Cape Town — President Cyril Ramaphosa has re-appointed Lesetja Kganyago as the South African Reserve Bank (SARB) governor for another five years.
His term was set to come to an end this year, but Ramaphosa announced he will be extending his term, citing the reason for the decision to ensure stability and continuity in the central bank, IOL reported.
“The re-appointment of governor Kganyago will ensure continuity and institutional stability at the reserve bank. Kganyago’s term will begin in November this year. He said the re-appointment happened after Ramaphosa had consultations with the Minister of Finance, Enoch Godongwana, and the directors of the SARB.” Ramaphosa’s spokesperson, Vincent Magwenya, said.
Ramaphosa also re-appointed Fundi Tshazibana and Rashad Ismail Cassim as deputy governors of the bank for five years. Their terms were set to end in August.
The Banking Association of South Africa says the reappointment of Lesetja Kganyago as the Reserve Bank governor is an important signal as it shows stability in the country’s financial system, EWN reported.
It said the decision will sustain confidence in South Africa as the country heads for elections, as Kganyago can keep the country’s financial system stable.
According to News24, Mampho Modise was appointed as deputy governor to replace former deputy Kuben Naidoo. Modise’s post is set to take office on 1 April, and brings a wealth of experience with her. She is currently the Deputy Director-General for Public Finance division in the National Treasury, having started as an intern at the SARB in 2004.
“Dr Modise is a dedicated, talented official with a genuine passion for the public service and keen appreciation of the challenging macroeconomic period the country is currently facing,” said Finance Minister Enoch Godongwana.
Follow African Insider on Facebook, Twitter and Instagram
Picture: X/@Spha_Gruffy
For more African news, visit Africaninsider.com
Compiled by Matthew Petersen
