/ 15 March 2024

Ramaphosa picks Mampho Modise as deputy Reserve Bank governor

Dr Mampho Modise

President Cyril Ramaphosa has appointed treasury official Mampho Modise as a South African Reserve Bank deputy governor, filling the gap left by Kuben Naidoo’s resignation.

Ramaphosa also reappointed Reserve Bank governor Lesetja Kganyago, as well as deputy governors Fundi Tshazibana and Rashad Cassim, for another five-year term. Kganyago’s upcoming term will be his third. He was first appointed to serve as Reserve Bank governor in November 2014. 

Modise’s appointment means the Reserve Bank now has a full complement of executives following Naidoo’s departure late last year. It also adds to the monetary policy committee’s (MPC’s) ranks. In January, Kganyago named David Fowkes as a member of the committee, which, among other things, sets the repo rate.

Finance Minister Enoch Godongwana congratulated Modise, who currently serves as the treasury’s deputy director general of public finance, in a statement on Thursday. Her appointment begins on 1 April, after the next MPC announcement scheduled for 27 March.

Modise, who started her career at the Reserve Bank as an intern in 2004, will be responsible for the financial stability, economic statistics, risk management and compliance departments. She will also be in charge of the Reserve Bank’s fintech unit and the Corporation for Deposit Insurance. 

Godongwana said Modise’s deep background in public economics and finances will help her succeed in what he said would be a challenging job.

“Dr Modise is a dedicated, talented official with a genuine passion for the public service and keen appreciation of the challenging macroeconomic period the country is currently facing,” the finance minister said.

“She is also a competent leader and the Sarb, as well as the nation as a whole, will benefit immensely from her diligence.”

Godongwana assured that the vacancy occasioned by Modise’s departure will be filled. 

“The national treasury is fortunate to have a deep well of capable officials in the department from which to draw to ensure there is continuity until a permanent appointment is made.”