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 Ramaphosa’s spokesperson Vincent Magwenya announced that Kganyago would stay on.

Magwenya also said Deputy Director-General for Public Finance in the National Treasury, Mampho Modise, will succeed Kuben Naidoo as the deputy governor of the Sarb.

It was reported recently that Modise was the frontrunner to take over as deputy governor when Naidoo’s term of office ended last year.

Magwenya said on Friday Ramaphosa extended Kganyago’s term for five years to ensure stability and continuity in the central bank.

“The re-appointment of governor Kganyago will ensure continuity and institutional stability at the reserve bank,” said Magwenya.

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 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 Sarb and National Treasury welcomed the appointments.

“The South African Reserve Bank welcomes President Cyril Ramaphosa’s decision to reappoint Mr Lesetja Kganyago as Governor of the Sarb, and Ms Nomfundo (Fundi) Tshazibana and Dr Rashad Cassim as Deputy Governors of the SARB, each for another five-year term,” said the Sarb.

“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 April 1, until March 31, 2029,” it said.

“The new terms of Governor Kganyago and Deputy Governors Tshazibana and Cassim will commence when their current five-year terms conclude later this year. The Sarb will now have a full complement of executives.”

Godongwana said he wished Modise well in her role as deputy governor of the Sarb.

Modise rose through the ranks in the National Treasury over many years until she was appointed Deputy Director-General for Public Finance.

“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 Godongwana.

He said he has no doubt Modise will succeed in her role as deputy governor.

siyabonga.mkhwanazi@iol.co.za

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