©Dr. Admire M. Dube, CFA®
@admire_dube
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CFA Charter | Investment PhD | Published Author | AMD Capital | Mobilising 4 Africa | Father | Full of faults & working on them daily | https://t.co/Plbv5ap7k9
🇿🇼 Gokwe, Zimbabwe
Joined February 2012
I had a seat down with Zimbabwe's Minister of Finance, @MthuliNcube and I asked petinent questions about Zim's economy, including your query @baba_nyenyedzi on Y the reserve ratio was not adjusted when bank policy was lifted to 200%. Perhaps join my "Spaces" this Monday na 8pm.
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RT @admire_dube: In May 2024, shortly after the introduction of the ZiG as Zim's local currency, I stated that its "reserves," as a structu…
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@zimkwacha Indeed. Corporate governance laws and regs should be enforced and SOPs followed unequivocally if key deliverables of these bodies are to be met.
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RT @admire_dube: Just saw this in a whats group I'm in. Is this true or I'm amplifying falsehoods by spreading them? If true, very mind b…
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I'm not surprised though...
Americans, with the utmost of all attendant respect, how did you convince yourselves that this is at par with @f1?
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Hahaha. I'm laughing coz of the way you expressed it. Equal opportunity corruption zone. But this indeed is a serious matter. Corruption is NOT a victimless crime, especially when culprits have their fingers in the public purse.
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In May 2024, shortly after the introduction of the ZiG as Zim's local currency, I stated that its "reserves," as a structured currency, would necessitate auditing by an institution whose findings are beyond reproach & universally credible. While audit firms are undoubtedly competent, as I expressed then - and continue to believe - they do not inherently command the level of universal confidence required to underpin a currency, particularly in an environment characterised by pervasive market skepticism, such as ours. To elaborate, my argument at the time, as it still is today, was that the requirements for such an exercise transcend mere technical proficiency. They extend into the domain of political & institutional credibility - an area that, with all due respect to audit firms, lies outside their traditional mandate and expertise. 1 year later, my position remains unchanged. This is not a matter that falls squarely within the purview of entities such as BDO. Again, I say this with the utmost respect for their esteemed reputation and technical capabilities. If this were solely about technical competence, then the existing legally mandated oversight frameworks would suffice. EG, the Auditor-General’s Office - empowered by Sec. 309 of the Zim Constitution (2013) & Sec. 6(1) of the Audit Office Act [Chapter 22:18] - would be more than adequate to undertake this responsibility. Let me be clear just in case I'm misquoted, this is NOT to imply that BDO or any other audit firm would act dishonestly. Far from it. Unless proven otherwise, I have no reason to doubt their findings. However, in matters of monetary confidence, what we in the financial fraternity believe, is secondary to broader public perception. Trust in a currency is ultimately anchored in public confidence - a fragile construct that can be undermined by even the perception of inadequacy or bias in oversight mechanisms. So, who do I believe should conduct these audits? The same entity I identified in May 2024. For further context and details, please refer to my interview linked in the post below...⬇️
Thank you for participating in this poll below about the optimum set up for auditing of the RBZ currency reserves. The poll canvassed responses about which entity or organisation would be ideal for auditing the @ReserveBankZIM currency reserves, to enable transparency (and with that, confidence in the ZiG)? I note almost half of those who responded prefer the top 4 audit firms to take over the Auditor General's role with over a third others prefering a Bretton Woods institution. I was asked this very question sometime last week, by one African tv station and after giving my response I began wondering what everyone else's opinion was, hence the poll. In that interview, I picked the TRIPARTITE NEGOTIATING FORUM (TNF). It is a comprehensive entity encompassing labour, industry, and government, and thus offers a robust platform for consensus-building, which is paramount when contrasted with the conventional approach of engaging one of the 'Big Four' audit firms (or the other options I put in that poll). In the context of auditing RBZ's currency reserves, to me the TNF emerges as a superior instrument, particularly in light of recent developments where one leading audit firm has transitioned to local management, while others long left Zim. Also, all 4 have encountered global scrutiny over their auditing practices elsewhere in the world following incompetent or even corrupt reports. These firms recently have occasionally failed to meet their Key Performance Indicators (KPIs), undermining their credibility after all. Contrary to the prevailing preference for the 'Big Four', I advocate for the TNF, which is given strength by Act 3 of 2019, as a legally sound and pragmatic choice. The TNF's composition is its strength: ie government representatives who shape policy, labour advocates who represent the transacting populace whose confidence is essential for the currency's functionality, and industry experts whose technical expertise rivals, if not surpasses, that of the top audit firms anyway. This ensures a technically proficient audit of the reserves and subsequent recommendations, fostering a stable economic environment and consensus built roadmap. Your thoughts?
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RT @admire_dube: Thank you for participating in this poll below about the optimum set up for auditing of the RBZ currency reserves. The pol…
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@pmdon_24 People here saying these allegations are all true! Can't even phantom how the city is not on its knees foreclosed with such wanton pilferage...
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@deankarrachef This are country size kind of budgets baba. I was just looking at Malawi's Ministries' expense sheet last week and they are not even close to this.
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RT @admire_dube: @gc_kore How does a board spend US$16 million on "workshops" in 6 months???? Were they outright buying each venue they us…
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How does a board spend US$16 million on "workshops" in 6 months???? Were they outright buying each venue they used? St Patrick's Hotel in Byo, a 16 roomed, 2 conference & 4 acre facility cost only 1 million USD to build. U mean they cld've build 16 of these instead with this half year expenditure they spend on merely hiring & related expenses? That's ridiculous 😟
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