Kganyago reappointed as SARB Governor for five more years

President Cyril Ramaphosa reappointed Lesetja Kganyago as governor of the South African Reserve Bank (SARB) for another five-year term.

Kganyago’s new term will commence on 9 November 2024 and conclude on 8 November 2029.

He was first appointed Governor on 9 November 2014 and was reappointed for a second five-year term on 9 November 2019.

A lifelong public servant, he has extensive experience in macroeconomic policy formulation, including fiscal and monetary policy, financial sector policy, international finance, public debt management and financial markets.

Kganyago also played a leading role in implementing public finance and budgetary reforms at the National Treasury, which led to greater transparency and accountability of the country’s public finance and budget processes.

The President also reappointed Kganyago’s deputies, Fundi Tshazibana and Rashad Cassim, for fresh terms and named Mampho Modise as another deputy governor of the central bank to replace Kuben Naidoo.

Modise, an economist, returns to the central bank 15 years after she left for the National Treasury, where she is currently the deputy director-general of public finance.

She was appointed deputy director-general of public finance in October 2017, responsible for fiscal and financing monitoring and the evaluation of policy proposals across national departments.

She was also responsible for assessing the performance and oversight of public and state-owned entities.

Formerly a chief director for strategy and risk management at the National Treasury’s Asset and Liability Management Division, she was responsible for the implementation of a strategy and risk management framework and managed the government’s relationships with global rating agencies.

Her previous roles include Director of Fiscal Policy and senior economist in the Economic Policy Division at Treasury.

She started her career at the SARB, first as an intern in 2004 and later as an economist in the Economic Research Department until 2009.

She’d also been tipped for the position of director-general at Treasury but lost out to Duncan Pieterse.

Modise holds a Bcom Economics, BCom Honours in Econometrics, an MCom in Econometrics (cum laude), and a PhD in Economics in 2013, all from the University of Pretoria.