CEO Initiative: New cabinet will boost confidence in the economy

The CEO Initiative has lauded President Cyril Ramaphosa's new cabinet.

Read the full statement below: 

The CEO Initiative welcomes the changes announced by President Cyril Ramaphosa to the cabinet and are confident that these will bring stability to the national executive‚ boost confidence in our economy and set up the country for an improved growth trajectory.

The numerous changes to departments that are crucial to South Africa achieving higher economic growth have resulted in policy uncertainty and slow progress over the past two years. We acknowledge that there seems to be an effort to remove those individuals who have been implicated in allegations of state capture or any wrongdoing‚ which demonstrates commitment to rooting out corruption and maladministration within government ranks.

“We are encouraged by the appointment of credible and experienced ministers in portfolios that require particular attention and are important for investor confidence‚ such as public enterprises‚ finance and mineral resources. This demonstrates the president’s stated commitment to ensuring urgent reform of our state-owned enterprises‚ averting further credit ratings downgrades‚ as well as reinvigorating the critical mining industry‚” says Jabu Mabuza‚ Co-convenor of the CEO Initiative.

We welcome the commitment to review the size and structure of the cabinet in an effort to improve efficiencies and lower expenditure.

“As business‚ we remain committed to continue working with the government and labour in creating an environment that is conducive to achieving sustainable and inclusive economic growth that benefits all South Africans‚” concludes Mabuza.