South African Reserve Bank Governor Lesetja Kganyago Emphasizes Trust and Media Role

South African Reserve Bank Governor Lesetja Kganyago has expressed his gratitude to the Sunday Times for a prestigious award, emphasizing the vital role of a credible fourth estate in promoting trust and accountability. In his acceptance speech, Kganyago noted that the recognition is especially meaningful coming from a publication that has long been at the heart of South Africa's fourth estate. He acknowledged that the world has changed significantly since he last received an award from the Sunday Times in 2017.

Kganyago highlighted the challenges faced by the media and public institutions in recent years, including a deliberate assault on the mainstream media and the spread of misinformation. The COVID-19 pandemic further exacerbated these issues, battering news outlets and eroding trust in institutions. In South Africa, state capture had weakened public institutions, undermining service delivery and deepening the country's economic crisis. As a result, capable institutions that maintained their independence became targets of misinformation campaigns.

The South African Reserve Bank Governor stressed that achievement in public service is never solely individual, but rather relies on the trust of the people served, the dedication of colleagues, and institutions that hold individuals accountable. He emphasized that trust is earned over time and that the Reserve Bank devotes considerable energy to earning trust by acting transparently and in accordance with its mandate. Kganyago also highlighted the importance of a credible fourth estate in conveying facts, policy stances, and holding the Reserve Bank accountable.

Kganyago drew on his experience with former Reserve Bank Governor Tito Mboweni, who established the monetary policy committee in 1999. Mboweni opened the inaugural meeting to the media to introduce the public to the new decision-making body and provide insight into the process. Kganyago noted that Mboweni's approach was guided by the impact of monetary policy decisions on people's lives and the importance of transparency.

The Governor emphasized that achievement is not measured solely by accomplishments, but by whom those accomplishments ultimately serve. He expressed his gratitude to the Sunday Times for the award and for the important work its journalists do. Kganyago also acknowledged the significant role his family has played in his life, including his wife Zibusiso and their children.

Kganyago reflected on the importance of trust in the current context, stating that it comes at a higher premium nowadays. He emphasized that the Reserve Bank relies greatly on a credible fourth estate to convey facts, policy stances, and to hold it accountable in delivering its mandate. The Governor also highlighted the importance of transparency and accountability in making central bank independence credible and sustainable.

In conclusion, Kganyago's acceptance speech underscores the critical role of a credible fourth estate in promoting trust and accountability in public institutions. He emphasized that achievement in public service relies on the trust of the people served, the dedication of colleagues, and institutions that hold individuals accountable. The Governor's remarks highlight the importance of a free and independent press in a democratic society.

Key points

• A credible fourth estate is essential for promoting trust and accountability in public institutions.
• The South African Reserve Bank devotes considerable energy to earning trust by acting transparently and in accordance with its mandate.
• Transparency and accountability are crucial for making central bank independence credible and sustainable.