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President Cyril Ramaphosa has, in accordance with section 4(1) (a) read with section 5 (1) (a) of the South African Reserve Bank Act of 1989, and after consultations with the Minister of Finance and the board of directors of the South African Reserve Bank (SARB), reappointed Mr Elias Lesetja Kganyago as Governor of the South African Reserve Bank for a period of five years with effect from 9 November 2024. The re-appointment of Governor Kganyago will ensure continuity and institutional stability at the Reserve Bank.

Furthermore, the President has re-appointed Ms Nomfundo Tshazibana and Dr Rashad Ismail Cassim as Deputy Governors of the South African Reserve Bank for a period of five years with effect from 1 August 2024.

Following the end of term of office for former Deputy Governor Kuben Naidoo in 2023, President Ramaphosa has appointed Dr Mampho Modise as the new Deputy Governor of the South African Reserve Bank for a period of five years with effect from 1 April 2024. The President has expressed his gratitude to former Deputy Governor Naidoo for his contribution to the Reserve Bank and wishes Dr Modise well in her new role.

Dr Modise is currently the Deputy Director-General for Public Finance division in the National Treasury. She started her career as an intern at the South African Reserve Bank in 2004 and progressed to role of economist at the bank. Dr Modise left the SARB in 2009 to join the National Treasury, where she started as a senior economist in the Economic Policy division.

She was soon promoted to Director: Fiscal Policy, then to the Chief Director: Strategy and Risk Management in the Asset and Liability Management division of the National Treasury. In 2017, she was promoted to the position of Deputy Director-General. Dr Modise completed her tertiary education at the University of Pretoria, obtaining her BCom Economics, BCom Honours Econometrics, MCom Econometrics (cum laude) and a PhD in Economics.

The South African Reserve Bank Act of 1989 provides for the President to appoint the Governor along with three Deputy Governors and four Directors of the South African Reserve Bank (SARB). Section 4 (1) (a) states that: “The Bank shall have a board of fifteen directors, consisting of a Governor and three Deputy Governors (of whom one shall be designated by the President of the Republic as Senior Deputy Governor) who shall be appointed by the President of the Republic, after consultation with the Minister and the Board, as well as four other directors appointed by the President, after consultation with the Minister.”

Issued by the Presidency