President Cyril Ramaphosa has reappointed Lesetja Kganyago as Governor of the South African Reserve Bank (SARB) for a period of five years.
The reappointment will take effect from November this year.
Institutional stability
“The reappointment of Governor Kganyago will ensure continuity and institutional stability at the reserve bank.
“Furthermore, the president has reappointed Nomfundo Tshazibana and Dr Rashad Ismail Cassim as Deputy Governors of the [SARB]. This for a period of five years, with effect from August 1 2024,” the Presidency said in a statement.
The statement said Dr Mampho Modise has been appointed as deputy governor. This following the end of term of former deputy governor Kuben Naidoo. The entity has always had three deputies.
Long track record in the system
“Dr Modise is currently the Deputy Director-General for Public Finance Division in the National Treasury (NT). She started her career as an intern at the [SARB] in 2004. Later she progressed to the role of economist at the bank. Dr Modise left the SARB in 2009 to join the NT. There she started as a senior economist in the Economic Policy division.
“She was soon promoted to Director: Fiscal Policy. Later she was promoted to the Chief Director: Strategy and Risk Management in the Asset and Liability Management division of the NT. In 2017, she was promoted to the position of Deputy Director-General.
“Dr Modise completed her tertiary education at the University of Pretoria. Here she obtained her BCom Economics, BCom Honours Econometrics, MCom Econometrics (cum laude). Later she obtained a PhD in Economics,” the statement said.
Appointments in accordance with SA laws
The appointment and reappointments were made in accordance with section 4(1) (a) read with section 5 (1) (a) of the South African Reserve Bank Act of 1989. This after consultations with the finance minister and the board of directors of the SARB.
“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 SARB. Section 4 (1) (a), states that ‘The Bank shall have a board of 15 directors. These consist of a Governor and three Deputy Governors, who shall be appointed by the president. This after consultation with the minister and the board. As well as four other directors appointed by the president, after consultation with the minister’,” the statement concluded.
- SAnews.gov.za
