President Mugabe has appointed Dr Ignatius Chombo as the new Finance and Economic Development Minister, he replaces former Finance Minister Hon. Patrick Chinamasa who has been appointed to head a new ministry of Cyber Security, Threat Detection and Mitigation Portfolio.
Dr Chombo becomes the head of all financial services in the country of which the Insurance Regulator, Insurance and Pensions Commission (Ipec) falls under.
Dr Chombo’s appointment makes him the 9th substantive minister to manage the country’s purse since independence.
The cabinet reshuffle and new appointments were announced today by Chief Secretary to the President and Cabinet. Dr. M.J.M. Sibanda.
Dr Chombo is part of 10 reassigned ministers and eight new appointments that were made by President Mugabe, in terms of Sections 100 (200) (c) and (d) of the Constitution of Zimbabwe Amendment (No. 20). The re-assignments and appointments are with immediate effect.
Chombo holds a PhD in Adult Education from Vanderbilt University, Nashville (1981) and another PhD in Higher Education, Texas Woman’s University, Denton (1987). He has held various positions in the government of Zimbabwe. He served as Minister of Local Government, Public Works and Urban Development for 15 years and was Minister of Home Affairs since 2015.
Chombo’s appointment comes at a time when the financial services regulation is in disarray, and players in the industry are calling for the harmonisation of financial services regulation.
The reform in financial services regulatory framework is aimed at creating a unified, simple, efficient and reliable financial services regulatory environment, which will boost investor confidence, protect investors and consumers and allow for efficient utilisation of limited national resources.
Players in the industry are calling the creation of a Financial Services Authority Zimbabwe (FSAZ) that will be responsible for regulation of all other financial services (except banking).
1. Hon. Dr. I.M.C. Chombo, Minister of Finance and Economic Development.
2. Hon. P.A. Chinamasa, Minister of Cyber Security, ‘Threat Detection and Mitigation.
3. Hon. W. Mzembi, Minister of Foreign Affairs.
4. Hon. O.M. Mpofu, Minister of Home Affairs.
5. Hon. S.S. Mumbengegwi, Minister of Macro-economic Planning and Investment Promotion.
6. Hon. P. Zhuwao, Minister of Public Service, Labour and Social Welfare.
7. Hon. S. Kasukuwere, Minister of Local Government, Rural Development and National Housing.
8. Hon S.K. Moyo, Minister of Media, Information and Broadcasting
9. Hon. CC. Mushohwe, Minister State in the President’s Office Responsible for National Scholarships.
10. Hon. M. Hlongwane, Minister of Sport, Recreation, A. and Culture.
B. NEW APPOINTMENTS
1. Hon. E Mbwembwe, Minister of Tourism, Environment and Hospitality Industry.
2. Hon. Major General (Retired) H.M. Bonyongwe, Minister of Justice, Legal and Parliamentary Affairs.
3. Hon. C.N.G Mathema, Minister of Welfare Services for War Veterans, War Collaborators, Former Political Detainees and Restrictees
4. Hon. C. Mabuwa, Minister of Youth Development, Indigenization and Economic Employment.
5. Hon. Amb. Maboyi Ncube, Minister of State for Matabeleland South Province.
6. Hon. T.A. Mathuthu, Minister of State for Matabeleland North Province
7. Hon. W. Shamu, Minister of State for Mashonaland West Province
8. Hon. Dr .P Chimedza, Minister of State for Masvingo Province.