Reserve Bank on the hunt for a new director
The South African Reserve Bank (SARB) is looking for a new director to join its board, with nominations open until 13 March 2026.
The current term for a shareholder-appointed non-executive director of the SARB expires on 31 July 2026, when the next annual Ordinary General Meeting of the SARB takes place.
“Any shareholder, director of the SARB or any member of the public may nominate persons to be considered as a candidate to serve as an elected non-executive director of the SARB,” said the central bank.
“The SARB Act requires board members to have knowledge and skills in particular aspects of the economy.”
The vacancy that will arise requires that nominees have skills and knowledge in commerce and the finance sector.
The SARB said that nominations must be signed and returned by 16h00 on Friday, 13 March 2026.
The South African Reserve Bank Act of 1989 provides for a board of 15 directors. This includes the Governor and three Deputy Governors, all appointed by the President.
The Governor and Deputy Governors serve initial terms of 5 years. Upon reappointment, the terms may be less than five years.
The terms of SARB Governor Lesetja Kganyago and his Deputies, Fundi Tshazibana, Rashad Cassim, and Mampho Modise, last until 2029.
The Governor and the Deputy Governors manage the bank’s daily affairs on a full-time basis, and they are the only executive directors on the board.
The President also appoints four other non-executive directors, after consultation with the Minister.
The remaining seven directors are elected by shareholders at the Ordinary General Meeting.
These elected non-executive directors need knowledge and skill in specific fields, with one expert required for each of agriculture, labour and mining.
Two elected directors need expertise in industry, while the other two need expertise in commerce or finance, to which the nomination applies.
“The board of Directors meets regularly to ensure that it fulfils its role of ensuring corporate governance of the Bank,” the SARB says.
“The board ensures compliance with principles of good corporate governance by, among other things, adopting rules and determining policies for the sound accounting, administration and functioning of the Bank”
To ensure this, the board utilises various committees and subcommittees, each chaired by a non-executive director. The nomination form is at the end of this article.
Big changes for the SARB
The new director will help guide the SARB through a period of significant change, with key initiatives and staff changes.
For instance, the bank recently convinced Finance Minister Enoch Godongwana to lower the inflation target to 3%.
The SARB said that the lower inflation target will make the country more comparable to its peers and will eventually lead to lower interest rates.
The SARB is also currently in an interest rate-cutting cycle, with the repo rate expected to see cumulative cuts of 50 basis points in 2026, bringing it to 6.25% by year-end.
The repo rate is also expected to gain further attention, with the SARB looking to scrap the prime lending rate in favour of its policy rate.
The prime lending rate is the rate at which banks lend in South Africa and has been set at 350 basis points above the repo rate since 2001.
While prime is the interest rate currently tied to most loans, including mortgages and car loans, it is not an official policy rate, which the SARB wants to change.
Moreover, in addition to the search for a new non-executive director, the SARB is also seeking a new Chief Economist to replace Christopher Loewald.
Loewald is taking early retirement from the bank, which he joined in 2011. He is also a member of the Monetary Policy Committee.
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