Lesetja Kganyago is the biggest game changer against black in ruining the wealth of the country thereby decreasing the rating of the nation as well. He had used his powers to deploy the well being of the poor and needy Africans and that’s so painful for the future of Africa.
Lesetja Kganyago is a Reserve Bank Governor told the SARB directive that he must exercise its powers after the consulting with parliament so as to downgrade the global rating of the South Africa. Already the country was facing troubles like weakening of rand, knocked banking stocks and bond outflows. Kganyago is playing trick to further decrease the country rating.
He said that this order would not determine the independence of SARB and they focus only the price stability and in turn country’s socioeconomic well-being will be extensively disturbed.
When talking to Bloomberg television, Kganyago declared that he will not resign the post for the attempt made by central bank. He does not consider about the SARB urgent court application. Moreover, he never wants to go without completing his 5 year tenure..
Not Interested In Quitting Job
Kganyago told that he is striving hard to protect the independence of SARB. He does not want to resign his job and he is the biggest criminal in the issue of SARB. He also added that quitting the job means that he is coward and running away. So, he is not interested to quit his job until now.
The Reserve Bank trooped court papers in contrary to the instruction of anti-graft ombudsman which is compulsory for safeguarding the current value. Furthermore, it is the reckless proposal for harming the economy of the country.
Public Protector Busisiwe Mkhwebane reported prior to this month, as per the instruction of the parliament; begin the process to change the constitution of the nation so as to make the central bank to focus on the socioeconomic well-being of the citizens apart from inflation. The comments banged the rand which in turn create as the massive thread for the independence of Reserve Bank.
Kganyago Attitude In Downgrading Economy
As per the report, it has a severe detrimental effect on the nation economy from the moment it got released. Kganyago told in the papers filed by the high court of Pretoria that as long as it remains in place, it will cause the hazards like depreciation of rand, significant capital outflows and further downgrades in ratings.
The remedial action seems to be irrational because it is taken with the objective of promoting socio-economic development but eliminates one the essential tools the Reserve bank employs to achieve it.
Low inflation assists in maintaining the worth of money available in the pocket. This is worst for all South Africans but especially for the poor and marginalized.
The investigation of public protector was regarding the bailout of apartheid-era via the regulator of Bankorp that was brought by Barclays Africa Group in the year 1992. Kganyago is a culprit in entrenching the powers of the Reserve Bank constitution.
Kganyagot ignored submissions from central bank and it is not repaid yet and the Reserve bank does not inform that it is mandatory. Mkhwebane told that it is reckless and ill-informed.