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. He was reappointed by the President of South Africa for a second five-year term effective 9 November 2019. He is the Chairperson of the Monetary Policy Committee, and the Financial Stability Committee. Prior to his appointment as Governor, Mr Kganyago served as Deputy Governor of the SARB from 16 May 2011 until his elevation to Governor.

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. In addition, Until recently he 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 – 17 January 2021

Before joining the SARB, Mr Kganyago was the Director-General of the National Treasury. He represented South Africa at international organisations such as the World Bank, the IMF, the 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 Bachelor of Commerce degree in Economics and Accounting from the University of South Africa. He also received various training in Finance, Economics and Management.

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

Ms Fundi Tshazibana is a deputy governor of the SARB, the 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. Before the rotation of the deputy governors on 1 April 2022, she oversaw the Financial Markets and International Cluster.

Ms Tshazibana joined the SARB in 2018 as Adviser to the Governor and was appointed as a deputy governor in 2019 by the President.  She 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 a Master of Commerce degree in Economics from the University of KwaZulu-Natal.

Dr R (Rashad) Cassim
Deputy Governor

Dr Rashad Cassim is a deputy governor of the SARB and a member of the Monetary Policy Committee.  He oversees the Financial Markets and International Cluster, responsible for financial markets, international economic relations and policy, and legal services.

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 Fischer Committee on Central Bank Statistics within the Bank for International Settlements.

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. Before that, he was a professor and Head of the School of Economics and Business Sciences at the University of the Witwatersrand. Dr Cassim has also held various research and academic positions at the University of Cape Town (UCT). He holds a Master's degree in Economic History and a Doctor of Philosophy degree in Economics from UCT.


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.