Ramaphosa’s new cabinet will help boost business and investor confidence

JOHANNESBURG – Some economists believe the newly appointed cabinet will go a long way to boosting business and investor confidence.

President Cyril Ramaphosa on Sunday announced the appointment of 32 ministers who will help him govern the country for the next five years.

The country’s economic situation will now come under intense scrutiny as the country tries to bring its weakened economy under control.

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Markets are likely to continue to react positively as they digest the new set of cabinet appointments.

North West Business School economist Raymond Parsons said the new appointments were intended to provide a level of political certainty.

He said this was essential to supporting the investment- and job-friendly growth that South Africa needs.

The economic cluster includes Finance Minister Enoch Godongwana, Trade and Industry Minister Parks Tau, and Small Business Development Minister Stella Ndabeni-Abrahams.

Even though some new players have joined the cluster, economist Dale McKinley said policy continuity would likely be a priority.

“I think overall, if you look at the way it’s set up, I wouldn’t expect we’d see a huge deviation from what we’ve seen before.”

Both economists called on the government to put party politics aside and prioritise a stable economic policy environment.