While the markets have weathered the storm following a cabinet reshuffle, Financial Mail's Sikonathi Mantshantsha says Finance Minister Malusi Gigaba will face a difficult time convincing investors to put their money in South Africa.
The minister is currently on an international road show.
Mantshantsha says Gigaba does not have much to inspire any confidence because of his past work as Minister of Public Enterprises, as well as Minister of Home Affairs.
The mess he left behind in past portfolios is one of the reasons we had a credit downgrade for that matter. Eskom itself came from the top four electricity generators in the world 12 years ago to basically zero today and that was with Malusi's misguidance and then the mess he left with home affairs when he came in and basically closed the borders to tourists.— Sikonathi Mantshantsha, Deputy Editor at Financial Mail
Those people are not blind to all of that. They know his record there and he does not have much to inspire any confidence in him.— Sikonathi Mantshantsha, Deputy Editor at Financial Mail
Mantshantsha says the minister must take a more definite stance on his policy plans.
He speaks with a forked tongue because he said inclusive growth actually means radical economic transformation, so you have someone here who dances to the audience. If he is talking to investors he tells them what they want to hear..... investors will not necessarily judge you on what you say, they will judge you on what you do.— Sikonathi Mantshantsha, Deputy Editor at Financial Mail
You decide if you want to promote growth and prudent management of economy or you go reckless and give us this radical transformation that you speak about. They will watch him very clearly.— Sikonathi Mantshantsha, Deputy Editor at Financial Mail
Click on the link below to listen to the full interview.....