Ramaphosa meets with Reserve Bank board over vacancies

President Cyril Ramaphosa meets with the South African Reserve Bank Governor Lesetja Kganyago. Picture: Supplied / GCIS

President Cyril Ramaphosa meets with the South African Reserve Bank Governor Lesetja Kganyago. Picture: Supplied / GCIS

Ramaphosa committed to ensuring directors of a high calibre befitting the importance the country attaches to the Sarb are appointed.

President Cyril Ramaphosa on Friday reiterated his commitment to safeguarding the high reputation the South African Reserve Bank (Sarb) enjoys in the international financial community and markets, the Presidency said.

Ramaphosa met with the board of the Sarb at the Sefako Makgatho Presidential Guesthouse in Tshwane on Friday.

The Presidency said that at the meeting, which was attended by the Deputy Finance Minister David Masondo, representatives of the non-executive component of the Sarb board and the Governor of the Bank was called to discuss vacancies which have arisen in the executive leadership of the central bank.

The vacancies are occasioned by the resignation of deputy governor Francois Groepe in January and the expiry of deputy governor Daniel Mminele’s term at the end of June.

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

According to 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.

Ramaphosa committed to ensuring directors of a high calibre befitting the importance the country attaches to the Sarb are appointed.

The Presidency said Ramaphosa has welcomed the engagement with the board and will be applying his mind to its recommendations.

African News Agency (ANA)

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