Janine Myburgh, president of the Cape Chamber of Commerce and Industry. File photo: African News Agency (ANA)

CAPE TOWN – The Cape Chamber of Commerce and Industry said on Tuesday that they hoped that the appointment of the former Governor of the South African Reserve Bank, Tito Mboweni, as the new Finance Minister would bring some stability to South Africa’s finances.

“It will be a very difficult job with most of the state-owned enterprises (SOEs) in a state of virtual bankruptcy and little prospect of the economic growth we desperately need,” said Janine Myburgh, President of the Chamber.

“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.”