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Marcus warns of adverse effects on exports

Gill Marcus says the longer the platinum strike continues, the sooner effects on exports will be felt.

Governor of the South African Reserve Bank Gill Marcus. Picture: AFP

JOHANNESBURG - Reserve Bank Governor Gill Marcus said while the platinum sector strike has already impacted on economic growth, it has not yet been fully reflected in the export data.

Speaking at business breakfast in Rosebank this morning, Marcus warned that the longer the strike continues the sooner the adverse effects on exports will be felt.

Hopes to end the five month long strike were dashed after Mineral Minister Ngoako Ramatlhlodi abandoned his mediating role with the Association of Mineworkers and Construction Union (Amcu) and mining houses.

Marcus said a decline in platinum exports has a serious effect on the economy at a time when the mining sector should be responding positively to the depreciating rand.

She said it's imperative that the mining sector gets back to work and that manufacturing sector stays at work in order to retain jobs.

Marcus added the domestic economy is facing enormous headwinds, many of which are within the country's ability to resolve.

High on the list is the currently debilitating labour relations environment and it's up to all parties to resolve these issues.

She argued instead of focusing on whether or not we're entering a recession we should be striving to restore the economy.