Former CB governor Moyana to chair Sovereign Wealth Fund board

Former CB governor Moyana to chair Sovereign Wealth Fund board

HARARE July 3 (The Source) – Zimbabwe’s former central bank governor Kombo Moyana has been appointed as board chair of the country’s Sovereign Wealth Fund.

 

President Robert Mugabe last year signed into law a bill to set up the fund, meant to secure investments for future generations and support economic growth.

A sovereign wealth fund is a state-managed pool of money drawn from the country’s reserves, set aside for investment in strategic areas that benefit the economy and its citizens. Funding for sovereign wealth funds is typically accumulated from revenues generated from the export of a country’s natural resources, such as minerals.

The other board members are banker, Nicholas Vingirayi; Zimtrade chief executive, Sithembile Pilime and former deputy governor of the central bank, Nicholas Ncube.

Zimbabwe plans to fund its SWF by allocating a quarter of royalties and special dividends earned on minerals such as diamonds, gold and platinum.

Analysts have however warned that a great deal of transparency is required if the country is to benefit from the fund.