Ramaphosa reiterates commitment to safeguarding Reserve Bank

SABC News Ramaphosa Kganyago - Ramaphosa reiterates commitment to safeguarding Reserve Bank

President Cyril Ramaphosa has reiterated his commitment to safeguarding the high reputation the South African Reserve Bank (SARB) enjoys in the international financial community and markets, and committed to ensuring directors of a high calibre befitting the importance our country attaches to the SARB are appointed.

Ramaphosa’s comments come after a meeting with Deputy Minister of Finance, David Masondo and board of the SARB to discuss vacancies in the executive leadership of the central bank.

The meeting comes under a backdrop of a public spat which broke out within the African National Congress (ANC) ranks earlier this month, after a statement by the Secretary-General Ace Magashule, claiming that the party’s National Executive committee decided at a lekgotla that the Reserve Bank’s mandate must be expanded to include economic growth and employment.

However, Ramaphosa later joined Finance Minister Tito Mboweni and the ANC’s head of economic transformation Enoch Godongwana in denying that the ruling party’s policy on the central bank has changed.

Presidential spokesperson, Khusela Diko, confirmed that the meeting took place at the Presidential Guesthouse in Pretoria. This engagement follows the resignation of the bank’s deputy governor, Francois Groepe at the beginning of the year and the expiry of the term of the Deputy Governor, Daniel Mminele’s term at the end of this month.

Governor Lesetja Kganyago’s legislated term of office expires in November.

In terms of the South African Reserve Bank Act, the Bank is managed by a board of 15 directors including the Governor, three Deputy Governors and three other directors, all of whom are appointed by the President after consultation with the Minister of Finance and the Board.

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