EDITORIAL: The frailty of the National Treasury
The last thing SA needs as it faces a looming fiscal crisis is for the investor community to start asking whether the Treasury is still fit for purpose
The National Treasury and the Reserve Bank — staffed by world-class officials who produce top-quality analysis and operate with a high degree of transparency — have long been regarded as two of the strongest pillars propping up SA’s flagging institutional capacity.Over the past decade, the Bank has gone from strength to strength, absorbing a stream of officials from the Treasury, including the current governor, Lesetja Kganyago, his deputy, Kuben Naidoo, the Bank’s head of research, Chris Loewald, and economist Konstantin Makrelov.Michael Sachs, the former head of the budget office, has moved to academia while former director-general Lungisa Fuzile is now the CEO of Standard Bank.And that’s just the old guard. This week a fresh crop of senior officials are leaving: Roy Havemann, chief director of financial markets and stability; Catherine MacLeod, chief director for macroeconomic policy; and local government expert Steven Kenyon.According to the Treasury, they’re off to pursue new c...
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