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Lesetja Kganyago: South Africa’s New Reserve Bank Governor - Blog

Lesetja Kganyago: South Africa’s New Reserve Bank Governor

Last week saw the announcement by President Jacob Zuma of a new governor for the South African Reserve Bank. 48-year-old Lesetja Kganyago, who replaces outgoing governor Gill Marcus, has been with the bank since May 2011 and up until his recent appointment, has held the position of deputy governor. Marcus is stepping down after serving her five-year term as governor of this national financial body.

Last week saw the announcement by President Jacob Zuma of a new governor for the South African Reserve Bank. 48-year-old Lesetja Kganyago, who replaces outgoing governor Gill Marcus, has been with the bank since May 2011 and up until his recent appointment, has held the position of deputy governor. Marcus is stepping down after serving her five-year term as governor of this national financial body.

Kganyago’s appointment has been warmly received, with most investors meeting the decision with approval. His impressive CV, along with his wealth of knowledge and experience, made him a frontrunner for the position and a sound candidate entrusted with taking over the reins from Marcus. Kganyago started working in public service in 1996, becoming the director-general of the National Treasury in 2004. Before that, he was a clerk at FNB as well as an accountant for the Congress of South African Trade Unions. With a Masters in Economics from the prestigious London School of Economics as well as exposure to renowned institutions such as the World Bank, IMF, Harvard University and the University of Witwatersrand Business Schools, Kganyago’s credentials are impeccable. On top of his high level of expertise, he is also well-respected. The fact that Marcus’ replacement came from within the Reserve Bank family, speaks volumes to the calibre of person it employs.

Whilst Kganyago undoubtedly has a tough road ahead of him, many will agree that he is the right man for the job. This was further echoed in the fact that after his appointment, the Rand strengthened by more than 0.9%. Kganyago’s main aim will be to protect the value of the Rand and promote sustainable growth within South Africa’s economy. The country’s steadily rising inflation rate will surely prove a challenge, but with Kganyago at the helm, South Africa is in good hands.

Kganyago’s replacement has yet to be announced.

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