agriculture, and intermittent shocks like drought, natural disasters, and the Covid-19 pandemic, Professor Mthuli Ncube, the Finance Minister, has been commended for his efforts in key areas such as debt resolution, economic reforms, and stabilizing the economy.
- The awarding of the title "Best African Finance Minister" to Professor Ncube by the Global Reputation Forum and Reputation Poll International came under scrutiny from critics, with renowned journalist Hopewell Chin'ono stating that the organization is "as bogus as his economy," and economist Steve Hanke, a professor at Johns Hopkins University, declaring that Mthuli Ncube's designation is a joke, given Zimbabwe's high inflation of 943% per year, the highest in the world.
