Avatar photo

By Vukosi Maluleke

Digital Journalist


Reserve Bank’s new deputy governor: 5 things to know about Mampho Modise

Dr Mampho Modise will take on her new role from 1 April.


The South African Reserve Bank’s (Sarb) leadership will be getting a facelift as Dr Mampho Modise jumps from National Treasury to join the central bank.

President Cyril Ramaphosa recently appointed Modise as a deputy governor of Sarb effective from 1 April 2024 – for five years.

The incumbent deputy governor was appointed after thorough consultations between the president, Finance Minister Enoch Godongwana, and the board of the Reserve Bank as per the Sarb Act.

Here are five things worth knowing about Sarb’s incumbent deputy governor, Dr Mampho Modise.

ALSO READ: ‘You don’t come with a bag full of money’: Godongwana gears up to take on Davos

One of youngest to hold such a position

Modise takes on one of the central bank’s top jobs at the age of 40, placing her among the youngest deputy governors of the Sarb to date.

The economist-by-profession has her roots firmly anchored in Vlaaklaagte, Mpumalanga, her hometown.

Having studied at the University of Pretoria (UP), Modise has come a long way since enrolling for her first economics degree.

With a career spanning 20 years, Modise’s journey tells a story of dedication and diligence.

It all began at Sarb

The newly appointed deputy governor is not new to Sarb’s corridors. In fact, that’s where her career began two decades ago when she interned at the central bank in 2004.

During her tenure at Sarb, Modise sharpened her skills in economic policy, working her way up from a junior position to becoming an economist by the time she left the organisation.

National Treasury journey

Modise joined National Treasury in 2009 as a Senior Economist in the Economic Policy Unit.

Her determination and strong work ethic quickly paid off, earning her a promotion to become director of Fiscal Policy.

She was further promoted to chief director of Strategy and Risk Management, prior to becoming a deputy director-general (DDG) of Public Finance in 2017.

As DDG of Public Finance, Modise was responsible for fiscal and financial monitoring in the evaluation of policy proposals across national departments, as well as assessing and performing oversight over public and state-owned entities.

ALSO READ: ‘I don’t give a cheque for nothing’ – Godongwana on Transnet

Highly qualified

Modise has multiple academic qualifications from UP to boost her already rich resumé.

The UP alumnus holds various degrees including; a BCom in Economics, BCom Honours in Econometrics, an MCom in Econometrics (Cum Laude) as well as a PhD in Economics – all from UP.

ALSO READ: Godongwana wins case against businessman Mthunzi Mdwaba over bribery allegations

Godongwana approved

Godongwana gave his stamp of approval, recently congratulating Modise on her new role in a media statement.

“Dr Modise is a dedicated, talented official with a genuine passion for the public service and keen appreciation of the challenging macroeconomic period the country is currently facing,” Godongwana said.

“She is also a competent leader and the Sarb, as well as the nation as a whole, will benefit immensely from her diligence,” he added.

ALSO READ: If we don’t do anything we won’t have money by the end of March – Godongwana