Mboweni says Zuma years destroyed investor confidence and hurt economy

Mboweni says Zuma years destroyed investor confidence and hurt economy

- Speaking in Davos, the finance minister said the Zuma presidency drove away investors

- However, he was confident that the economy would bounce back

- He said that the Ramaphosa administration was renewing investor confidence

Tito Mboweni says that South Africa's economy is renewing itself and striving for growth.

He made the comments at the World Economic Forum in Davos where South Africa's representatives have been hoping to draw more investment into the country. 

Ramaphosa made similar pleas, and assured foreign investors that South Africa's economy was on the upswing.

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Mboweni, the finance minster, went every further in his statements, saying that the Zuma presidency had severely damaged the economy. He said that the Zuma administration dealt a harsh blow to investor confidence in South Africa, which in turn meant that fewer investments were made into the economy. He says this added to South Africa's economic stagnation.

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Under Zuma's leadership, more foreign investors pulled out of South Africa than in the 1970s and 1980s at the height of disinvestment campaigns. In 2017, the rand was downgraded to junk status. 

However, Mboweni was confident that the economy was making a comeback. He said that the Ramaphosa administration was calming fears regarding South Africa's economy and was removing policy uncertainty.

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His comments come after several weeks of the ANC discussing the nationalisation of the Reserve Bank, a proposal which has spooked markets and worried foreign investors. However, the party appears to be divided by the issue, with secretary-general Ace Magashule championing it and Ramaphosa claiming that the policy would not be implemented.

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Source: Briefly.co.za

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