THE BOTTOM LINE: Protecting independence of SARB – Lesetja Kganyago

Central bank governors are usually known for their savvy around numbers, not for their fighting spirit. But Reserve Bank governor, Lesetja Kganyago, recently said he would go to war to protect the independence of the bank. The mandate and ownership have been in the spotlight this year and the bank seems to be the subject of a bitter battle.
In June the ANC secretary-general, Ace Magashule announced that the party’s NEC lekgotla had resolved to expand the mandate of the bank. That was immediately contradicted by the ANC head of economic transformation, Enoch Godongwana, and the Finance Minister, Tito Mboweni, who said Magashule misrepresented the meeting.
When it comes to ownership, there are still some private shareholders in the bank. They have no say over the bank’s policy but some are concerned and the ANC resolved to nationalise the bank at its Conference in 2017. Before we speak to the governor – here’s a very quick overview of how the foreign shareholding works.

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