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EDITORIAL: Urgent need to clear Reserve Bank of ANC spell

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The president should already have announced new deputy governors and renewal of governor’s term

Daniel Mminele, retiring deputy governor of the SA Reserve Bank. Picture: FREDDY MAVUNDA

His retirement also comes as one of the country’s biggest commercial lenders, Absa, is looking for a replacement for Maria Ramos, who retired as CEO earlier in 2019. Unsurprisingly, Mminele has been linked with that role. Mminele has been a staunch defender of SA’s inflation-targeting framework which, along with governor Lesetja Kganyago and the rest of the monetary policy committee , he views as the best way to support economic growth. In the face of recent political attacks on the Bank by some within the ANC, he used speeches to emphasise this point.

This means that Kganyago is now left with one deputy, Kuben Naidoo. In a well-functioning government, the announcement of the new deputy would take place within hours of the announcement of the previous one stepping down. But as the Bank released its statement on Thursday Ramaphosa was out of the country on his way to the Group of 20 meeting in Japan.

 

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