CAPE TOWN – The Black Business Council (BBC) commended President Cyril Ramaphosa on being able to balance between continuity and change when appointing and constituting the 6th cabinet of the democratic South Africa.
The BBC said this cabinet was reflective of the consultative nature in which Ramaphosa operated. The continuity and change is reflected in the retention of the Minister of Finance, Tito Mboweni with an injection of a youthful David Masondo as the Deputy Finance Minister.
The Banking Association of South Africa shared a similar view saying Mboweni’s reappointment was an important signal to the market that this government was committed to responsible economic and fiscal policies.
The BBC said this could only be a respectable equilibrium that would inspire business confidence.
Markets received Mboweni’s retention along with the reduced cabined fairly well with the rand strengthening marginally, though still under pressure from the US-China trade spat.
Basa said Deputy Minister Masondo would have to work hard to win the trust and confidence of all South Africans. “It may well fall to him to sort out the corporate governance failures at the Public Investment Corporation (PIC), which manages the retirement savings of public servants.”
The BBC said it was pleased with the retention of the Ministry of Small Business Development.
“We applaud President Ramaphosa for ensuring that 50 percent of the cabinet is made up of women. This bodes well for the empowerment of women, who in the main, remain marginalised in society and corporate South Africa” said BBC President Sandile Zungu.
He said the reduction of ministers reflected the seriousness in which Ramaphosa took the call for cost containment in government. The mix of youth and experience indicates that time for talk is over and it is now time for implementation.
“The BBC will work with all ministers in general and the economic cluster ministers in particular as we labour towards finding solutions to our challenges of a slow growing economy in order to spearhead economic recovery and renewal by focusing on small, medium & micro enterprise businesses (SMMEs) development as the cornerstone of job creation.” said Zungu.
BUSINESS REPORT ONLINE