Monetary Policy Committee Members Biographies


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Mr E L (Lesetja) Kganyago

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 R (Rashad) Cassim
Deputy Governor

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.

Ms Nomfundo (Fundi) Tshazibana
Deputy Governor and
CEO: Prudential Authority

Ms Fundi Tshazibana is a deputy governor of the SARB, the Chief Executive Officer (CEO) of the Prudential Authority and a member of the Monetary Policy Committee. The Prudential Authority regulates banks, insurers, cooperative financial institutions, financial conglomerates and certain market infrastructures.

As CEO of the Prudential Authority, Ms Tshazibana leads the Prudential Cluster of the SARB, which includes the Financial Surveillance Department and the departments within the Prudential Authority.

Ms Tshazibana represents the SARB on the Basel Committee on Banking Supervision and Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation. She is the Vice-Chairperson of the Network for Greening the Financial System (NFGS).

Before the rotation of the deputy governors on 1 April 2022, she oversaw the Financial Markets and International Cluster.

She joined the SARB in 2018 as Adviser to the Governor and 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 Ms Tshazibana for a second five-year term, which commences on 1 August 2024 and concludes on 31 July 2029.

Ms Tshazibana is an economist with extensive experience in public policy formulation and analysis, having worked at multiple local and international institutions, including National Treasury, the National Energy Regulator of South Africa (NERSA) and the International Monetary Fund (IMF).

At the IMF, she was an alternate executive director on the Executive Board, which runs the day-to-day operations of the IMF. Prior to joining the IMF, Ms Tshazibana was a deputy director-general at National Treasury, where she was responsible for macroeconomic policy and economic forecasting. At NERSA, she worked as a senior policy analyst.

She holds a Bachelor of Economics (Honours) degree and an Mcom in Economics from the University of KwaZulu-Natal.

Dr M (Mampho) Modise
Deputy Governor

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.  

Dr Christopher Loewald
Head: Economic Research Department

Dr Chris Loewald is a member of the Monetary Policy Committee and Head of the Economic Research Department at the SARB, which is responsible for forecasting, global economic analysis and the Monetary Policy Review publication.

Prior to joining the SARB in 2011, Dr Loewald spent 13 years at National Treasury in a range of policy roles. He was involved in developing South Africa’s inflation-targeting and exchange-rate policy frameworks, and he led the development of the macroeconomic framework for successive national budgets. As Head of International Economics between 2001 and 2004, he developed South Africa’s international economic policy for engagement with the G20 and other international bodies. As Deputy Director-General for Economic Policy, Dr Loewald worked extensively on economic growth and governance, contributing to the Growth Commission of the World Bank, the Committee on IMF Governance Reform, and the development of South Africa’s relationship with the OECD on economic policy.

Dr Loewald is a director of Economic Research Southern Africa, a non-profit institute that supports and finances academic research in economics. He holds a Master’s degree and a Doctor of Philosophy degree in International Economics and European Studies from Johns Hopkins University School of Advanced International Studies.

Dr David Fowkes
Adviser to the Governors

Dr David Fowkes is the Adviser to the Governors and a member of the Monetary Policy Committee.

Prior to his appointment as Adviser on 1 December 2023, he worked in the Financial Markets Department, where he led the reform of the Monetary Policy Implementation Framework, which became operational in 2022.

Between 2013 and 2021, he worked in the Economic Research Department, where he edited the Bank’s flagship publication on monetary policy ‒ the biannual Monetary Policy Review, and provided analyses on domestic economic developments for MPC meetings.

Dr Fowkes was appointed as a member of the MPC from 12 January 2024. 

He holds a Master’s degree from the University of the Witwatersrand and a Doctorate from the Johns Hopkins University School of Advanced International Studies, where he was a Fulbright Scholar.