Page 16 - SARB: 100-Year Journey

careful, thorough and deliberate in their actions so that we can limit the possibility of costly mistakes or ill-considered decisions.
The third principle is always to follow the law without fear or favour in the execution of our constitutional and legislative mandates. The South African people have to trust us to treat every one of our stakeholders and the public with fairness so that our less popular decisions may have the credibility the SARB needs to do its work effectively.
Fourth, accountability, transparency and commu- nication are the cornerstones of our institutional culture. Parliament is the main representative body of the South African people, and it is always a privilege for me and the leadership of the SARB when we are invited to explain our decisions and actions. I am particularly grateful for what is now parliamentary tradition, which is to hold such hearings in public so that we may simultaneously account to all South Africans.
The last principle is to fulfil the rest of our transparency obligations through continual communication. This is not isolated to our monetary policy decisions, which we explain fully, but also extends to our regulatory actions and financial sector assessments. In this respect, the words of our former Chief Justice Sandile Ngcobo elucidate this better than I can, when he said:
“The constitutional guarantee of the right of access to information held by the state gives effect to ‘accountability, responsiveness and openness’ as founding values of our constitutional democracy. It is impossible to hold accountable a government that operates in secrecy ... In a democratic society such as our own, the effective exercise of the right to vote also depends on the right of access to information. For without access to information, the ability of citizens to make responsible political decisions and participate meaningfully in public life is undermined.”
These principles the SARB holds dear are informed by a single-minded focus on serving the country to the best of its ability. I believe that they have secured for the SARB the unwavering support of the majority of the South African people during times of crisis, such as the financial crisis of 2008–09 and the SARB’s response to the social and economic impact of the COVID-19 pandemic.
While most of our compatriots may only occasionally notice our existence or get to know of the SARB in times of crisis, the work which is equally close to our hearts is that of helping South Africans realise their dreams. From the ease of transacting within our banking system to the protection of South Africans from financial and other types of crime such as money laundering and illicit flows, each and every one of these tasks is pursued with the utmost care and commitment.
As we reflect on the previous century, and the few decades of democracy in South Africa, I hope our stakeholders will continue to hold us accountable to the highest standards.
I wish to thank my colleagues at the SARB for their diligence in the execution of their duties, and for understanding the need to embed an institutional culture that supports our country’s highest ideals.
Finally, I am grateful to South Africans for giving the SARB the space to pursue its mandate indepen- dently, without fear, favour or prejudice, and for supporting the institution. We take none of it for granted.
I hope you will find this publication informative and that its contents will form the basis of a stronger bond between the SARB and the citizens to which it is ultimately accountable.
Lesetja Kganyago
Governor of the South African Reserve Bank
6