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Nafcoc: NAFCOC Statement on the cabinet changes and the economy

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Nafcoc: NAFCOC Statement on the cabinet changes and the economy

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South African President Jacob Zuma

31st March 2017

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Nafcoc welcomes the changes and developments in the National Executive as announced by the President of the Republic Mr Jacob Zuma. Nafcoc believes that while continuity and stability should be  key considerations in the appointment and deployment of Ministers, the current social and economic conditions necessitated these changes. In particular the commitment towards radical economic transformation which Nafcoc fully supports and endorsed, had to be matched with equally committed Ministers and resources. In this regard, Nafcoc welcomes the cabinet changes and believes that they will advance the programme of radical economic transformation.

"Radical economic transformation as outlined by the President Zuma in his state of the nation address, must now be the only game in town" Said Lawrence Mavundla, President of Nafcoc.

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Nafcoc is however concerned about the characterization of the President executive decision, as amounting to getting rid of one or two individuals. We are of the of the view that that no area of governance should be seen as a preserve of certain individuals. As such no individual should be regarded as indispensable in a collective within a democratic state. The public and country must come first  in these matters.

NAFCOC also welcomes the South Africa Reserve Bank in keeping the repurchase rate unchanged.

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"We were of the view that the conditions and fundamentals were sufficient for the slight reduction in the repo rate"  contends Mr Landiwe Mahlangu, Nafcoc Chief Economist. " We do however understand that the  MPC is of the view that inflationary outlook is still outside the target range." Mr Mahlangu added.

In this regard, Nafcoc feels the time had now come broaden the alignment of radical transformation programme beyond fiscal policy authorities. There must be a conscious and cautious engagement with the SARB towards finding alignment between radical economic transformation and monetary policy stances.

 

Issued by Nafcoc

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