South African Deputy President Cyril Ramaphosa speaks during a lecture at the Lee Kuan Yew School of Public Policy in Singapore October 7, 2016. Picture: Edgar Su/ Reuters
President Cyril Ramaphosa's economic advisor, Trudi Makhaya resigned on Friday.
According to a statement by the presidency, Makhaya was appointment in April 2018 and “helped craft the administration's key economic policy initiatives on structural reform, post-pandemic economic recovery and the just transition”.
It should also be noted that “she led the technical steering committee that engaged with investors and coordinated the country’s flagship investment gathering, the South Africa Investment Conference”.
According to the presidency, Makhaya also served as South Africa’s G20 Sherpa since 2019.
Ramaphosa thanked Makhaya for her contribution over the past five years.
Ramaphosa said: “Trudi’s steady counsel contributed to the evolution of economic policy making since 2018 as government steered the economy through daunting economic headwinds, while building the case for investment and growth. We wish her all the best as she embarks on a new chapter in her career.”
In the statement, the presidency said that President is in the process of appointing a new economic adviser.
FURTHER OUTGOING LEADERSHIP
A number of other members of Ramaphosa’s leadership and advisers have vacated their positions. This includes:
TROUBLING TIMES
The loss of Makhaya and these various other advisers could not come at a worse time for the president and the country.
Yesterday, the rand hit a new all-time low against the dollar. At 1.45pm on Saturday, the rand was standing at R19,44 to the dollar and R20,97 to the euro.
REASONS FOR THE RANDS FAILURE
On Thursday, the United States ambassador to South Africa, Reuben Brigety, said he was confident that a Russian ship had picked up weapons in South Africa last year.
The US assertion came at a time when investor sentiment towards South Africa had already badly soured over the worst power cuts on record that show no sign of abating.
The South African government is opening an independent inquiry led by a retired judge into the allegation of an arms shipment to Russia, Ramaphosa's office said on Thursday.
JPMorgan in a research note on Friday said it now forecast a 0.2% decline in South Africa's 2023 gross domestic product versus a previous forecast for 0.3% growth, citing expectations for deeper power cuts.
HAVE YOUR SAY!
Do you think President Ramaphosa can turn the economic downturn around?
— Business Report (@busrep) May 13, 2023
Additional reporting by Reuters
BUSINESS REPORT/REUTERS