SARB Appoints Governor

Publication Date: 16/03/2024

The re-appointment of Lesetja Kganyago as Governor of the South African Reserve Bank (SARB), for the next five years, will sustain confidence in South Africa, as the country deals with its challenging economic conditions and the political uncertainty that is likely to grow ahead of the general elections.

The simultaneous reappointment of Nomfundo (Fundi) Tshazibana and Dr Rashad Cassim as Deputy Governors of the SARB, along with the appointment of Dr Mampho Modise as a Deputy Governor are an important signal of South Africa’s long-term commitment to responsible monetary policy, good management of its reserves and the stability of its financial system.

Under Governor Lesetja and his team, the South African financial system has remained stable and resilient, despite challenging international and domestic economic conditions. Bank regulation has been transparent and firm; and the SARB’s commitment to keeping inflation in check and the currency stable has been of great benefit to the economy and the business environment. It is perhaps testimony to the SARB’s stewardship of the banking sector that the Financial Action Task Force (FATF) did not identify any remedial actions for South African banks when it reviewed the country’s anti-financial crime capacity. South Africa’s financial system continues to be recognised as among the best regulated, sophisticated and innovative in the world.

While the SARB has been key in supporting the economy and maintaining good governance and stability in the financial sector, responsible monetary policy alone is not enough to restore the South African economy. Without the urgent reforms needed to improve the business environment, including the revitalisation of vital economic infrastructure, adherence to fiscal discipline and good, effective governance in municipalities, South Africa will continue to struggle to attract investment needed to create jobs. The revitalisation of the South African economy needs to the support of the whole of government behind a coherent economic reform programme.

The Banking Association South Africa (BASA) wishes Governor Kganyago and his team the best in the coming years.