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Jabulani Sikhakhane | The Reserve Bank must explain its governors' outsize exit payments

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Jabulani Sikhakhane (Supplied)
Jabulani Sikhakhane (Supplied)

The SA Reserve Bank (SARB) paid Francois Groepe R10.8 million in two tranches after his resignation early last year as its deputy governor.

The payments, which were over and above the cooling-off payment estimated at more than R2.5 million, were described in the bank's 2018/19 and 2019/20 annual reports as severance, but later explained by a bank spokesperson as "a recognition of service award and a retirement gift".

Groepe's award and gift equate to some R1.5 million for each of the seven years he served as deputy governor.

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