Finance Minister Enoch Godongwana, on September 5, announced the appointment and reappointment of directors to the board of directors of the Land and Agricultural Development Bank (Land Bank), effective September 3.

The Ministry of Finance notes that the appointments, made in terms of Section 9(1) and 9(2) of the Land and Agricultural Development Bank Act, include the reappointment of two experienced directors and the appointment of six new directors to bolster the Land Bank's governance and strategic leadership and equip the entity for the future.

The two nonexecutive directors who have been reappointed for two-year terms ending September 2, 2027, are Professor Johann Frederick Kirsten and Egashnee Pillay.

The new nonexecutive directors who have been appointed for terms ending on September 2, 2028, are Phumzile Hazel Maseko, Simthandile Ford, TF Matlala, Mcebisi Skwatsha and Xikongomelo Maluleke.

Further, Mabotha Arthur Moloto has been appointed as director for a two-year term ending September 2, 2027.

The Ministry notes that all appointments remain subject to security, qualification and other relevant checks, as required.

Godongwana expresses gratitude to the outgoing board of directors for their strategic guidance during the bank's challenging period of financial restructuring, and for their work in securing a liability solution to ensure the bank's financial sustainability.

“The Land Bank has done well recently but it must do more and build on what the previous board has achieved by dealing with its capacity constraints, addressing its high-cost structure and diversifying its revenue streams among other things,” Godongwana says in a media statement.

The Ministry says the Land Bank plays a crucial role in supporting South Africa's agricultural sector and rural development initiatives.

“The role that the Land Bank plays in supporting both commercial and emerging farmers, as well the rural communities that rely on land for their livelihoods, is fundamental to the inclusive and sustainable economic growth at the heart of our national project,” Godongwana adds.