Uncategorized 7.10.2014 01:01 pm

Lesetja Kganyago appointment welcomed

Lesetja Kganyago (L) is seen with President Jacob Zuma after it was announced that he will become the new SA Reserve Bank governor in Pretoria on Monday, 6 October 2014. Current governor Gill Marcus congratulated her successor. He will take over from her on November 9. Picture: GCIS/SAPA

Lesetja Kganyago (L) is seen with President Jacob Zuma after it was announced that he will become the new SA Reserve Bank governor in Pretoria on Monday, 6 October 2014. Current governor Gill Marcus congratulated her successor. He will take over from her on November 9. Picture: GCIS/SAPA

The appointment of Lesetja Kganyago as SA Reserve Bank governor was widely welcomed on Tuesday.

The National African Federated Chamber of Commerce and Industry (Nafcoc) congratulated Kganyago on his appointment.

“His appointment is testament to his passion for his work and this country,” it said in a statement.

“He is a skilled and committed cadre with unwavering contribution and dedication to the development of South Africa.”

Nafcoc hoped Kganyago would bring about “pro-people” policies.

The organisation bid outgoing governor Gill Marcus farewell and thanked her for her work.

President Jacob Zuma announced Kganyago’s appointment in Pretoria on Monday. Marcus steps down on November 8.

The Inkatha Freedom Party said Kganyago would add positive energy to the economy.

“Mr Kganyago brings a wealth of experience to the Reserve Bank at a critical juncture in its history,” IFP MP Sibongile Nkomo said in a statement.

The Black Business Council said Kganyago was the natural choice for the job.

“Mr Kganyago was a natural choice as he is credited with expert technical knowledge and is an astute leader, having distinguished himself at the National Treasury as director general for seven years, and recently as deputy governor of the Reserve Bank since 2011,” BBC president Ndaba Ntsele said in a statement.

“The BBC strongly believes that Mr Kganyago is the right incumbent for the job given his experience as a leader, a public servant, and accounting officer par excellence.”

Trade union Solidarity called on Kganyago to steer the SARB back to its mandate of maintaining price stability.

“Kganyago takes the SARB’s reins in an environment where the upper band of the SARB’s inflation target is breached and where South Africans are discouraged from saving and suffer continuous and significant erosion of their purchasing power, both internally and externally,” it said in a statement.

The union called on Kganyago to scrap exchange controls, which it said put a heavy administrative and financial burden on South African businesses.

The African National Congress Youth League called the appointment appropriate.

“The appointment of Lesetja Kganyago gives young people an assurance that the ANC leadership does take note of the hard-working young people of the ANC who act with humility and diligence in various deployments they are tasked with.”

The National Union of Metalworkers of SA (Numsa), however, said Kganyago had been a “model neoliberal financial mismanager”.

“Indeed, his appointment opens old but unhealed wounds among workers, given Mr Kganyago’s brutal and ruthless pursuit of neoliberal capitalist financial policies when he was director general at the National Treasury,” spokesman Castro Ngobese said.

“We call on the new governor to introduce new and fresh mechanisms to control price increases, fight poverty, promote creation of decent work, and abandon the policy of inflation-targeting.”

The union called on Kganyago to lower interest rates and tighten exchange controls.

Numsa, the Congress of SA Trade Unions and the Economic Freedom Fighters called for the nationalisation of the SARB.

The Economic Freedom Fighters said Kganyago’s appointment was an affirmation of neo-liberalism in the country.

Cosatu and its affiliate, the Police and Prisons Civil Rights Union, and the Black Management Forum, congratulated Kganyago.

– Sapa

 

 

 

 

 

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