Appointment of the Reserve Governor Designate for publication
Company Announcement - In commensurate with the decision of President Jacob Zuma to appoint Lesetja Kganyago as the Reserve Governor Designate, the Black Management Forum would like to congratulate Lesetja Kganyago for agreeing to lead one of the most important institution in our land. The appointment of Lesetja Kganyago comes at an opportune time when indicators show the inflation rates is to be above the bank’s 3 percent to 6 percent target. Given Lesetja’s grounding in Treasury till he joined the SARB and also his attuned leadership, he certainly has the prowess to deal with a sluggish economy that has only grown by 0.5 % per capita.
At an organisational level his appointment comes at a time for reflection on challenges facing the country and the strategic role he will play as the Governor especially with regards to transforming the Bank itself so that it can reflect the demographics of South Africa. As the governor designate, the BMF is looking forward to see the Reserve Bank proactively supporting the National Development Plan, and “protecting the value of the currency in the interest of balanced and sustainable economic growth in the Republic.” The reality is that growth is uneven and downside risks remain and this growth in developed countries has gained momentum and/or traction, but the expansion in emerging markets has slowed. The economies of developing countries such as South Africa, remain vulnerable to volatile capital flows. We congratulate Mr. Lesetja Kganyago for taking such a brave step to lead an important institution in the country.
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