{"id":68090,"date":"2024-06-08T11:38:17","date_gmt":"2024-06-08T11:38:17","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government"},"modified":"2024-06-08T11:52:03","modified_gmt":"2024-06-08T11:52:03","slug":"sarb-governor-kganyagos-warning-for-south-africas-new-government","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government","title":{"rendered":"SARB Governor Kganyago\u2019s warning for South Africa\u2019s new government"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s central bank chief said the next government will need to accept it has limited resources or risk having to go to the International Monetary Fund for a bailout.<\/p>\n

The African National Congress is weighing options from partnering with the centrist Democratic Alliance to leftist parties to forming a government of national unity, after losing its outright majority in May 29 elections.<\/p>\n

Both the Economic Freedom Fighters and former President Jacob Zuma\u2019s uMkhonto weSizwe Party in their manifestos said they want to nationalize mines and banks.<\/p>\n

The parties might say that want to nationalize banks, but until that becomes government policy we will not have to respond, Governor Lesetja Kganyago told an event in Johannesburg for the release of the biannual Financial Stability Review on Wednesday.<\/p>\n

\u201cIf the government somehow nationalizes all of these banks, this government will have to borrow a lot of money cause these banks are not particularly cheap at the moment, and you are not going to take them for free,\u201d Kganyago said.<\/p>\n

\u201cGovernment would easily more than double its debt just to buy the banks.\u201d<\/p>\n

The government\u2019s debt to gross domestic product, estimated at 74.1% for this fiscal year, is already much higher than the emerging market average.<\/p>\n

Kganyago said the government will need to consider tradeoffs.<\/p>\n

\u201cAt the end of the day, when you govern, you are going to face the reality that you only have so many resources to work with,\u201d the governor said.<\/p>\n

\u201cIf you try to do things beyond those resources, you are going to end up having to pay for it, and it\u2019ll not take long before the funders start saying, I am not funding you anymore.\u201d<\/p>\n

When that happens you will be left with only one funder who will come to the party \u2013 the IMF, Kganyago said.<\/p>\n

\u201cThey know one thing when they come: they will teach you how to budget, and they\u2019ll make you live within your resources, and it\u2019s going to be painful. And you know what? You might not have to drink the medicine. You might have to undergo surgery.\u201d<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa\u2019s central bank chief said the next government will need to accept it has limited resources or risk having to go to the International Monetary Fund for a bailout. The African National Congress is weighing options from partnering with the centrist Democratic Alliance to leftist parties to forming a government of […]<\/p>\n","protected":false},"author":84,"featured_media":68089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-68090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSARB Governor Kganyago\u2019s warning for South Africa\u2019s new government - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s central bank chief said the next government will need to accept it has limited resources or risk having t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SARB Governor Kganyago\u2019s warning for South Africa\u2019s new government\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s central bank chief said the next government will need to accept it has limited resources or risk having t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-08T11:38:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-08T11:52:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/06\/sm_1717834744.084212.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SARB Governor Kganyago\u2019s warning for South Africa\u2019s new government\",\"datePublished\":\"2024-06-08T11:38:17+00:00\",\"dateModified\":\"2024-06-08T11:52:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government\"},\"wordCount\":372,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/06\/sm_1717834744.084212.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-kganyagos-warning-for-south-africas-new-government\",\"name\":\"SARB Governor Kganyago\u2019s warning for South Africa\u2019s new government - 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