Lesetja Kganyago will serve a third term as Governor of the South African Reserve Bank (SARB), the Presidency announced on Friday.
President Cyril Ramaphosa also re-appointed Nomfundo Tshazibana and Dr Rashad Ismail Cassim as deputy governors and appointed Dr Mampho Modise (pictured) as deputy governor, following the resignation of Kuben Naidoo in November 2023.
The President made the appointments after consultation with the Minister of Finance and the SARB’s board, as required by the SARB Act.
Kganyago’s new five-year term will start on 9 November and end on 8 November 2029. He was first appointed Governor on 9 November 2014 and was reappointed for a second term on 9 November 2019.
He chairs the SARB’s Monetary Policy Committee (MPC), Financial Stability Committee (FSC), and Prudential Committee (Pruco). All three deputy governors are members of the MPC, FSC, and Pruco.
Kganyago’s re-appointment “will ensure continuity and institutional stability at the Reserve Bank”, the Presidency said in a statement.
Tshazibana joined the SARB in 2018 as an adviser to the Governor before being appointed deputy governor on 1 August 2019. Her second term of office will start on 1 August 2024 and end on 31 July 2029.
Tshazibana is the chief executive of the Prudential Authority (PA). She oversees the Prudential Cluster, which includes the PA and the Financial Surveillance Department.
Cassim’s second term as deputy governor also starts on 1 August.
He heads the Markets and International Cluster, which includes the Financial Markets Department, International Economic Relations and Policy Department, and General Counsel. He is also in charge of the National Payment System Department.
Modise’s five-year term as deputy governor will start on 1 April.
Modise joins the SARB from National Treasury, where she is the deputy director-general of public finance, responsible for fiscal and financing monitoring and the evaluation of policy proposals across national departments. She is also responsible for assessing the performance and oversight of public and state-owned entities.
Finance Minister Enoch Godongwana said Modise is a “dedicated, talented official with a genuine passion for the public service and keen appreciation of the challenging macro-economic period the country is currently facing. She is also a competent leader, and the SARB, as well as the nation as a whole, will benefit immensely from her diligence.”
Modise started her public service career in 2004 as an intern at the SARB and rose to become an economist.
After joining Treasury in 2009 as a senior economist in the Economic Policy Unit, Modise climbed the ranks and was promoted to director of fiscal policy and thereafter to chief director of strategy and risk management. She was appointed as the deputy director-general of public finance in 2017.
Modise has a BCom Economics, a BCom Honours in Econometrics, a Master’s in Econometrics (cum laude), and a PhD in Economics, all from the University of Pretoria.
