Just how political is the role of the deputy governor of the South African Reserve Bank (SARB)? We may find out soon, as President Cyril Ramaphosa must appoint a new deputy governor to replace Kuben Naidoo, who resigned recently. Governor Lesetja Kganyago is in the last year of his second five-year term at the helm of the SARB — and all this is happening in an unpredictable election year.

South Africa has had highly regarded people with an ANC background leading the SARB since the advent of democracy. Kganyago, like his predecessors Tito Mboweni and Gill Marcus, is a blue-blooded party member...

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