Today's Big Stories

Banking Association SA says van Rooyen must take up the baton amid economic woes

The Banking Association South Africa (Basa) says new Finance Minister David van Rooyen must continue on the stable course his predecessor, Nhlanhla Nene, took in leading National Treasury.

Basa's managing director, Cas Coovadia on Friday said that van Rooyen must take immediate action in the context of investor uncertainty, slow economic growth, a weak rand, credit rating downgrades, high unemployment, the current budget deficit and poorly run parastatals.

We would urge the new minister to really quickly send out the message that he is going to stay the course and continue the work of former minister Nene.

Cas Coovadia, Managing Director at the The Banking Association of South Africa

Listen to the full conversation from CapeTalk's Breakfast with Kieno Kammies:

"It is important to look at the context. Minister Nene was beginning to tackle all the issues under some very difficult circumstances.

Cas Coovadia, Managing Director at the The Banking Association of South Africa

It's within this context that this appointment does create uncertainty and erode confidence.

Cas Coovadia, Managing Director at the The Banking Association of South Africa

The critical dilemma is that we have to put national interests on the table.

Cas Coovadia, Managing Director at the The Banking Association of South Africa
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