'Gigaba will have limited effect; the elephant in the room is the President'

Finance Minister Malusi Gigaba has the world on his shoulders.

Earlier this week he had to put out fires after Sunday Times published an opinion piece written by his advisor Professor Chris Malikane.

In the article Malikane proposes a new economic plan that includes the “expropriation of white monopoly capital establishments such as banks, insurance companies, mines and other monopoly industries to industrialise the economy”.

Gigaba has since distanced himself from the piece.

On Wednesday, Gigaba said he expects to appoint a new director-general (DG) of Treasury by the end of May, which he hopes will bring further assurances of stability within the sector.

The minister is currently attending World Bank and International Monetary Fund meetings in the United States to assure investors of South Africa’s unchanged economic path.

He will also meet rating agency Moody’s.

The Money Show’s Bruce Whitfield interviewed Standard Bank Chief Economist Goolam Ballim.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

The internal crisis in South Africa has come at a time of an incredibly benign external environment.

Goolam Ballim, Standard Bank

Finance Minister Gigaba’s endeavours will only have limited effect, because the elephant in the room is the President.

Goolam Ballim, Standard Bank

Minister Gigaba is a subtext in the play.

Goolam Ballim, Standard Bank

The Finance Minister is going to have to show that he can assemble people with gravitas.

Goolam Ballim, Standard Bank

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Article brought to us by Old Mutual.

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