Ramaphosa re-appoints Kganyago as Reserve Bank Governor

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President Cyril Ramaphosa has re-appointed Lesetja Kganyago as Governor of the South African Reserve Bank for another five years with effect from 9 November 2024.

In a statement, the Presidency says the decision, taken in consultation with the Minister of Finance and directors of the SARB, will ensure continuity and institutional stability at the reserve bank.

The President has also re-appointed Nomfundo Tshazibana and Rashad Ismail Cassim as Deputy Governors of the SARB for five years with effect from 1 August 2024.

Following the end of term of office for former Deputy Governor Kuben Naidoo in 2023, President Ramaphosa has appointed, Dr Mampho Modise as the new Deputy Governor of the South African Reserve Bank.

Dr Modise is appointed as the new Deputy for five years with effect from 1 April 2024.

Modise, who began her career at the Bank in 2004, is currently the Deputy Director-General of the Public Finance division at the National Treasury.

In a statement, Finance Minister Enoch Godongwana says Modise’s vacancy at the National Treasury will be filled once the necessary process has been completed.

Labour federation Cosatu has welcomed Modise’s appointment but, says Ramaphosa should have searched for a candidate outside of the traditional pool.

Cosatu Parliamentary Coordinator Matthew Parks says, “We must express our disappointment that the president didn’t take the opportunity to introduce a diversity of views in the Reserve Bank leadership team. He didn’t take a chance to appoint somebody from outside of the traditional, quite consecutive treasury orthodox stable economic views but bringing somebody from perhaps academia or some other progressive school of thought with advanced economics we think it would have been helpful to have a diverse view.”