Mangudya was a key figure in the development of Zimbabwe’s indigenous banking sector. He contributed to the establishment of several local banks,most notably the Commercial Bank of Zimbabwe,by securing funding and providing strategic support. His efforts helped empower Zimbabwean financial institutions and reduce reliance on foreign banks. Mangudya also served as a board member of Afreximbank (African Export-Import Bank),where he influenced policies aimed at promoting trade and economic growth across the African continent.
Commonwealth Preferential Trade Agreements
John Mangudya played a significant role in negotiating Commonwealth free trade preferential trade agreements on behalf of Zimbabwe,particularly with the Commonwealth. He was instrumental in securing agreements for the supply of Zimbabwean sugar to Commonwealth nations,bolstering the country’s agricultural exports. [21] Additionally,Mangudya facilitated the export of Zimbabwean beef to both Commonwealth countries and other markets under preferential trade terms,enhancing Zimbabwe’s position in international trade. During this period,he worked closely with then-British Prime Minister John Major,fostering diplomatic and economic ties between Zimbabwe and the United Kingdom.
Similarly,Zimbabwe’s sugar industry has contributed to Commonwealth trade through preferential agreements. Under the Sugar Protocol of the ACP-EU Cotonou Agreement ,Zimbabwe secured a preferential tariff quota of 30,225 [22] tonnes annually,supplemented by a variable Special Preferential Sugar quota. While this agreement primarily targeted the European Union,it included Commonwealth countries like the UK,which historically imported Zimbabwean sugar before and after its suspension from the Commonwealth in 2002. The sugar sector,centered in the Lowveld region,has leveraged fertile soils and irrigation to produce exportable surpluses,with companies like Tongaat Hulett driving output. Even after economic challenges in the 2000s,Zimbabwe maintained sugar exports,with potential markets in Commonwealth nations like South Africa and Zambia,though regional trade has often been overshadowed by EU focus.
Zimbabwe’s beef exports to Commonwealth markets waned in the early 2000s due to foot-and-mouth disease outbreaks,economic sanctions,and the land reform program,which disrupted commercial farming. However,a resurgence began in 2017,with efforts to revive the CSC and attract investment,such as the $130 million [23] deal with UK-based Boustead Beef. Sugar exports have remained more consistent,supported by STABEX funds to stabilize earnings,reinforcing Zimbabwe’s role as a supplier to Commonwealth and global markets. Today,as Zimbabwe seeks to rejoin the Commonwealth (a process ongoing as of 2025),its beef and sugar industries are poised to reclaim their historical significance,supplying quality products to member states and beyond.
Banking
Mangudya is widely regarded as a key figure in the country's financial sector. He began his career in 1986 as an economist at the Reserve Bank of Zimbabwe after completing his education. Mangudya later played a significant role in the establishment of the African Export-Import Bank (Afreximbank [26] ),where Zimbabwe holds the position of the third-largest shareholder,following Nigeria and Egypt.
During his tenure with Afreximbank,Mangudya's efforts contributed to the creation of several indigenous banks in Zimbabwe. He facilitated loans and guarantees that supported these institutions as well as various Zimbabwean projects,including the Mazowe Satellite Station. [27] Additionally,Mangudya is credited with devising the strategy that elevated Commercial Bank of Zimbabwe to its status as Zimbabwe's largest commercial bank. His innovative financial strategies have been noted for their role in sustaining Zimbabwe's economy during periods of severe sanctions [28] and financial hardship,prompting suggestions for a new field of study termed "wartime economics" or "crisis reserve banking" to analyze his methods.
