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Kganyago: Mkhwebane was reckless in releasing Absa report

Lesetja Kganyago says it’s clear that the Public Protector was reckless in releasing her report on Absa bank and that she clearly does not understand the Constitution.

FILE: Reserve Bank Governor Lesetja Kganyago. Picture: GCIS.

JOHANNESBURG - South African Reserve Bank Governor Lesetja Kganyago says it’s clear that the Public Protector was reckless in releasing her report on Absa bank, that she clearly does not understand the Constitution and that she hasn't properly explained how she came to her findings in saying the bank's mandate must be changed.

He's now filed legal papers responding to Advocate Busisiwe Mkhwebane's decision not to contest his application to overturn her findings.

Last month Mkhwebane said that Parliament must change the Constitution to alter the mandate of the Reserve Bank.

In a scathing affidavit, Kganyago says Mkhwebane's publishing of her report had immediate and damaging consequences for the country and that it is simply not good enough for her to now abandon her findings when her explanation for her conduct actually perpetuates the damage.

He goes on to say that her report and her response to the court on the matter display a fundamental lack of understanding of the monetary system and the role of central banks in it.

Kganyago also says it was an abuse of power for Mkhwebane to assume she should direct fundamental change to a particular policy era, while also displaying a lack of understanding of that policy's basic principles.

The governor says it is not befitting of a Chapter Nine institution to investigate a matter, prepare a report and direct remedial action, without even having come to grips with what the Constitution says.

(Edited by Winnie Theletsane)