Home Business President Ramaphosa Re-appoints Kganyago and Appoints New SARB Deputy Governor

President Ramaphosa Re-appoints Kganyago and Appoints New SARB Deputy Governor

by Central News Reporter
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Lesetja Kganyago

Johannesburg – President Cyril Ramaphosa has asserted his confidence in the ongoing stewardship of the South African Reserve Bank (SARB) by reappointing Lesetja Kganyago as its Governor for another five-year term commencing this November.

President Cyril Ramaphosa
President Cyril Ramaphosa

“The reappointment of Governor Kganyago will ensure continuity and institutional stability at the reserve bank,” the Presidency communicated through an official release.

In a move that reinforces the President’s commitment to maintaining a robust leadership structure within the central bank, Nomfundo Tshazibana and Dr Rashad Ismail Cassim have also been reappointed as Deputy Governors for the same duration, effective from the first of August, 2024.

The statement detailed the accession of Dr Mampho Modise to the role of Deputy Governor at the expiry of Kuben Naidoo’s term. Dr Modise, a SARB alumnus, has held successive positions at the National Treasury, culminating in the Deputy Director-General role for the Public Finance Division. The Presidency’s announcement highlighted her impressive ascent within the nation’s monetary sphere:

“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 South African Reserve Bank in 2004 and progressed to the role of economist at the bank.”

With a notable academic grounding from the University of Pretoria, Dr Modise’s educational framework has been elaborate, encompassing a doctoral degree in Economics.

All these appointments and reappointments adhere to the protocols established by the South African Reserve Bank Act of 1989. After essential consultations with the Finance Minister and the SARB’s board of directors, the President has exercised his legislative authority as outlined in the Act:

“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 (SARB),” the statement explicated.

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