A perfect storm is building around SA Reserve Bank governor Lesetja Kganyago, and I wonder if he can see it. While he stands secure behind the walls built by the constitution, trouble is brewing outside.

First there is the obvious stuff of toxic politics. The manipulation of the official ANC post-lekgotla statement last Tuesday to cast doubt on the governing party’s stance on the central bank and monetary policy has been neutralised for now. But the toxic politics is a reality that is not going away and the central bank is an easy target because it is contested terrain in the ANC. Every opportunity will be exploited. In the midst of the fracas Kganyago was reported as saying that “the barbarians were at the gates of the SARB”...

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