Address by President Cyril Ramaphosa at the launch of newly renovated South African Reserve Bank Museum, South African Reserve Bank, Tshwane

Programme Director,
Minister of Finance, Mr Enoch Godongwana,
Governor of the South African Reserve Bank, Mr Lesetja Kganyago,
Distinguished guests,
Ladies and gentlemen,

It is a great privilege to join you for the launch of the South African Reserve Bank Museum. This is a proud day, not only for the Reserve Bank, but for our country.

We are opening the doors of an institution whose work shapes the lives of every South African. Even today, the work of a central bank is not widely understood or appreciated.

Monetary policy, financial stability and the management of our currency can seem distant from the daily concerns of ordinary people.

Yet the work of this institution has a profound impact on the value of the money in our pockets and the stability of the banks that hold our savings.

It gives businesses – both large and small – the confidence to plan, to invest and to grow. We congratulate the Reserve Bank for establishing this museum.

It will inform and educate the public about the role and the history of the Bank.Through its exhibitions and its dedicated schools outreach programme, we expect the museum to deepen financial and economic literacy in society.

Our young people will be able to walk through these halls and understand how an economy works, how money holds its value and why the institutions that safeguard it matter. To build a capable and confident nation, we must equip our citizens with knowledge and understanding.

In devising this museum, the Reserve Bank reminds us that the wealth of our country cannot be counted in Rands alone. The wealth of our country resides in the creativity and ingenuity of our people.

As Governor Kganyago has mentioned, the Reserve Bank has a long and proud history of supporting South African artists, having procured thousands of artworks over many years.

Until now, much of that collection has been seen by relatively few people.

Through this museum, the Bank is giving the public an opportunity to view its extensive art collection in an accessible way.

In doing so, it showcases the richness and diversity of our artistic heritage.

Our artists hold up a mirror to our society. They record our history and give voice to our struggles and our hopes. They imagine the country we are still becoming.

By placing this collection within reach of the public, the Reserve Bank is affirming that our cultural heritage belongs to all of us – that our treasures must not be locked away in a vault.

This museum invites us to reflect on the role the Reserve Bank plays in building a stable, sustainable and inclusive economy.

A stable currency and a sound financial system are the foundations on which our economy grows, jobs are created and families plan for the future.

When inflation is kept in check, it is the poorest who are protected most. It is they who suffer the most when prices spiral and savings erode.

When our banks are sound and well regulated, the hard-earned money of working people is safe.

The Reserve Bank's pursuit of price stability and financial stability is, at its heart, the pursuit of fairness.

The Reserve Bank, working alongside Government and the broader society, has a vital part to play in laying the conditions for economic growth that is inclusive.

We want growth that reaches every community, that draws in those who have been left at the margins and that creates opportunity for the many.

On the 30th anniversary of the adoption of our democratic Constitution, it is important that we reaffirm the constitutional role of the Reserve Bank: to protect the value of the currency in the interest of balanced and sustainable economic growth.

The Constitution requires the Bank to perform its functions independently and without fear, favour or prejudice, while consulting regularly with Government.

This independence is a safeguard for the people.

It ensures that our monetary affairs are managed with discipline and credibility.

We must cherish and defend the integrity and independence of the Reserve Bank for it is a national asset built up over many years and trusted around the world.

The high regard in which this institution is held is the result of the work of many dedicated men and women.

Today, I wish to pay tribute in particular to those who have led this institution since the dawn of our democracy: to Dr Chris Stals, Dr Tito Mboweni, Ms Gill Marcus and to the current Governor Mr Lesetja Kganyago, who carries forward this proud tradition of stewardship with such distinction.

To each of them, on behalf of the people of South Africa, we say thank you.

This museum will stand as a place of learning, heritage and pride.

It tells the story of a venerable institution and in doing so it tells a part of the story of our democratic nation.

It is my honour to declare the South African Reserve Bank Museum officially open.

I thank you.