Bonyongwe retires from SECZ board Former Securities Commission of Zimbabwe chairperson Willia Bonyongwe receives a token from Commissioner Pearson Chitando at her farewell ceremony last week
Former Securities Commission of Zimbabwe chairperson Willia Bonyongwe receives a token from Commissioner Pearson Chitando at her farewell ceremony last week

Former Securities Commission of Zimbabwe chairperson Willia Bonyongwe receives a token from Commissioner Pearson Chitando at her farewell ceremony last week

Business Editor
Founding chairperson of the Securities and Exchange Commission of Zimbabwe (SECZ), Willia Bonyongwe, has retired from the regulator’s board after serving the authority for seven years. She has been replaced by retired banker Livingstone Gwata.

The appointment of Mr Gwata, effective November 1, 2016 came together with the appointment of four other board members Florence Ziumbe, Ethel Chitanda, Paradza Paradza and Yona Banda bringing the total number to eight.

Pearson Chitando, Harrison Nkomo and Godfrey Manungo are continuing as their terms are still current. With eight board members the commission will be compliant for the first time since 2013. The Securities Act stipulates that the Board should have a minimum of seven and maximum of nine members.

Speaking at a farewell function held at the Commission’s offices CEO Tafadzwa Chinamo told the gathering how he was constantly energised by Mrs Bonyongwe’s passion and dedication to seeing Zimbabwe develop into a world class economy underpinned by a vibrant and fully functional capital market.

“Despite the fact that capital market regulation was unheard of in Zimbabwe prior to SECZ’s existence in 2009, it is thanks to the leadership of Mrs Bonyongwe that the Commission’s role is now understood as pivotal and necessary by all market players in the development of our economy.”

Mr Chinamo went on to say that only a person of her will could have implanted and nurtured, to full growth, the SECZ, in an environment made hostile by the then partial regulator, the Zimbabwe Stock Exchange.

Mrs Bonyongwe told The Herald Business that having been appointed at the height of hyperinflation in 2008, Government was worried about the level of money creation at the ZSE which was also fuelling the parallel currency market. However, the team which also comprised of Martha Rukuni, Ambassador Chris Mutsvangwa, Arthur Charamba and John Chikura conquered.

“We were also required to bring in corporate governance into the capital market and to automate and demutualise the stock exchange and we have done this. We also now have the Central Securities Depository, which eliminates manipulation and guarantee safety of scrip although there are still some problems there,” she said.

The former SECZ chairperson said she was proud of what was achieved during her reign, including making the commission a member of Committee of Insurance, Securities and Non-banking Financial Authorities and could soon become a member of International Organisation of Securities Commissions.

Mrs Bonyongwe said the commission started off without management and staff and the commissioners had to do most of the work themselves while most of the milestones thus far came against the backdrop that the SECZ was, until October this year, self financing.

“I am proud of my achievements and passionate about what I was doing and I am glad that I am handing over to another very capable and professional team led by Livingstone Gwata. My only regret is that I leave at a time when markets are not performing well,” she said.

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