Tito Mboweni appoints PIC board, renews Kganyago's SARB contract - Ministry

Fundi Tshazibana and Rashad Cassim appointed Deputies Governor at bank


The Minister of Finance, Mr Tito Mboweni, after consultation with Cabinet, has appointed an Interim Board of Directors (BoD) at the Public Investment Corporation (PIC). The appointment shall be effective 12 July 2019 to 31 July 2020. The Chairperson and Deputy Chairperson shall be elected at the first meeting to be convened by the Interim BoD. The members of the Interim BoD are as follows:

Ms Sindi Mabaso – Koyana Ms Irene Charnley

Ms Tshepiso Moahloli Ms Maria Ramos

Ms Barbara Watson Mr Ivan Fredericks Mr Zola Saphetha

Mr Bhekithemba Gamedze

Dr Angelo David Sabelo de Bruin Prof Bonke Dumisa

Advocate Makhubalo Ndaba Dr Reuel Khoza


Mr Pitsi Moloto

Dr Xolani Mkhwanazi


On the South African Reserve Bank (SARB), President Cyril Ramaphosa, after consultation with the Minister of Finance and the Board of Directors of the SARB, has re-appointed Mr Lesetja Kganyago to serve as Governor of the SARB for another five years, effective from   9 November 2019. Mr Kganyago’s current term expires on 8 November 2019.

The President has, also after consultation, appointed Ms Fundi Tshazibana and Dr Rashad Cassim as Deputies Governor of the SARB for a period of five years each, effective 1 August 2019.

Ms Tshazibana is currently the Adviser to the Governors of the SARB and holds a Master’s of Commerce degree in Economics, while Dr Cassim is currently Head of Economic Research and Statistics at the SARB, and holds a PhD in Economics.

Minister Mboweni said of the appointments: “We congratulate the appointees and look forward to working with them. We need not remind them of the tough economic and fiscal circumstances facing South Africa at the current moment. They have my full support and confidence that they will take South Africa forward as we move to bring development to our people.”



Ms Sindi Mabaso – Koyana: She is Chartered Accountant by profession with experience in the public and private sectors. She served on a number of boards including Transnet, South African Airways, South African Institute of Chartered Accountants, MTN, SANRAL and Altron Group.

Irene Charnley: She has a Certificate of Graphic Art, Reproduction and Technology and a Certificate in Industrial Relations. She worked as a negotiator for South Africa's National Union of Mineworkers where she spent 13 years coordinating various divisions of union operations. She served as Executive Director for the MTN Group and thereafter she joined Johnic. She is currently the Deputy Chairperson of Smile Telecoms Holdings and she previously served as the CEO of Smile Telecoms Holdings Ltd.

Tshepiso Moahloli: She holds a Master of Economics Science degree (Cum Laude) and a Master of Business Administration degree. She is currently the Chief Director: Liability Management at the National Treasury. She also held the positions Director Debt Issuance and Management and Director Foreign Debt Management.

Maria Ramos: She holds an Institute of Bankers’ Diploma, a Bachelor of Commerce degree, a Bachelor of Commerce Honours degree in Economics and a Master of Science (Economics) degree. She was the Chief Executive Officer of Absa Group Limited. Prior to joining Absa as Group Chief Executive she was the Group Chief Executive of Transnet Limited and served as the Director-General of the National Treasury. She is currently a Member of the Group of Thirty and she Co-Chairs the Secretary General’s Task Force on Digital Financing of the Sustainable Development Goals.

Barbara Watson: She holds a BA Social Science degree. She is a qualified Social Worker. She worked at the Department of Public Service and Administration as Chief Director for Transformation Policies and Programmes. She served as a Trustee of the Government Employee Pension Fund.

Ivan Fredericks: He holds an advanced Diploma in Labour Law. He is the General Manager of the Public Servants Association (PSA). He served as the Deputy General Manager of the PSA and as the Assistant General Manager: Liaison, Communication and Social Responsibility of the PSA.

Zola Saphetha: He is currently the General Secretary of NEHAWU, a member of the central Executive Committee of COSATU. He is a former KZN Provincial Secretary, Deputy General Secretary of NEHAWU and COSATU KZN provincial Executive Committee member.

Bhekithemba Gamedze: He is a qualified actuary, a fellow of the Actuarial Society of South Africa and he was the founding President of the Association of South African Black Actuarial Professionals. He also served as Chairman of the South African Insurance Association. He is currently a Non-Executive Director of Santam and a Trustee on the Government Employees Pension Fund Board.

Dr Angelo David Sabelo de Bruin: He holds a MBchB degree (Cum Laude) and a Diploma in Advanced Health Services. He is currently in community private practise as a Principal Medical Doctor in Community Health.

Prof Bonke Dumisa: Prof Dumisa holds a Bachelor of Commerce (Accounting) degree, a B Com honours degree, a Master of Business Administration degree, a Master of Science degree, a Doctor of Business Administration degree and a Bachelor of Laws degree. He also holds a Master of Law degree and a Professorship in Economics.

Advocate Makhubalo Ndaba: He holds a B Juris degree, a Bachelor of Law degree and a Master of Law degree in Employment Law. He is an advocate of the High Court of South Africa. He is a member of the Black Lawyers Association, the Pension Lawyers Association of

South Africa and the Institute of Directors of Southern Africa. He is currently the Company Secretary and Group Corporate Counsel of the PGC Group.

Dr Reuel Khoza: He is currently Chairman of Dzana Investments (Pty) Ltd and AKA Capital (Pty) Ltd. He is also a former Chairman of Nedbank Group Limited and Globeleq, and a director of several companies.


Pitsi Moloto: He holds a Master degree in City/Urban Community and Regional Planning and a Master degree in Business Administration. He served as the Chief Whip for the Limpopo Legislature and as the MEC for Economic Development, Environment and Tourism and as the MEC for Transport. He served on the PIC BoD from 1 December 2015 to 31 May 2019.

Dr Xolani Mkhwanazi: Dr Mkhwanazi holds a Bachelor of Science in Maths and Physics degree, a Master of Science degree and PhD in Applied Physics. Dr Xolani Mkhwanazi is an experienced senior business leader, serving as a director in several companies. He has extensive executive leadership, business and technical experience in the Energy, Mining and Public Sector. He served as the Deputy Chairperson of the PIC BoD.

Issued by the Ministry of Finance Date: 10 July 2019