SA Reserve Bank governor warns anti-constitutionalism, populism threaten country's democracy

News24

07-05-2025

SA Reserve Bank governor Lesetja Kganyago has warned that anti-constitutionalism and populism threaten the country's democracy and accountability ecosystems.
Lesetja was bestowed with an honorary doctorate by Walter Sisulu University in Komani, the Eastern Cape, on Tuesday.
In his acceptance speech, he said the country's true wealth lies in citizens' knowledge, not just in infrastructure and minerals.
SA Reserve Bank governor Lesetja Kganyago says anti-constitutionalism and populism threaten the country's democracy and accountability ecosystems.
He spoke at Walter Sisulu University's Komani campus on Tuesday after accepting an honorary philosophy doctorate in education in recognition of 'his outstanding contributions to the field of education.'
Kganyago said he was happy to receive the honorary degree from an institution named after struggle stalwart Walter Sisulu.
'Incidentally, just over four years ago, I was conferred an honorary doctorate by a university named after Walter Sisulu's lifelong friend, Nelson Mandela. I consider it a profound privilege for my name to be attached, albeit indirectly, to these two great men through the universities that stand as monuments to their legacies.'
He added during apartheid, South Africa's universities became key sites of political activities.
'The government clamped down on progressive academics and student organisations to curtail any political mobilisation. In the 1980s, for example, five lecturers at the University of Transkei, the institution that would later become Walter Sisulu University, were deported [while] 100 students were arrested and more banned from campus.'
READ | Godongwana's R2bn plan to repay Ithala clients ropes in Kganyago, alienates KZN finance MEC
Today, Kganyago said, some South African universities faced intense pressure to cast their principles aside when academically boycotting certain countries.
'Having led the South African Reserve Bank for just over a decade now, I have come to understand that institutions often come under attack when they shed light on some or other dereliction of duty elsewhere,' he added.
WSU VC Prof. Rushiella Songca conferred an honorary doctorate on SARB Governor Lesetja Kganyago at the Komani Campus graduation, recognising his outstanding contribution to economic leadership and public service. pic.twitter.com/IxwXgMvDW2
— Walter Sisulu University (@WalterSisuluUni) May 6, 2025
Kganyago said in the wake of a looming threat against democracy, and other crises confronting the country, academics have a responsibility to produce more PhD students.
He added:
The wealth of the country for us should be the know-how that is in the heads of our citizens. It is not enough to say we have infrastructure and minerals. We will not know what to do with those if we don't produce the know-how.
'Ethical leadership and strong governance are crucial to ensure our universities can continue to deliver quality higher education,' he added.