Karuaihe takes office as Agribank CEO
13 January 2022 | Agriculture
Raphael Karuaihe officially assumed duty as Agribank’s new CEO this week. This follows his appointment in October last year.
Prior to his appointment, Karuaihe worked as the head of commodities at the Johannesburg Stock Exchange (JSE) in South Africa since 2012. He was responsible for overseeing agricultural and non-agricultural commodities.
Agribank deputy board chair Darmar Honsbei said Karuaihe spent many years in the financial service industry where he advised institutional clients on investments and risk management.
“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.”
Honsbei added that 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 the Covid-19 outbreak on the agricultural sector.
The new CEO’s term coincides with the bank’s new five-year strategic plan, running from 2022 to 2026, with a special focus on business preservation and growth, financial sustainability as well as product and technological innovation.
This is to enable the bank to continue delivering on its mandate of providing affordable and innovative agriculture financing solutions, Honsbei said.
Among other qualifications, Karuaihe holds a doctorate in agricultural economics from the Washington State University in the United States and a master of business administration in banking and investment management from the Maastricht School of Management in the Netherlands.
“The board of directors and staff welcome and wish Karuaihe well in his new role. We assure him of him of our impartial support in the execution of his executive responsibilities.
“We are certain he will take the bank to the next trajectory,” Honsbei said.
Former CEO Sakaria Nghikembua left the bank at the end of July last year when his term came to an end.