Ramaphosa must be very tough on underperforming ministers, says economist

Argon Asset Management senior economist Thabi Leoka attributed the 3.2% decline of gross domestic product (GDP) for the first quarter of 2019 to a decrease in manufacturing, agriculture and mining sector.

Leoka says her forecast was a decline of about 1.6% but it doubled instead. She says the numbers aligned to the statistic released last week which showed an increase of 27% unemployment rate.

According to Leoka, this is happening at a time when investors are taking money out of developed markets into emerging markets.

Read: SA's current economic status is "damaging" - economist

Money should be flowing into South Africa and we should be seeing the rand scrapping somewhat but that would not happen if we are seeing such weak GDP numbers.

Thabi Leoka, Senior economist - Argon Asset Management

This is the time for very tough decisions for President Cyril Ramaphosa. Reforms are not easy, they are messy but reforms have to happen so that we can have sustainable growth in future.

Thabi Leoka, Senior economist - Argon Asset Management

To grow the economy, Leoka advises that there should be a special focus on mining and manufacturing sectors, which are high labour-absorbing and requires low skills.

South Africa is a developing country and we need to have policies that look towards improving the lives of the many people who are poor, marginalised, unemployed and not in training.

Thabi Leoka, Senior economist - Argon Asset Management

Leoka says the president needs to be very tough on underperforming ministers because at the moment the country's economy needs all hands on deck.

If there are any underperforming ministers and deputy ministers they need to shift...

Thabi Leoka, Senior economist - Argon Asset Management

To hear the rest of the conversation, listen below:


Recommended

by NEWSROOM AI
Read More
'Unless ministers change their ways, the economy will remain the same'

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

Economists Dr Iraj Abedian and Dennis Dykes weigh in on the announcement of the new Cabinet.

'Ramaphosa's new Cabinet will need to get the battered economy growing again'

'Ramaphosa's new Cabinet will need to get the battered economy growing again'

Chief economist Dr Iraj Abedian says this Cabinet will be highly scrutinised due to the state of South Africa's finances.

Reserve Bank can't afford to reduce interest rate, says economist

Reserve Bank can't afford to reduce interest rate, says economist

Azar Jammine discusses the upcoming announcement by Governor Lesetja Kganyago.

Another society would have been up in arms over unemployment, says expert

Another society would have been up in arms over unemployment, says expert

Eusebius McKaiser facilitates debate between economists about the latest jobs report.

'Parliament is captured by capitalists,' says BLF in heated debate with DA

'Parliament is captured by capitalists,' says BLF in heated debate with DA

Party representatives go head-to-head on how the land must be expropriated on The Eusebius McKaiser Show.

'SA Inc. is starting to lose faith in President Cyril Ramaphosa'

'SA Inc. is starting to lose faith in President Cyril Ramaphosa'

Ramaphosa has promised a tsunami of investment yet, as a percentage of GDP, it’s at a 13-year low, says Ferial Haffajee.

PIC evidence leader receives witness death threats

PIC evidence leader receives witness death threats

Mpati Commission spokesperson Thabi Leoka says it is ensuring the safety of those named in the message received by Advocate Lubbe.

[LISTEN] PIC business model put under the spotlight as inquiry kicks off

[LISTEN] PIC business model put under the spotlight as inquiry kicks off

Karima Brown spoke to Economist and member of the inquiry Dr Thabi Leoka to get details on the first day of the commission.

Experts discuss how to end youth unemployment at #702JobSummit

Experts discuss how to end youth unemployment at #702JobSummit

The panel spoke about high-impact interventions that could drive job creation, job retention and economic growth.

Popular articles
BP could be fined millions for illegally building 17 petrol stations

BP could be fined millions for illegally building 17 petrol stations

The case against international petroleum giant was brought by environmental group Uzani Environmental Advocacy.

[WATCH] Mabena's lack of agility has social media in stitches, we are Mabena!

[WATCH] Mabena's lack of agility has social media in stitches, we are Mabena!

Khabazela shares tweets and Facebook posts that have gone viral.

Uber takes to the skies with Uber Air and Uber Copter

Uber takes to the skies with Uber Air and Uber Copter

Uber Air’s flying taxis are specifically designed for short trips. Bruce Whitfield interviews Stuff magazine’s Toby Shapshak.

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).

Your employer can ask your doctor to write an affidavit to support a sick note

Your employer can ask your doctor to write an affidavit to support a sick note

Law says if a traditional healer is part of medical council with a registered number he or she can write a medical certificate.

[WATCH] 400-metre hurdle race goes viral as athlete dives through finish line

[WATCH] 400-metre hurdle race goes viral as athlete dives through finish line

Khabazela shares tweets and Facebook posts that have gone viral.

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

TymeBank has no branches and no monthly fees. Most transactions are free. Bruce Whitfield interviews its CEO.