Treasury DG to become Reserve Bank deputy governor

Director General of the Treasury Lesetja Kganyago has been appointed the new deputy governor of the South African Reserve Bank, President Jacob Zuma announced on Friday.

Zuma said he had asked Finance Minister Pravin Gordhan to “immediately begin the process of appointing a new director general to ensure a smooth transition”.

Kganyago’s new appointment takes effect on May 16.

Kganyago, who was born in Alexandra, Johannesburg, is one of the longest-serving directors general in government, having been Trevor Manuel’s right-hand man since 2004 when Manuel was finance minister. He joined Treasury in 1996 as the director of international commercial financing.

He is a graduate from the London University, where he studied economics, and has done various programmes and courses at international institutions like the World Bank and Harvard University in the United States.