Lesetja Kganyago: From Reserve Bank boss to SU chancellor in 2025?

South African Reserve Bank (Sarb) Governor Elias Lesetja Kganyago has been the one and only nomination received for the coveted role of chancellor of Stellenbosch University (SU).

The term of the current chancellor, Retired Justice Edwin Cameron, will officially end on 31 December 2024.

Cameron — who came under fire this year for his alleged initial dismissal of the Wilgenhof saga — will remain in the leadership role until the next elected chancellor assumes office.

SU chancellor: Reserve Bank governor Kganyago sole nominee

The university stated on Monday that Kganyago is the sole nominee for Cameron’s succession after the nomination period ended on 22 December.

“The nomination period lasted for 30 days, spanning from 22 November to December 22, 2024, at 23:59. During this timeframe, only one nomination was received: Mr Elias Lesetja Kganyago. His nomination met all the necessary criteria and was accepted as valid,” the statement read.

Lesetja Kganyago: Two decades in public finance and market reforms

Kganyago started his career at the Reserve Bank as deputy governor in 2011 before his appointment as governor in 2014. He was reappointed in 2019 for a second five-year term.

• The head of South Africa’s central bank boasts more than two decades of experience in formulating and implementing public policy, having spent time in both the central bank and National Treasury.
• During his tenure as director-general of National Treasury, he successfully steered several public
  finance and financial market reforms.
• He also played a leading role in the fundamental reform of the microstructure of domestic bond markets, including reforms to the auction system and the introduction of new financial instruments, such as inflation-linked bonds, buy-backs and switches.
• Kganyago currently chairs the Committee of Central Bank Governors of the Southern African Development Community and is the co-chair of the Financial Stability Board’s Regional Consultative Group for Sub-Saharan Africa.

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What next? Procedure followed to elect new SU chancellor

The procedure that the Electoral College must follow when considering the candidate is prescribed in the SU Statute as follows:

• The Electoral College considers the nominations at a meeting chaired by the chair of council or deputy chair. The quorum for a meeting of the Electoral College is half of its members plus one.
• If only one candidate is nominated, a secret ballot is taken and the candidate must receive a majority of the votes of members present and voting, each member having one vote. If the candidate does not receive a majority of the votes, a new election must be called in accordance with this clause.
• A meeting of the Electoral College will be called early in the new year to conclude the process of the election of a new SU chancellor.

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