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Kganyago’s appointment met with mixed reaction

Cosatu says it hopes he will not continue what it calls the 'disastrous policies of his predecessors'.

Lesetja Kganyago speaks at a news conference after it was announced by President Jacob Zuma that he will become the new SA Reserve Bank governor in Pretoria on Monday, 6 October 2014. Picture: Sapa.

JOHANNESBURG - While organised business and banking associations are welcoming Lesetja Kganyago's appointment as the new governor of the South African Reserve Bank, leftist organisations say they are frustrated, as this shows government's policy of inflation targeting will not change.

Kganyago will take over from Gill Marcus when she steps down next month.

Neren Rau, chief executive of the South African Chamber of Commerce and Industry, is pleased by the appointment.

"I think it's a good appointment. He has a strong track record in government, particularly within the financial cluster."

Rau says the appointment shows the bank's succession planning has worked.

But the Congress of South African trade Unions's Patrick Craven wants change.

"We certainly do not want to see him following the same disastrous policies as his predecessors."

Craven says they believe government's efforts to grow the economy have been damaged by the institutions Kganyago has worked for.

"Which we believe has been undermined by the Reserve Bank and the Treasury by pursuing a policy of high interest rates, lowering tariffs."

While the South African Communist Party's Alex Mashilo believes this is actually proof the bank is changing.

"During the tenure of Gill Marcus hikes and interest rates were not always used to push inflation targeting."

The National Union of Metalworkers of South Africa has said the only people who should rejoice at this announcement are white capitalists.

Meanwhile, economists say Kganyago's appointment endorses the independence of the bank and have applauded President Jacob Zuma for choosing him.

Chief economist at Econometrix, Azar Jammine, says he is confident Kganyago will move the country's economy in the right direction.

"In his acceptance speech, he emphasised that he intended continuing the policies set by Gill Marcus and I think that was very important for stability and confidence in our financial market."

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