Dr. Raphael Karuaihe has started work as the Chief Executive Officer of the Agricultural Bank (Agribank).

Karuaihe’s first day at the bank was yesterday.

He was appointed by the Board of the Bank in October 2021 to take over from Mr Sakaria Nghikembua whose term ended at the end of July last year.

Prior to his appointment, Dr Karuaihe worked as the Head of Commodities at the Johannesburg Stock Exchange (JSE) in South Africa; since 2012, where he was responsible for overseeing agricultural and non-agricultural commodities within the Capital Markets Division.

Before joining the JSE, he spent years in the financial service industry where he had advised institutional clients on investments and risk management.

“Dr Karuaihe brings along a wealth of unique experience and knowledge to the chief executive position. The Board and staff of the Bank place considerable trust in him to carefully navigate the agricultural bank during the currently trying times,” said Agribank’s Board Vice Chairperson Ms Dagmar Honsbein.

“The Bank needs all hands on deck to mitigate challenges and risks to the agri-business environment, such as the protracted drought and the impact of Covid-19 outbreak on the agricultural sector.

“Dr Karuaihe’s term coincides with the new 5-year strategic plan of the Bank, running 2022-2026, with a special focus on business preservation and growth, financial sustainability, product, and technological innovation. This is to enable the Bank, to continue delivering on its mandate of providing affordable and innovative agriculture financing solutions.”

Honsbein added that the Board of Directors and staff at the bank welcomed and wished Dr Karuaihe well in his new role.

“We assure him of our impartial support in the execution of his executive responsibilities. We are certain that he will take the Bank to the next trajectory,” she said.

In the photo: Taken after signing his contract with the board yesterday, from left to right – Dr Michael Humavindu, Board Member; Dr Raphael Karuaihe, Agribank CEO; Ms. Dagmar Honsbein, Board Vice Chairperson; and Mr. Alfred Sikopo, Board Member.