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South Africa’s economy is in the doldrums. It’s sunk into a recession for the second time in 18 months and high jobless numbers continue to rise. Adding to these economic woes is the fact that the ruling African National Congress has been caught in a vicious trail of corruption that stretches back to former President Jacob Zuma’s tenure. One of the prices that’s been paid is that the country has had six finance ministers in four years. In a series of articles, specialists tackle various aspects of the unfolding drama.
After taking over the presidency Cyril Ramaphosa announced a number of initiatives to address the country's economic challenges: one was a stimulus package, the other was convening a jobs summit. Do either add up to a row of beans? Steven Friedman unpacks the politics of the stimulus package while Alan Hirsch looks at what’s missing in the debate about jobs.
The political fallout is being keenly felt. David Everrat analyses the circumstances which led to the resignation earlier this week of finance minister Nhlanhla Nene, while Jannie Rossouw weighs up the skills of the new minister Tito Mboweni.
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Cyril Ramaphosa’s economic stimulus package shows that he and his political allies are in charge of economic policy.
GCIS
Steven Friedman, University of Johannesburg
Ramaphosa's stimulus package is more interesting for what it says about the politics of economic decision making than for its likely impact on the economy.
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A significant number of South Africans can’t find jobs and scrounge for a living on the sidelines of the economy.
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Alan Hirsch, University of Cape Town
South Africa's jobs summit failed to acknowledge fundamental issues in the approach to development and job creation.
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Political fallout
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David Everatt, University of the Witwatersrand
Nhlanhla Nene was highly regarded for refusing to fund former President Zuma's ludicrous rent-seeking projects.
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Jannie Rossouw, University of the Witwatersrand
South Africa's new finance minister comes with considerable skills and political finesse needed to steer the country out of its economic quagmire.
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