Cape Chamber of Commerce and Industry

Will the new Finance Minister bring some stability to SA's finances?

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THE Cape Chamber of Commerce and Industry hopes that the appointment of the former Governor of the Reserve Bank, Tito Mboweni, as the new Finance Minister will bring some stability to South Africa’s finances.

“It will be a very difficult job with most of the State Owned Enterprises in a state of virtual bankruptcy and little prospect of the economic growth we desperately need,” said Ms Janine Myburgh, President of the Chamber.

“Mr Mboweni has a solid background and he earned respect as governor of the Reserve Bank, but the new challenge will be the ultimate test.”

She said the post of finance minister had been bedevilled by politics in recent years so it was to the country’s advantage to have someone in the position who had not been involved in the political scrap. “What we need now is clear financial planning and not political thinking. There will be some very difficult decisions ahead, especially on the future of the SOE’s. We wish him well and we can assure him of the support of business as he tries to steady the ship and get South Africa moving.”

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