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Lesetja Kganyago Appointed New Reserve Bank Governor

Lesetja Kganyago Appointed New Reserve Bank Governor

President Jacob Zuma on Monday announced the appointment of Lesetja Kganyago as new South African Reserve Bank Governor, replacing the respected Gill Marcus, whose five-year term ends on 8 November.

Analysts surveyed by Reuters had predicted Kganyago, a deputy governor who has also served as Director General at the finance ministry, would get the post, ahead of fellow deputy governor Daniel Mminele.

Kganyago’s term will begin on November 9. 

He has been with the Reserve Bank since May 2011 after heading the National Treasury for more than seven years as director general.

Zuma congratulated Kganyago, who he said brings with him a wealth of experience.

The President also commended Marcus’ work over the past five years, saying the Reserve Bank has “acted independently, without fear, favour or prejudice” and thanked her for her dedication and leadership in a difficult economic climate.

Marcus said that it was a hallmark of the depth of the organisation that a successor was chosen from within the bank.

Photo caption: President Jacob Zuma has announced the appointment of Lesetja Kganyago as Reserve Bank Governor.