Lesetja Kganyago on Tito Mboweni's legacy
From The South African Reserve Bank (SARB) hosts the Inaugural Tito Mboweni Memorial Lecture, 4 June 2026 · · SAReserveBank
“Some of you may recall how he ended that last speech and I quote, 'A prosperous future is possible for our beautiful country. Gloria est consequent. Glory must be sought after.'”
On , Lesetja Kganyago, Governor at South African Reserve Bank, spoke about Tito Mboweni's legacy during The South African Reserve Bank (SARB) hosts the Inaugural Tito Mboweni Memorial Lecture, 4 June 2026 on SAReserveBank.
About Lesetja Kganyago
Lesetja Kganyago, Governor of the South African Reserve Bank (SARB), has been active in public engagements between April and June 2026, addressing the economic impact of the Middle East conflict and the SARB's monetary policy response. On 28 May 2026, the Monetary Policy Committee (MPC) raised the repo rate by 25 basis points to 7%, effective 29 May. Kganyago stated that the decision was driven by a global inflation surge linked to the conflict, which had pushed oil prices to around $100 per barrel and led to higher fuel and food costs. He noted that South Africa entered the shock with inflation at the new 3% target and a restrictive policy stance, which he said provided a buffer compared to the 2022 inflation surge. Kganyago emphasized the SARB's commitment to returning inflation to 3% over time, stating, "We are not going to change the target. It is the job of the central bank to be explaining how we navigate our way back to target in the event of a shock." In a public lecture at Rhodes University on 1 May 2026, Kganyago discussed the challenges of managing supply-side shocks, warning that "second round effects" could cause temporary price increases to become entrenched. He argued that central banks must act to prevent higher inflation from becoming persistent, even if the initial shock is external. At the IMF and World Bank Spring Meetings in Washington, D.C., on 17 April 2026, Kganyago highlighted that the conflict had also driven up fertilizer prices, which could affect food inflation later in the year. He contrasted the current situation with 2022, noting that South Africa's inflation was on target and its fiscal position was stronger. On 4 June 2026, Kganyago hosted the inaugural Tito Mboweni Memorial Lecture, honoring the former SARB governor and reflecting on the importance of central bank accountability and open debate.