Telling empowering stories, South Africans want to hear

Friday, 15 March 2024 14:30

Ramaphosa reappoints central bank governor Lesetja Kganyago.

By Lehlohonolo Lehana.

President Cyril Ramaphosa has reappointed  South African Reserve Bank (SARB) Governor Lesetja Kganyago for another term of five years.

Kganyago's term of office was set to come to an end this year, and his reappointment is effective from November 2024.

Ramaphosa has also re-appointed Nomfundo Tshazibana and Rashad Cassim as the central bank's deputy governors.

Mampho Modise will replace Deputy Governor Kuben Naidoo after his term ended last year.

The Presidency's spokesperson Vincent Magwenya says Kganyago's reappointment will ensure continuity and institutional stability.

"The South African Reserve Bank Act of 1989 provides for the President to appoint the governor along with three deputy governors and four directors of the South African Reserve Bank.

"The bank shall have a board of fifteen directors, consisting of a governor and three deputy governors, of whom one shall be designated by the president of the republic as senior deputy governor, who shall be appointed by the president of the republic, after consultation with the minister and the board, as well as four other directors appointed by the president, after consultation with the minister." 

The South African Reserve Bank has said that it welcomed the announcement by Ramaphosa to reappoint Kganyago and Deputy Governors Tshazibana and Cassim, and the appointment of Dr Mampho Modise as Deputy Governor.

In a statement, SARB said, "SARB welcomes President Cyril Ramaphosa’s decision to reappoint Lesetja Kganyago as Governor of the SARB, and Nomfundo (Fundi) Tshazibana and Dr Rashad Cassim as Deputy Governors of the SARB, each for another five-year term. President Ramaphosa has also appointed Dr Mampho Modise as Deputy Governor, following the resignation of Mr Kuben Naidoo in November 2023. Dr Modise will begin her five-year term effective 1 April 2024 until 31 March 2029.".

Kganyago started his career as an accounting clerk at First National Bank (FNB), served as an accountant for the Congress of South African Trade Unions (COSATU) and worked in the African National Congress (ANC) department of economic policy.

He holds an MSc in Economics from SOAS University of London and a BCom degree in Economics and Accounting from the University of South Africa. In 2017 he was named the Global Markets Awards' Governor of the Year for Sub-Saharan Africa. The following year he was named the Central Banking Governor of the Year. In 2021 he was awarded Central Bank Governor of the year by African Banker.