Zuma announces new Sarb governor

Oct 06 2014 10:19
Fin24, Reuters and Sapa

Cape Town - President Jacob Zuma on Monday announced that SA Reserve Bank (Sarb) deputy governor Lesetja Kganyago will take over from governor Gill Marcus.

As it happened: Kganyago is new Sarb governor

Analysts 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 served as Sarb director general since 2011, and Treasury DG before this from 2004 to 2011.

The widely-respected Marcus, who guided South Africa through a turbulent five years since the global financial crisis, ends her term on November 8.

She said she had advised the president some time ago that she would not be available for renewal. "I think the bank has an outstanding team of leadership, both in the executive, monetary policy, leadership, management of the bank.

"Therefore, I'm quite comfortable saying that I'm very happy that whoever the president chooses to succeed as the next governor will continue with the strength of this institution and do an excellent job," she said.

Kganyago's appointment was announced by President Jacob Zuma, flanked by Finance Minister Nhlanhla Nene, at a media briefing at the Union Buildings in Pretoria.

Kganyago is expected to assume his duties on November 9.

"The Reserve Bank must perform its functions independently and without fear, favour or prejudice," said Zuma.

"During the past five years, the Bank performed its functions in the context of a tough global financial crisis and challenging domestic economic factors.

"The institution registered excellent performance during this difficult period, under the capable leadership of the Board, the Governor, Ms Gill Marcus and the Deputy Governors,": Zuma said.

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sarb  |  sa economy



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