There is also the on-and-off debate about the Bank’s ownership, with detractors who want to rid it of private shareholders, though they have never demonstrated how this would affect monetary policy or benefit SA.
In her short speech to mark the Bank’s centenary, governor No 9, Gill Marcus noted that the Bank has to “act independently from vested interests and political influence”. There are vested interests gambling on huge profits should the Bank be nationalised who would hope to then successfully argue in court that they are owed a portion of its foreign exchange reserves.
The Bank has also had to fight off those who attack it on the seemingly benign grounds that it simply is not doing its job properly, the most recent example being the 2019 call by suspended ANC secretary-general Ace Magashule for “quantity easing”. Kganyago responded forcefully to that too, with strong support from finance minister Tito Mboweni, who refers to himself as governor No 8.
When Mandela and his then deputy Thabo Mbeki made the call in 1998 to redeploy the former labour minister to be the central bank’s de facto governor-designate, they probably did not have in mind the developments of recent years. But it has served the Bank well to have, at a time when it has been subjected to intense political attacks, the finance job being held by the biggest champion in government that it will probably ever have.
“Institutions in a democracy matter, and quality institutions matter even more,” Kganyago said on Wednesday. SA has been well served by its central bank, and may it continue to do so for the next 100 years.
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