Governor Lesetja Kganyago delivers opening remarks — G20 Finance and Central Bank Deputies Meeting

📅 Dec 12, 2024 G20 USA 11 MIN 221 VIEWS 3 SEGMENTS · 2 SPEAKERS

Governor Lesetja Kganyago delivers the opening remarks on Day 2 of the G20 Finance and Central Bank Deputies meeting in Johannesburg, South Africa, 12/12/24. #G20SouthAfrica #Rekaofela

Moderator 0:00 ↗

Good morning everyone. May we request everyone to please have a seat, and we'll ask our colleagues who are still outside to join us so that we can start today's session. Thank you. We'll just give a few moments for the last few of our colleagues to take their seats. Okay, good morning everyone. Thank you for joining us this morning. For most of us, it's been a very early start. We appreciate you joining us again this morning. We hope you enjoyed the event last night and that you were able to enjoy the music, the cultural events, and the food that was on display, and that you were able to get some rest, especially those of you who are traveling today. Without further ado, we are starting today's session with an address from the governor of the South African Reserve Bank, and I will now immediately hand over to Governor Lesetja Kganyago.

2 more exchanges in this transcript

Cite this transcript

APA, MLA, BibTeX

APA

Kganyago, L. (2024, December 12). Governor Lesetja Kganyago delivers opening remarks — G20 Finance and Central Bank Deputies Meeting [Interview transcript]. G20 USA. CEOInterviews.AI. https://ceointerviews.ai/interview/977114/

MLA

Lesetja Kganyago. "Governor Lesetja Kganyago delivers opening remarks — G20 Finance and Central Bank Deputies Meeting." G20 USA, 12 Dec. 2024. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/977114/.

BibTeX

@misc{kganyago2024_977114,
  author       = {Lesetja Kganyago},
  title        = {Governor Lesetja Kganyago delivers opening remarks — G20 Finance and Central Bank Deputies Meeting},
  howpublished = {Interview transcript, G20 USA. CEOInterviews.AI},
  year         = {2024},
  month        = {dec},
  url          = {https://ceointerviews.ai/interview/977114/},
  note         = {Speaker-attributed transcript with timestamps}
}

▶

Key Quotes (5)

“This is by far the most important track of the G20. We have the summit which is where the big decisions are taken but the real hard work is done by the finance track because that is the history of the G20 to deal with global financial issues.”

▶ 1:45 POLICY

“One of the scarce resources in global policy making is attention. There is only so much bandwidth available. If we crowd it with too many priorities the messages get gobbled. Unfortunately while in the abstract we can agree that less is usually more in practice it's hard to say no to things. Because of this it is unsurprising that the G20 agenda has become bloated.”

▶ 4:33 POLICY

“South Africa believes it is time to focus on implementation, take stock of where we are vis-à-vis our objectives and agree on how we accelerate progress towards the 2030 sustainable development goals. It won't be easy particularly in a global environment of geoeconomic fragmentation, escalating conflicts and intensifying climate change.”

▶ 5:54 POLICY

“Despite a series of shocks such as COVID-19 pandemic, the March 23 market turmoil, banking crisis and regional conflicts, the global financial system has remained broadly resilient and macroeconomic shocks have been largely contained. This reflects genuine global cooperation to address emerging risks and vulnerabilities and protect the public good which is global financial stability.”

▶ 8:07 POLICY

“We have been grappling with the problems of cross-border payments and fast payment systems. Given their importance to the continent and to many others around the table we have raised this as one of our flagship priorities. We know the importance of payments for achieving greater financial inclusion and ultimately supporting sustainable economic development.”

▶ 9:14 POLICY

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About Lesetja Kganyago

Lesetja Kganyago, Governor of the South African Reserve Bank, delivered the opening keynote at the 2026 Payments Conference in October, where he discussed ongoing reforms to the national payment system. He noted that non-banks will be able to participate directly in the payment system, that payment system management functions have transitioned to the Reserve Bank, and that the introduction of the QR Plus standard aims to improve interoperability. He reported that the PayShap real-time payment service has surpassed 1 billion transactions since its 2023 inception, with over 1 trillion rand transferred, while acknowledging that PayShap still processes a small share of transactions compared to cash and other electronic transfers. He emphasized the need for consistent customer experiences across banks and described payments as essential economic infrastructure. In September, Kganyago announced the Monetary Policy Committee's unanimous decision to raise the repo rate by 25 basis points to 7.25%, citing geopolitical conflicts, oil price shocks, and global supply disruptions as sources of inflationary pressure. He warned that inflation could rise above 5% in the fourth quarter and stated that the Reserve Bank adopted a more restrictive stance to prevent second-round effects, saying the central bank cannot wait for such effects to materialize before acting. He also noted that South Africa's stronger starting position, including a lower inflation target and positive real interest rates, allowed for a measured response compared to past shocks. The Reserve Bank lowered its growth outlook, projecting annual growth of 1.2% for the year, and Kganyago indicated that future rate decisions would be made meeting by meeting based on incoming data.

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