Mogajane is SA’s new Treasury DG

National Treasury has confirmed the appointment of Dondo Mogajane as South Africa’s new director-general (DG) of finance, scotching rumblings that former Eskom CEO and parliamentary back-bencher Brian Molefe may be deployed to the role.

The position was left open by the resignation of Lungisa Fuzile who has served at Treasury for 19 years. He signalled his intention to resign ahead of the axing of finance minister Pravin Gordhan.

Mogajane, who has been acting DG since Fuzile left at the end of April, was previously head of public finance within Treasury. He had been with the department for over 10 years. He will be National Treasury’s 4th DG. Maria Ramos was the first, Lesetja Kganyago was the second and Lungisa Fuzile was the third.

Mogajane will play a crucial role in steadying the ship following the axing of Gordhan and the departure of Fuzile and deputy DG Andrew Donaldson – who will continue to consult to National Treasury.

He will also have a say in the appointment of Donaldson’s successor. – Business reporter

Anew retirement survey provides no clear reassurance that millennials will be any better off than their battling parents when they retire. South Africa is facing a major retirement crisis. About 94% of pensioners are unable to maintain their standard of living in retirement.

Withering returns

The move from defined benefit retirement funds (where the employer bears the risk of worse than expected investment returns) to defined contribution funds (where the responsibility of saving enough for retirement is effectively transferred to the individual), a lower return environment and increases in average