What do you believe is the single most important factor driving up the cost of living in Nigeria?

South Africa’s central bank chief Lesetja Kganyago said lowering interest rates is not the solution to the country’s chronic inequality, while low inflation is a pre-requisite for economic growth over the medium term.

"There is only so much that can be achieved with monetary policy," Kganyago told an audience on Thursday at the University of Free State in Bloemfontein.

"Changing interest rates is certainly easier than improving education, managing urbanisation or ending load-shedding," he said. "What really matters for inequality is economic growth, job creation and productivity growth."

The central bank left its benchmark interest rate at a 15-year high of 8.25% at its July meeting, maintaining a restrictive policy stance to curb inflation which remains higher than it desires.

But the decision was split with two of the six members of the monetary policy committee (MPC) preferring a 25 basis point cut, signalling officials were beginning to discuss the case for easing. It will deliver its next policy decision on September 19.

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