President Cyril Ramaphosa met with the board of the SA Reserve Bank on Friday, where vacancies at the Bank were discussed.

Deputy governor Francois Groepe resigned in January 2019, but five months later his position has not been filled. Another deputy governor’s contract, that of Daniel Mminele, will conclude at the end of June.

Presidency spokesperson Khusela Diko said Ramaphosa met the Bank’s board along with newly appointed deputy finance minister David Masondo. “He has been briefed on the vacancies and will be applying his mind to filling these in due course,” she said, adding that Ramaphosa welcomed the engagement with the Bank.

“The president has reiterated his commitment to safeguarding the high reputation the Bank enjoys in the international financial community and [in the] markets, and [is] committed to ensuring directors of a high calibre, befitting the importance our country attaches to the Bank, are appointed,” Diko said.

This comes following confusion over the ANC’s stance on the mandate and ownership of the Bank.

Last week, Ramaphosa had to walk back comments made by ANC secretary-general Ace Magashule that the party wanted the Bank’s mandate expanded and wanted to explore quantitative easing. These comments created uncertainty in the markets and saw the rand slump.

Groepe was a member of the monetary policy committee (MPC) and his position thereon is still vacant. Brian Kahn also retired from the committee in 2018. Last month, however, the Bank appointed Christopher Loewald as the sixth member of the MPC.

Governor Lesetja Kganyago’s contract comes to an end in November. He has, however, indicated that he would be willing to stay on.

It is understood that deputy governor Kuben Naidoo’s contract comes up for renewal on March 2020. (Business Day SA)

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