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Reserve Bank governor has no illusions about job

President Jacob Zuma today announced Lesetja Kganyago as Gill Marcus's successor.

Newly appointed Sarb governor Lesetja Kganyago joins hands with president Jacob Zuma, Finance Minister Nhlanhla Nene and outgoing governor Gill Marcus on 6 October 2014. Picture: Reinart Toerien/EWN.

JOHANNESBURG - Reserve Bank governor designate Lesetja Kganyago says the central bank's primary objective is to protect the value of the rand in order to maintain strong and sustainable economic growth.

President Jacob Zuma today announced Kganyago as Gill Marcus's successor when she formally steps down at the end of next month.

The new governor of the Reserve Bank has no illusions about the job he's been given.

"Mr President, thank you very much for the confidence that you have had in me and once again asking me to come and serve our country in one of the most difficult tasks."

Kganyago says he will be consulting regularly with Finance Minister Nhlanhla Nene.

"I know where he does his business, I know where he stays, I have his telephone number. Now we make sure that those regular consultations do take place."

Economist Kevin Lings says Kganyago is the right man for the job.

"I think he brings a good balance of understanding of the political environment in South Africa but also the need to attract foreign investment and consistent monetary and fiscal policy. And I think he can convey the message for the Reserve Bank quite easily back into government."

Kganyago has expertise in macroeconomic strategy, financial sector regulation and oversight, public sector financial management, and organisational leadership and transformation.

He worked at the Reserve Bank as assistant manager for investment dealing in 1994, which gave him insight into what happens at the lower levels of the institution. He also brings the experience of serving in government at a top management level, as a former Director-General of the National Treasury from 2004.

Kganyago joined the Treasury in 1996 and is currently responsible for bank supervision, financial regulatory reform and financial surveillance.

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