'Unless ministers change their ways, the economy will remain the same'

President Cyril Ramaphosa has finally announced the team of men and women to lead his administration for the next five years.

He has delivered on his promises by reducing the number of Cabinet ministers from 36 to 28.

Pan-African Investment CEO Dr Iraj Abedian says the new Cabinet 'looks good' because their capabilities are known, but adds that unless they change their ways the economy won't change.

Read: Ramaphosa announces his new Cabinet, De Lille makes the team

There is nothing new in them. They have been there for a long time time, they've done certain things, they have taken specific views and with that, the economy went down.

Dr Iraj Abedian, CEO - Pan-African Investment

Now they've been reappointed and unless they do things differently, we are going to get more of the same thing and that is the concern that I have.

Dr Iraj Abedian, CEO - Pan-African Investment

Nedbank chief economist Dennis Dykes says he is happy that there is continuity in certain portfolios, the reappointment of Pravin Gordhan and Tito Mboweni.

Read also: Cabinet announcement: 'Ramaphosa promised there won’t be any tainted ministers'

I think the issue is will these ministers really drive investment? Will they be business friendly, will, therefore, be economic growth and job creation because that's what is required. We need radical changes.

Dennis Dykes, Chief economist - Nedbank

Dykes says he is disappointed by the appointment of Ebrahim Patel as minister of Trade and Industry because he is just a unionist. He would have preferred someone with business knowledge.

He is also not impressed with changes in the Department of Energy because there were measures in place to solve the energy crisis in the country and now there might be disruptions.

We will have to wait and see if Gwede Mantashe will drive the same agenda which is critical for energy security and keeping energy prices in check.

Dennis Dykes, Chief economist - Nedbank

Abedian believes that not having a minister with a clear vision and background on energy is a huge concern.

He might surprise us by bringing technical people in and listens rather than dictate.

Dr Iraj Abedian, CEO - Pan-African Investment

To hear the rest of the conversation, listen below:


This article first appeared on CapeTalk : 'Unless ministers change their ways, the economy will remain the same'


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