Harare South MP Shadreck Mashayamombe said Zanu PF risked losing next year's elections if action was not taken against the RBZ boss.
"As the political commissar of Zanu PF in Harare province, I am appealing to President Robert Mugabe to intervene with speed to correct this mess," he said.
"It will be very difficult for us to mobilise for the party.
"I had a meeting with church leaders at Stoneridge yesterday in my constituency.
"The first question that the people asked was about the issue of money.
"Mangudya has made our work as commissars difficult. We are targeting to mobilise over five million voters as a party and he should go."If the situation is not corrected on time, we will go back to the 2008 situation when Zanu PF only got one seat in Harare."
In 2008, Zanu PF only won Harare South while the rest of the Harare constituencies went to Morgan Tsvangirai's MDC-T.
Tsvangirai went on to hand Mugabe his first poll defeat, but failed to garner enough votes to get the presidency.
Inflation eclipsed world records, commodities ran out in shops, hospitals ran out of medicines and schools closed down due to hunger and poverty.
Mashayamombe said if the situation continued unabated, the country would sink deeper into an economic crisis.
"We don't need to go back to the 2008 era. No investors will come into the country due to inflation while many companies will be forced out of business," he said.
"There will be no foreign direct investment to talk about because no investor will come. Mangudya should resign so that someone else with fresh ideas will come."
Zanu PF blames the so-called sanctions imposed on the country for the economic implosion.
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