SA entering an era of new economic challenges: Kganyago

Reserve Bank Governor Lesetja Kganyago says South Africa is entering an era of new economic challenges even as the recent ones have yet to be overcome.

Speaking at the 104th annual Ordinary General Meeting in Pretoria, Kganyago outlined a tough road ahead.

He says despite better prospects in recent months, the path to recovery remains beset by risks and vulnerabilities built up during the COVID-19 pandemic.

Kganyago says inflation remains stubbornly high with public debt levels globally at record levels.

He says, “There is little fiscal or monetary policy space available to deal with the risks that could emerge to financial stability. Renewed inflation pressures or even the growing challenges of climate change inflation remains a major policy concern for central banks globally.”

– Reporting by Nosipho Radebe.

VIDEO | South African Reserve Bank 104th Annual Ordinary General Meeting: