LIFE STYLE
Meet the bankers
Lesetja Kganyago, Deputy Governor of the South African Reserve Bank
‘B
anking has always been my passion,’ says
Lesetja Kganyago. And as a man who sees
public service as a calling, his work has for
nearly 20 years now made a difference to
every banker in South Africa, and to every
citizen too.
Kganyago has come a long way from Alexandra, where he was
born, to his appointment as a Deputy Governor of the Reserve Bank,
and a long way from his first job in banking – as a clerk at FNB.
He also worked as an accountant for COSATU, as a regional
accountant and national co-ordinator of the ANC’s economics
department, and did an earlier stint at the Reserve Bank as assistant
manager, investment dealing, before joining the Treasury in 1996
and rising through the ranks. He became Director of international
commercial financing, and then Chief Director of liability
management, before being appointed Director-General in February
2004, at the age of 39.
In his 15 years at the Treasury, Kganyago presided over the
drafting of 15 national budgets, and was credited with a key role in
helping South Africa to build the reserves that cushioned its journey
through the 2008 recession.
As Director-General of the Treasury, he was also responsible
for managing the government’s financial assets and liabilities,
overseeing accounting policies and standards, developing
appropriate fiscal policy and financial management, and improving
financial management throughout government.
While at the Treasury he also represented the country at the G20
and International Monetary Fund meetings, and served as South
Africa’s Alternate Governor to the World Bank and the African
Development Bank.
The reputation he earned in these international forums ensured
that his appointment as Deputy Governor of the Reserve Bank in
2011 – announced by President Zuma personally – was greeted with
marked enthusiasm by investors and analysts.
‘Kganyago has extensive experience in financial markets and is
highly regarded for his extensive knowledge and expertise of the
South African and global financial systems,’ the president said.
‘Kganyago is well known to investors and has commanded a great
deal of respect for achievements during his time at the Treasury,’ said
Razia Khan, regional head of research, Africa, of Standard Chartered
Bank. ‘He is seen as a key figure in the reforms implemented in
South Africa over the years, is well-attuned to market thinking, and
has played a key role in establishing South Africa’s reputation for
sound fiscal policy.’
‘He has considerable standing of his own within the ANC, and is
seen to be in touch with the challenges facing the grassroots.’
Kganyago earned his first degree, a BCom in economics and
accounting, at UNISA, and followed it in 1994 with an MSc in
Lesetja Kganyago, Deputy Governor of the South African
Reserve Bank.
Economics from the prestigious School for Oriental and Asian
Studies (SOAS) at London University.
He has also studied external reserve management at JP Morgan
in New York, US money and capital markets on an ANC senior
economists’ training programme, macroeconomic management at
the University of the Western Cape, fixed-income analysis at the
World Bank Institute, financial programming at the IMF Institute
and the Central Bank of Swaziland, and completed senior executive
programmes at Harvard and Wits business schools.
Now 49, Kganyago is married with two sons, and in what little
spare time he has he enjoys hiking and golfing.
Edition 9 BANKER SA
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