Kganyago stays on with new deputies

Lesetja Kganyago will serve another five years as governor of the South African Reserve Bank to ensure continuity and institutional stability.

Two deputy governors, Nomfundo Tshazibana and Dr Rashad Ismail Cassim, were also reappointed.

The Presidency announced yesterday that President Cyril Ramaphosa made the appointments after consultations with the minister of finance and the board of directors of the South African Reserve Bank (Sarb).

The South African Reserve Bank Act provides for the president to appoint the governor of the Sarb, three deputy governors and four directors.

Kganyago’s new term will start on 9 November 2024 and the terms of Tshazibana and Cassim will commence on 1 August 2024.

Ramaphosa also appointed Dr Mampho Modise as the new deputy governor of the Sarb for five years, starting on 1 April after the end of the term of office for former deputy governor Kuben Naidoo in 2023.

The president expressed his gratitude to Naidoo for his contribution to the SA Reserve Bank and wished Modise well in her new role.

Modise is currently the deputy director-general of the public finance division in the National Treasury.

She started her career as an intern at the SA Reserve Bank in 2004.

She progressed to the role of economist before leaving the SA Reserve Bank in 2009 to join Treasury.

At National Treasury, Modise started off as a senior economist in the economic policy division.

She was soon promoted to director of fiscal policy and then to chief director for strategy and risk management in the asset and liability management division of Treasury.

In 2017, she was promoted to the position of deputy director-general.

Modise obtained a BCom and BCom honours degrees in econometrics, a MCom in econometrics (cum laude) and a PhD in economics from the University of Pretoria.

Section 4 (1) (a) of the South African Reserve Bank Act states that the SA Reserve Bank must have a board of 15 directors.

The board must consist of a governor and three deputy governors.

They are appointed by the president after consultation with the minister and the board.

There must also be four other directors who are appointed by the president, also following consultation with the minister.