Ramaphosa meets with Reserve Bank over high-profile vacancies

14 June 2019 - 19:52 By Nico Gous
The presidency says Ramaphosa reiterated his commitment to safeguarding the high reputation the Sarb enjoys in the international financial community and markets.
The presidency says Ramaphosa reiterated his commitment to safeguarding the high reputation the Sarb enjoys in the international financial community and markets.
Image: Moeletsi Mabe

President Cyril Ramaphosa and deputy finance minister David Masondo met with the board of the SA Reserve Bank (Sarb) at the presidential guesthouse in Pretoria on Friday to discuss vacancies at the bank.

"The meeting, which was attended by the deputy minister of finance, 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," Ramaphosa's spokesperson Khusela Diko said in a statement on Friday evening.

This comes after Sarb deputy governor Francois Groepe resigned in January, while the bank's deputy governor, Daniel Mminele’s term comes to an end at the end of this month, and  governor Lesetja Kganyago’s term comes to an end in November 2019.

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Diko said that according to the South African Reserve Bank Act, the Sarb is managed by a board of 15 directors, including the governor, three deputy governors and three other directors. They are all appointed by the president after consultation with the finance minister and the Sarb board.

"The president has welcomed the engagement with the board and will be applying his mind to its recommendations," Diko said.

"The president has reiterated his commitment to safeguarding the high reputation the Sarb enjoys in the international financial community and markets and committed to ensuring directors of a high calibre befitting the importance our country attaches to the Sarb are appointed."

The meeting comes shortly after mixed messages recently from Ramaphosa and a statement the ANC national executive committee (NEC) issued after a lekgotla which damaged the rand.

Sunday Times reported that it appeared ANC secretary-general Ace Magashule or members of his team had,  just moments before he addressed the media, inserted parts of the damaging statement which said the ANC NEC lekgotla had resolved to expand the mandate of Sarb to include growth and employment.


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