Ina Opperman

By Ina Opperman

Business Journalist


Lesetja Kganyago stays another 5 years as Reserve Bank governor

The South African Reserve Bank Act provides for the president to appoint the governor of the Sarb, three deputy governors and four directors.


Lesetja Kganyago will serve another five years as governor of the South African Reserve Bank to ensure continuity and institutional stability. Two deputy governors, Nomfundo Tshazibana and Dr Rashad Ismail Cassim, were also reappointed.

The Presidency announced on Friday afternoon that president Cyril Ramaphosa made the appointments in line with section 4 (1) (a), read with section 5 (1) (a) of the South African Reserve Bank Act after consultations with the minister of finance and the board of directors of the South African Reserve Bank (Sarb).

Kganyago’s new term will start on 9 November 2024 and the terms of Tshazibana and Cassim on 1 August 2024.

Ramaphosa also appointed Dr Mampho Modise as the new deputy governor of the Sarb for a period of five years starting on 1 April 2024 after the end of term of office for former deputy governor Kuben Naidoo in 2023. The president expressed his gratitude to Naidoo for his contribution to the Reserve Bank and wishes Modise well in her new role.

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New deputy governor from Treasury

Modise is the deputy director-general of the public finance division in the National Treasury. She started her career as an intern at the Sarb in 2004 and progressed to role of economist before leaving the Sarb in 2009 to join Treasury, where she started as a senior economist in the economic policy division.

She was soon promoted to director of fiscal policy and then to chief director for strategy and risk management in the asset and liability management division of Treasury. In 2017 she was promoted to the position of deputy director-general.

Modise obtained a BCom and BCom Honours in Econometrics, a MCom in Econometrics (cum laude) and a PhD in Economics from the University of Pretoria.

Section 4 (1) (a) of the South African Reserve Bank Act states that the Sarb must have a board of 15 directors, consisting of a governor and three deputy governors appointed by the president after consultation with the minister and the board, as well as four other directors appointed by the president, also after consultation with the minister.