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Kganyago’s reappointment will keep Reserve Bank independence in safe hands – unions


Lesetja Kganyago’s reappointment as Reserve Bank governor will ensure its independence, several organisations have said.

National Treasury on Wednesday announced Kganyago’s reappointment, and the appointment of two new deputy governors – Fundi Tshazibana and Rashad Cassim.

Kganyago’s reappointment will “strengthen” his hand to defend the bank from attacks on its independence, head of Solidarity’s Research Institute Connie Mulder said.

Kganyago is no stranger to defending the bank’s constitutional mandate to protect the value of the currency through inflation targeting – despite former Public Protector Busisiwe Mkhwebane and now more recently ANC NEC member Ace Magashule’s utterances that it be changed to drive inclusive economic growth.

“South Africa can only benefit from Kganyago’s strong and stable hand on the country’s monetary policy,” Mulder said.

The Public Servants Association in a statement also lauded Kganyago for playing a “critical role” in ensuring the bank’s independence and preventing political influences from interfering with running the Reserve Bank.

“The PSA notes his continued efforts to curb the rise in inflation at a time when the country’s economy is in a deep crisis and calls on all to continue to support his efforts,” the union said.

The Banking Association of South Africa (BASA) has said the appointments at the bank will boost policy certainty, investment and business confidence in the country.

Kganyago brings “experienced and mature leadership” which is needed in SA as it tries to navigate out of the current economic crisis. The accompanying deputies will also strengthen the leadership team, BASA said.




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