South Africa's Ramaphosa Reappoints Kganyago for Third Term as SARB Governor

President Cyril Ramaphosa has reappointed Lesetja Kganyago as Governor of the South African Reserve Bank for a third consecutive five-year term, effective 9 November 2024 and running through to 8 November 2029.

Kganyago has served as SARB Governor since November 2014, and his reappointment to a third term would take his tenure to 15 years.

KGANYAGO'S TENURE

The Reserve Bank's inflation target band is 3%–6%.

Kganyago chaired the IMF's International Monetary and Financial Committee from 2018 to 2021.

MONETARY POLICY COMMITTEE AND ELECTION TIMING

Kganyago chairs South Africa's Monetary Policy Committee.

The announcement came ahead of the May 2024 general election. The Presidency said the reappointment would ensure continuity and institutional stability at the Reserve Bank.