Lesetja Kganyago blames state capture for SA’s slow economic growth

South African Reserve Bank (Sarb) Governor Lesetja Kganyago has answered the question, putting the blame on the state capture fallout, and not macro-policy. Kganyago said the country’s economy is growing at a slow rate despite adopting the right macroeconomic policies. State capture hurts SA’s growth trajectoryHe added that the real problem was “institutional destruction – a process often called ‘state capture’.” Kganyago was referring to the State Capture Commission, which was chaired by former chief justice Raymond Zondo from 2018 to 2022. The essence of state capture is that institutions are no longer run for public benefit.