Mboweni rallies for investment in South Africa

Minister Tito Mboweni
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The Minister of Finance Tito Mboweni has addressed the media as part of the Pre-World Economic Forum (WEF) Business Breakfast with President Cyril Ramaphosa.

This was an opportunity to rally business and other stakeholders to carry a common message when the delegation leaves for Switzerland at the end of the week.

Part of Team South Africa’s key message outlines 10 reasons to invest in South Africa. These include a diversified economy, a young labour force and advanced financial services and banking sector.

President Ramaphosa had to answer questions about land, the economy and the African National Congress (ANC) manifesto statements on the South African Reserve Bank (SARB).

Ramaphosa says the independence of the South African Reserve Bank is not under any threat from the governing party.

He says the ANC has expressed a wish for the central bank to look at employment in its work. According to the President, he would have been more concerned if the ANC wanted to review the mandate of the Reserve Bank.

“The governing party expresses a wish, acknowledging that the SARB is independent and that there no intention to tempter with this. The wish is that as it goes ahead with its work it must it should also keep an eye on the issue of growth. The SARB will tell you that it’s what they also focus on,” says Ramaphosa.

The President says Eskom remains a major challenge as Team South Africa prepares to address investors at the World Economic Forum in Davos, Switzerland next week.

Ramaphosa says unlike in 2018, currently there’s a way forward to address Eskom‘s problems and other economic challenges.

He says the country has a better a common message that it will be taking to investors at Davos.

“We are confronted by Eskom challenge once again, but this time we have taken steps. We can say there is glimmer of light; we can say Eskom is being handled. We don’t have to carry that burden to Davos,” says Ramaphosa.

Minister Mboweni also believes Davos plays an important role in the drive for growth.

“So, what do we do at Davos? We will have conversations. One or two good things will come out. At an intellectual level, it helps to make us think how we can do our work better. For our part as the SA government, we have to continue doing the correct things. Somebody doesn’t have to tell us what do we know. Sure, people can make contributions. I think we quite clear,” says Mboweni.

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