Streaming issues? Report here
kenny-m-103apppsm-smalljpg kenny-m-103apppsm-smalljpg
Soulful Sundays with Kenny Maistry
10:00 - 13:00
volume_up
volume_mute

Up Next: Soulful Sundays with Paul Mtirara
See full line-up
Soulful Sundays with Kenny Maistry
10:00 - 13:00
Home
arrow_forward
Business

Ramaphosa must be very tough on underperforming ministers, says economist

4 June 2019 2:14 PM
Tags:
Gross domestic product GDP
South African economy
Dr Thabi Leoka

Thabi Leoka responds to an announcement of a 3.2% GDP decline for the first quarter of 2019.

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:


4 June 2019 2:14 PM
Tags:
Gross domestic product GDP
South African economy
Dr Thabi Leoka

Recommended

More from Business

200529 Thulas Nxesi

Labour Minister Nxesi wants every UIF COVID-19 relief transaction audited

3 July 2020 4:50 PM

Labour and Employment Minister Thulas Nxesi said that the UIF had been able to identify 75 cases of suspicious transactions.

Share this:
Read More arrow_forward

iain-williamson-edjpg

Old Mutual makes acting CEO Williamson permanent

3 July 2020 2:49 PM

Iain Williamson’s appointment ends over a year of uncertainty over who will lead one of the country’s biggest insurers following the abrupt dismissal of former CEO Peter Moyo in June 2019 after a conflict of interest dispute.

Share this:
Read More arrow_forward

onionjpg

Small Business Focus: Onion peeler lessons for SMEs

2 July 2020 9:42 PM

Pavlo Phitidis tells more about a strategy that he has been using for years and how to apply this in a business.

Share this:
Read More arrow_forward

edit - equity-market - image from JSE-dot-co-dot-za.jpg

Personal Finance Feature - Equity fund vs index investing

2 July 2020 8:43 PM

Personal financial adviser Warren Ingram says active fund managers in South Africa have had a terrible time.

Share this:
Read More arrow_forward

rotisserie-whole-chicken-poultry-hot-cooked-food-meal-supermarket-meat-123rf

Meat importers say FairPlay’s dumping concerns is just a COVID-19 blame game

2 July 2020 8:05 PM

Association of Meat Importers and Exporters CEO Paul Matthew says there are mechanisms to deal with a possibility of dumping

Share this:
Read More arrow_forward

191115 SAA strike Airways Park1

Four unions sign up for voluntary SAA severance packages

2 July 2020 7:14 PM

DPE acting director-general Kgathatso Tlhakudi says there is hope ahead of talks with Numsa, Sacca and pilots association.

Share this:
Read More arrow_forward

sanef-logo-2017-slider-770xjpg

Sanef launches relief fund for journalists who’ve lost income due to COVID-19

2 July 2020 11:18 AM

Only freelance, contract or permanently employed journalists who have been retrenched or had their contracts cancelled since the implementation of the national lockdown will be eligible to apply.

Share this:
Read More arrow_forward

160622Stickman-gif.gif

Shapeshifter - SA animation company Triggerfish now in Ireland

1 July 2020 10:23 PM

CEO says Stuart Forrest says Ireland is where the animation industry is booming and they have been doing a lot of work there.

Share this:
Read More arrow_forward

Cars-For Sale-Automotive-Industry-Dealership-Vehicles-service-wheels-123rf

Market Commentary

1 July 2020 9:18 PM

Chris Steward, portfolio manager at Ninety One, says the PMI number in particular is looking a little better.

Share this:
Read More arrow_forward

Kauai strawberry smoothie

Real Foods' Kauai is not chicken about expansion

1 July 2020 8:42 PM

Real Foods CEO Dean Kowarski says they have seen a lot of opportunities since the relaxation of regulations.

Share this:
Read More arrow_forward