Kganyago ties central bank independence to public accountability
Public trust and a credible press sustain central bank independence, South African Reserve Bank (SARB) Governor Lesetja Kganyago said at the Sunday Times Top 100 Companies Awards in Johannesburg. Transparency underpins that trust.
Independence rests on earned trust
Kganyago said the SARB relies on public confidence to fulfil its mandate and works to earn trust through transparency and adherence to that mandate.
A credible press both conveys policy decisions and holds the central bank accountable.
He linked distrust of institutions to political polarisation and misinformation, saying state capture had weakened South African public institutions, impaired service delivery and deepened the economic crisis.
Public anger often targeted capable institutions that had retained their independence, he said.
Attacks on mainstream media in the United States had spread globally, while the pandemic further battered news outlets.
Transparency and accountability make central bank independence credible and sustainable, he said.
Mboweni opened the policy process
Kganyago recalled that Tito Mboweni established the Monetary Policy Committee partly to strengthen transparency and opened the start of its inaugural meeting to the media.
Mboweni wanted citizens to understand decisions affecting their lives.
Kganyago contrasted conditions with 2017, when he previously received a Sunday Times award.
He thanked the newspaper, colleagues and family: his wife Zibusiso, sons Mororiseng and Themba, and youngest child Mmabodiba, studying for exams in Cape Town.
He also credited his late parents for encouraging hard work and commitment.
Accountability anchors institutional credibility
Kganyago presented public trust as a condition for fulfilling the central bank's mandate.
His emphasis was on scrutiny and service to citizens, rather than a policy-rate decision.
The speech linked institutional independence to accountability, not insulation from criticism.