Mthuli Ncube

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Prof
Mthuli Ncube
Professor Mthuli Ncube.jpg
BornMthuli Ncube
EducationCambridge University, United Kingdom
Occupation
  • Academic
  • Entrepreneur
EmployerUniversity of Oxford
Known forBeing an Entrepreneur

Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic.[1] Professor Ncube divides his time between the private sector in Switzerland and academia in the United Kingdom. He is a Professor at the University of Oxford, UK where he teaches in economic development and public policy and doing business in Africa, at both the SAID Business School, and Blavatnik School of Government. He is also the HSBC Distinguished professor of Banking and Financial Markets at the University of the Witwatersrand.

Ncube left Zimbabwe around 2004 after a bank he had founded and led as Managing Director, Barbican Bank, was shut down by the Reserve Bank of Zimbabwe.

Background

He is married to an engineer and they have 4 children.[2]

Education

Mthuli Ncube holds a PhD in Economics (Mathematical Finance) from Cambridge University in the United Kingdom.[2]

Career

Ncube founded Barbican Bank in 2003 and was its CEO until the bank was closed by the Reserve Bank of Zimbabwe in 2004. The then Reserve Bank governor, Gideon Gono accused several bankers (Ncube included) of abusing depositor funds, engaging in illicit foreign currency trades and failing to uphold sound corporate governance standards. Ncube stayed in exiled until 2018 when he returned to assume the position of Finance Minister. Ncube has denied fleeing the country during the 2004 banking crisis.[3]

Barbican Bank Mthuli ncube

He was a Lecturer in Finance at the London School of Economics, UK. Before joining the Africa Development Bank where he served as Vice President and Chief Economic Officer, he was the Dean of the Faculty of Commerce Law and Management, and also Director and Professor of Finance at Wits Business School, all at University of the Witwatersrand, South Africa. He has extensive experience as an investment banker and as a regulator, having served as a Board member of the South African Financial Services Board (FSB), which regulates non-bank financial institutions. He also served as Chairman of the National Small Business Advisory Council (NSBAC) in South Africa.

For the last 20 years, he has been devoted to economic research on Africa with the African Economic Research Consortium (AERC). He is now Chairman of the Board of AERC.[2]

Mthuli Ncube is currently a Professor of Public Policy at Blavatnik School of Government, University of Oxford, where he teaches and researches in the areas on macroeconomics, finance, development economics, political economy, and health economics.[4]

Ncube served as Vice President and Chief Economist of the African Development Bank Group (AfDB). He was Chairman of Operations Committee (Approving Investment Projects and Operations) for the bank in 2011-2012. Additionally, he was the Chair of the Advisory Panel on Ethics and Anti-Corruption for the AfDB in 2012.

Just before joining the African Development Bank, he was the Dean of the Faculty of Commerce Law and Management, and also Dean and Professor of Finance at Wits Business School, all at the University of Witwatersrand, in South Africa.

Ncube served as a Board member of the South African Financial Services Board (FSB), which regulates non-bank financial institutions in South Africa. He was also Chairman of the National Small Business Advisory Council (NSBAC) at DTI in South Africa in 2009-2010.

Published Works

Ncube has published extensively papers, articles and books in the area of finance and economics and received several awards. Some of his books include;

  • Mathematical Finance
  • Financial Systems and Monetary Policy in Africa
  • Development Dynamics, among others.

His papers have appeared in the Journal of Banking and Finance, Journal of African Economies, Mathematical Finance, Applied Financial Economics, Journal of Accounting and Public Policy, among others. Some of the reports he has led have been cited in The Economist, Wall Street Journal, and Financial Times, among other newspapers.

He was nominated Chairman of the Global Agenda Council of the World Economic Forum on “Poverty and Economic Development in 2010/2011 and Deputy Chairman in 2011/2012.[2]

Books

  • Development Dynamics: lessons from Zimbabwe (1992)
  • Monetary Policy and the Economy in South Africa (Macmillan 2013)
  • Quantitative Easing and its Impact (2013)
  • Africa’s Middleclass (2014)
  • African Financial Markets and Monetary Policy (2009)
  • Inclusive Growth in Africa (to be published in 2015)
  • Infrastructure in Africa(2017)
  • Global uncertainty, and Exchange Rates (2018).

Bond Note Not Equal To USD

Mthuli Ncube admitted that the United States Dollar was not equal to the Bond Note or the Real Time Gross Settlement (RTGS) electronic dollars. This is in stark contrast to Reserve Bank of Zimbabwe (RBZ) governor John Mangudya who insisted that the money is at par despite the fact that he ordered banks to separate bank accounts into Nostro Foreign Currency Accounts (FCAs) and RTGS FCAs. In his presentation at the United Kingdom think tank Chatham House, Ncube said,

The market is setting the pace. What is left for us is choreography and management of the economic fundamentals. The economy has dollarised. RTGS [real time gross settlement] balances are over $6 billion. The market is doing everything, we are going through a transition. The market has said these currencies [US dollar and bond notes] are not at par. I don’t want to argue with the market. The bond notes will, at some point, have to be demonetised and I cannot tell you (when that will be).

Mthuli at Chatham House



Trivia

  • His interests are in golf, reading and painting.

References

  1. [1], retrieved: 26 Aug 2018
  2. 2.0 2.1 2.2 2.3 Mthuli Ncube Bio, Vibrant Media, published: No Date Given, retrieved: October 31, 2016
  3. NEWSMAKER: The ‘troubled banker’ sent to fix Zim economy, NewZWire, Published: 10 September 2018, Retrieved: 5 July 2019
  4. Mthuli Ncube Profile, University of Oxford, published: No Date Given, retrieved: October 31, 2016