What Happened: South African President Cyril Ramaphosa has reappointed Lesetja Kganyago to a five-year term as governor of the South African Reserve Bank (SARB), Fin24 reported July 10.
Why It Matters: Markets will take positive note of Kganyago's appointment, as he is highly regarded in financial circles.
Background: The ruling African National Congress has been struggling to form a coherent economic policy since coming to power in 1994 and factions within the party have undermined its ability to deliver growth for the country, which has resulted in skyrocketing unemployment. Although Ramaphosa has underscored the SARB's independence, some of his party colleagues have pushed to expand the bank's mandate to help stimulate employment and economic growth.
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