ContextAddress by Lesetja Kganyago, Governor of the South African Reserve Bank, at the PSG Think Big Series, Sun City, 6 May 2026.
Why it mattersSouth Africa's Governor gives a global view of serial crises, high debt and imbalances, naming what surplus and deficit countries should each do.
Problems raised
Geopolitical crises follow one another.
Sovereign debt is high and rising, with new spending needs.
Global imbalances and frothy asset markets add risk.
Solutions proposed
Raise consumption in surplus countries.
Cut government borrowing in deficit countries.
Let currencies adjust and favour consumers over producers.
