Ramaphosa retains Kganyago at South African Reserve Bank

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Governor of the South African Reserve Bank, Lesetja Kganyago, speaks during a press conference in the IMF/World Bank spring meeting in Washington, DC on April 21, 2018. (Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo credit should read ANDREW CABALLERO-REYNOLDS/AFP/Getty Images)
FILE PHOTO: Governor of the South African Reserve Bank, Lesetja Kganyago, speaks during a press conference in the IMF/World Bank spring meeting in Washington, DC. (Photo credit ANDREW CABALLERO-REYNOLDS/AFP/Getty Images)

South African President Cyril Ramaphosa reappointed Lesetja Kganyago as the governor of the South African Reserve Bank for a period of five years, the presidency said in a statement on Thursday.

Kganyago’s reappointment takes effect from November 9, 2019.

President Ramaphosa also appointed Rashad Ismail Cassim and Fundi Tshazibana as deputy governors of the bank.

The appointments were necessitated by the resignation of Francois Groepe in January this year and the expiry of the term of Daniel Mminele at the end of last month.

Tshazibana, an advisor to the governor and deputy governors, has previously worked for the National Treasury and the International Monetary Fund.

Cassim, who leads the Economic Research and Statistics Department at the bank, was once a lecturer at the University of Cape Town and executive director at the Trade and Industrial Policy Strategies (TIPS).

“President Ramaphosa has wished the governor and deputy governors well on their forthcoming terms and said these appointments were directed at strengthening capacity and maintaining stability at this critical institution,” the statement concluded.

Ramaphosa had previously pledged that his government would maintain the Reserve Bank’s independence. His remarks came as factions within the ruling African National Congress party differed on whether the Bank should widen its focus beyond inflation to improve employment and economic growth.

South Africa’s economy has faced challenges in recent months including weak investor confidence and demand and struggling state firms.

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