Ramaphosa picks Treasury deputy DG Mampho Modise as new Reserve Bank deputy governor

15 March 2024 - 13:29
By Khulekani Magubane
Mampho Modise will serve as deputy governor of the South African Reserve Bank.
Image: LinkedIn Mampho Modise will serve as deputy governor of the South African Reserve Bank.

President Cyril Ramaphosa has appointed the deputy director-general of the public finance division in the National Treasury, Mampho Modise, as the new deputy governor of the South African Reserve Bank (SARB).

The appointment, announced in a Presidency statement on Friday, fills a vacancy left by Kuben Naidoo, who resigned from the central bank last year.

Modise started her career as an intern at the central bank in 2004 where she eventually became an economist.

The same statement said Ramaphosa has reappointed Lesetja Kganyago as SARB governor for five years with effect from November to “ensure continuity and institutional stability at the Reserve Rank”.

The central bank has received criticism in recent times for its hawkish approach to inflation targeting which led to a hiking cycle in which it has not cut the repo rate since November 2021. Kganyago has maintained it is critical to fight inflation, even if it means increasing rates.

Ramaphosa also reappointed Nomfundo Tshazibana and Rashad Ismail Cassim as deputy governors of the SARB for five years from August.

The presidency said Modise’s track record in the SARB and National Treasury was extensive.

“Dr Modise left the SARB in 2009 to join the National Treasury, where she started as a senior economist in the economic policy division,” the presidency said. 

In Treasury she served as director of fiscal policy and chief director of strategy and risk management in the asset and liability management division before being promoted to the position of deputy director-general.

She obtained her BCom in economics, her BCom honours in econometrics, her MCom in econometrics and a PhD in Economics at the University of Pretoria.