Lukanyo Mnyanda Editor: Business Day

A day after the Reserve Bank’s last policy meeting, the governor, Lesetja Kganyago, gave an interview to Business Day. Only half-jokingly, I mentioned that I had so far attended two of his press conferences and noted that both times he had again given the same speech about monetary policy, or lower interest rates more specifically, not being a panacea for the country’s growth and employment crisis and the need for the government to get on with structural reforms.  “Don’t you ever get tired of repeating yourself?” I asked. He proceeded to quote one of his predecessors, Chris Stals — a name I hadn’t heard of for a while — who had talked up the value of central bankers doing just that, repeating themselves until the message finally got through. Seeing that Stals was making similar noises back in the 1990s, talking in a speech in 1999 about the need for a “gradual restructuring of the economy”, it’s safe to assume that this message will take a while to sink in. In 2019, it will be 20 ye...

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