Kganyago open to second term as SARB head

South African Reserve Bank Governor Lesetja Kganyago said that if asked to, he would serve another five years at the helm of the central bank when his term comes to an end in November 2019.

Kganyago was appointed by former President Jacob Zuma almost four years ago and another term will extend his stay as head of the Reserve Bank until 2024.

The governor and his three deputies are appointed by the leader of the country for a fixed five-year term and legislation makes no provision for their removal.

“If the appointing authority tells me that somebody else could do the job, it is in the hands of the appointing authority,” Kganyago said.

“That is why you are appointed for a fixed term, so that during that term, you know that no one will interfere with you.”

Credit-rating companies have continuously cited the Reserve Bank and its leadership as institutional strengths for South Africa, even as they cut the nation’s debt to junk last year.

Kganyago said there was never pressure on him to step aside, even with changes at the National Treasury, and Zuma appointing people seen to be loyal to him to top positions at the revenue service and the National Prosecuting Authority.

“I can tell you that no one tried,” he said. “But if they were to try, they would have a fight on their hands.”

Source: Bloomberg

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *