Mr Lesetja Kganyago was appointed Governor of the SARB with effect from 9 November 2014 and was reappointed by the President of South Africa for a second five-year term in 2019, with effect from 9 November 2019 to 8 November 2024. The President has reappointed Mr Kganyago for a third five-year term, which commences on 9 November 2024 and concludes on 8 November 2029.

Mr Kganyago is the Chairperson of the Monetary Policy Committee, Prudential Committee and the Financial Stability Committee.

Mr Kganyago chairs the Committee of Central Bank Governors of the Southern African Development Community (SADC), co-chairs the Financial Stability Board’s Regional Consultative Group for Sub-Saharan Africa, and chairs the Financial Stability Board’s Standing Committee on Standards Implementation.

He also served as the Chairperson of the International Monetary and Financial Committee, which is the primary advisory board to the International Monetary Fund (IMF) Board of Governors, from 18 January 2018 to 17 January 2021.

Mr Kganyago served as Deputy Governor of the SARB from 16 May 2011 until his elevation as Governor.

A lifelong public servant, he has extensive experience in macroeconomic policy formation, including fiscal and monetary policy, financial sector policy, international finance, public debt management and financial markets.

Before joining the SARB, Mr Kganyago was the Director-General of National Treasury, where he played a leading role in implementing public finance and budgetary reforms, leading to greater transparency and accountability of the country’s public finance and budget processes. Mr Kganyago represented South Africa at international organisations such as the World Bank, the IMF, the Group of Twenty (G20) and the African Development Bank. In this role, he served as the Chair of the Development Committee Deputies and also co-chaired a G20 Working Group on the reform of the IMF.

He holds an MSc in Economics from SOAS University of London and a BCom in Economics and Accounting from the University of South Africa. He has also received various training in finance, economics and management.

Dr Rashad Cassim is a deputy governor of the SARB and a member of the Monetary Policy Committee (MPC). He oversees the Financial Markets and International Cluster, which includes the Financial Markets Department, International Economic Relations and Policy Department and General Counsel. He is also in charge of the National Payment System Department.

He is the chair of the Financial Markets Liaison Group, Market Practitioners Group and the Corporation for Public Deposits.

Before the rotation of the deputy governors on 1 April 2022, he oversaw the Financial Stability and Currency Cluster. He also served as Chairperson of the Irving Fisher Committee on Central Bank Statistics within the Bank for International Settlements.

Dr Cassim joined the SARB as Head of Economic Research and Statistics in March 2011, during which time he acted as the Secretary of the MPC. He was appointed by the President as a deputy governor in 2019, with effect from 1 August 2019 to 31 July 2024. The President has reappointed Dr Cassim for second five-year term, which commences on 1 August 2024 and concludes on 31 July 2029.

Prior to joining the SARB, Dr Cassim served as the Deputy Director-General for economic statistics at Statistics South Africa, which included responsibility for the production of inflation and gross domestic product statistics. He was instrumental in enhancing both the quality and credibility of economic statistics in South Africa.

Before that, he held several academic roles, including Professor and Head of the School of Economics and Business Sciences at the University of the Witwatersrand, as well as various research positions at the University of Cape Town (UCT).

He holds a Master's degree in Economic History and a PhD in Economics from UCT.

Dr Modise is a deputy governor of the SARB and a member of the Monetary Policy Committee. She oversees the Financial Stability Cluster, which includes the newly established Corporation for Deposit Insurance (CODI), the Economic Statistics Department, the Risk Management and Compliance Department, and the Fintech Unit.

Dr Modise was appointed Deputy Governor by the President, with effect from 1 April 2024 to 31 March 2029.

Before joining the SARB, she was Deputy Director-General of Public Finance at National Treasury, responsible for fiscal and financing monitoring, and the evaluation of policy proposals across national departments. She was also responsible for assessing the performance and oversight of public and state-owned entities.

Formerly a chief director for strategy and risk management at National Treasury’s Asset and Liability Management Division, she was responsible for the implementation of a strategy and risk management framework and managed government’s relationships with global rating agencies. Her previous roles include Director of Fiscal Policy and Senior Economist in the Economic Policy Division at National Treasury.  She started her career at the SARB, first as an intern in 2004 and later as an economist in the Economic Research Department until 2009. 

Dr Modise holds a BCom in Economics, BCom Honours in Econometrics, an MCom in Econometrics (cum laude) and a PhD in Economics, all from the University of Pretoria. 

Qualifications: Bachelor of Commerce Degree in Accounting, Diploma in Investment Management), Certificate in Digital Disruption Strategies (Cambridge University), Fellow of the Association of Chartered Certified Accountants (ACCA, United Kingdom).

Experience: Khokeka is appointed as a Non-Executive Director to the SARB Board of Directors, assuming this responsibility in September 2023.

As an internationally qualified chartered accountant with extensive experience in senior finance executive roles, Kholeka brings over 30 years of hands-on experience in strategic planning, mergers and acquisitions, business initialisation and business turnaround strategies.

As former chairperson of digital aggregator company, Trudon, a subsidiary of Telkom SA, she also served as an independent non-executive director. Kholeka also served as a Council member for six years on the Association of Chartered Certified Accountants (ACCA, United Kingdom) and on the Audit Committee of the United Nations World Food Programme. In 2008 she was a finalist in the Nedbank/BWA Businesswoman of the Year Awards.

She serves on several JSE-listed company boards as an independent non-executive director.

Qualifications: Doctorate (PhD) in Econometrics

Experience:  Is serving as Professor in Simulation and Futuristic Studies at the Thabo Mbeki Graduate School for Public and International Affairs, Unisa. Has previously served as Professor of Economics at the University of Pretoria. Has knowledge and skills in industry.

Qualifications: MBA and Bachelor of Science (BSc) in Computer Science and Mathematics

Experience: 30 years’ experience in the information and communications technology industry and former Managing Director of Microsoft South Africa. Currently, a member of the GIBS Advisory Board and advises businesses on their digital transformation journeys. Has knowledge and skills in industry.

Qualifications: BA degree and has completed various certificate programmes

Experience: Former CEO of a multinational company, has held positions in financial services companies such as Sanlam and Old Mutual, and now serves on the board of an infrastructure company based in Kenya and locally. Has knowledge and skills in financial services, labour, transport, mining and corporate governance as a non-executive director. Has knowledge and skills in government affairs and policy, communication and public affairs, leadership and strategy.

Qualifications: PhD in Agricultural Economics

Experience: A non-executive director on the Rooibos Limited Board and is Past President of the International Association of Agricultural Economists (2021 to 2024). Has knowledge and skills in agriculture.

Qualifications: PhD, Oxford University, Master of Arts, Northwestern University, BA (Hons) – cum laude, University of the Western Cape

Experience: Currently Chairperson of Rhodes Food Group, and non-executive director of Aspen and SA SME Fund as well as Chairperson of Mavovo Capital. Former positions include CEO of Sanlam Group Services, Chairperson of BankservAfrica, Vice-President of Coca-Cola Africa and Executive Director of MTN. Has knowledge and skills in commerce and finance in the telecommunications, fast-moving consumer goods (FMCG) and financial services sectors as well as extensive executive management and board experience across sectors.

Qualifications: Fellow of the Association of Chartered Certified Accountants and fellow of the Zambia Institute of Chartered Accountants

Experience: Over 18 years as a senior executive at Anglo American, including as Deputy Chairman of Anglo American South Africa and as CEO and CFO of various business units. Seventeen years’ experience as a professional accountant with Deloitte & Touche, providing services to the mining, financial services and other industries. Currently the Chairperson of Anglo American Platinum Limited and Zambia Sugar Plc and serves on various other boards. Is also a trustee of Malaria No More. Has knowledge and skills in mining.

Qualifications: CA(SA), postgraduate diploma in Accounting and BCom. Currently an Advanced Leadership Initiative fellow at Harvard University, Boston

Experience: Co-founder and director of Magommake Limited, a strategic consultancy. Has held various positions in the public and private sectors in South Africa, previously served as the Chief Financial Officer (CFO) of PPC Limited, WIPHOLD (a black women-owned investment company) and South African Airways and was the Chief Director for Asset Liability at National Treasury. Currently serves on the boards of the International Women’s Forum (South Africa) and the Solidarity Fund and is the Chairperson of the Audit and Risk Committee for both entities. Is a professional member of the South African Institute of Chartered Accountants (SAICA) and Turnaround Management Association of South Africa, and currently serves as the Chairperson of Young Leaders Connect and the Gender-based Violence and Femicide Response Fund. Is also a non-executive director of the Public Investment Corporation (PIC), Denel SOC Ltd, Eskom Holdings SOC Ltd, SA Rugby Council as well as the Chairperson of Audit and Risk Committee at the University of Pretoria. Has knowledge and skills in commerce and finance.

Qualifications: BA and Bachelor of Laws (LLB) degrees from Wits University and a Master of Laws (LLM) degree from the London School of Economics and Political Science (University of London, UK)

Experience: Admitted as an attorney, practising for more than 29 years in a number of niche areas including labour law, public sector law, commercial law and constitutional law. Previously served as a lecturer of law and acted as a Judge in the Labour Court and High Court and is a senior director at Cheadle Thompson & Haysom Inc. attorneys. Has written numerous articles on labour law issues and has spoken at numerous conferences.

Qualifications: Bachelor of Arts (BA) degree (Psychology and English), BA (Hons) degree (Cultural and Media Studies), Postgraduate Diplomas in Advertising and Marketing and Corporate Governance, and a Master of Business Administration (MBA) from the University of Pretoria's Gordon Institute of Business Science (GIBS)

Experience: Founder and CEO of Busara Leadership Partners (with expertise in facilitating the development and effectiveness of leaders, management and entrepreneurs); adjunct faculty member at GIBS; supervisor for GIBS MBA Management Consulting; global elective partner for CEO Summit Uganda’s CEO Apprentice Programme; part-time Commissioner on the KwaZulu-Natal Provincial Planning Commission; and a Fellow at the Institute of Directors in South Africa. Has expertise in strategy, corporate governance, leadership development, diversity, equity and inclusion, content creation, small, medium and micro-sized enterprises (SMMEs) and entrepreneurship as well as public speaking.

Qualifications: Doctor of Philosophy (PhD) in Information Systems from the University of South Africa (UNISA); M.Sc. in data engineering from Keele University in the UK, and B.Sc. Computer Sciences from University of the North at Turfloop (University of Limpopo). Completed Executive Leadership from UNISA School of Business Leadership (SBL). Graduate Studies Programme in Business Administration at Wits Graduate School of Business Administration and SAP Winning Insights Leadership Development Programme at the Gordon Institute of Business Science (GIBS).

Experience: Currently serving in the Board of Airports Company of South Africa (ACSA) as a non-executive director. A seasoned ICT professional and Business Executive with more than 33 years’ experience in the ICT Industry. Has been involved in many industries including public sector, banking, defence, rail, mining, mobile communications, telecommunications and data communications. Held a number of senior executive positions in public and private sector organisations, including being General Manager at Dr Temp, Sales Director at Oracle, Group Chief Business Development Officer at Ansys Ltd, General Manager at Neotel (Pty) Ltd, Divisional CEO at Jasco Limited, Chief Executive Officer at Spescom DataVoice (Pty) Ltd, Business Development Director and General Manager at SAP, Group Executive for Customer Services at MTN (Pty) Ltd; CEO and Executive Manager at SITA (Pty) Ltd and Divisional Manager at Denel Infoplan.