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SA’s finance minister reshuffling labelled ‘own goal’

Experts have convened in Cape Town for the Thompson Reuters Africa Summit over the next two days.

FILE: In December last year Nhlanhla Nene was removed as the finance minister and replaced with De van Rooyen, who was also removed and replaced with Pravin Gordhan. Picture: EWN.

CAPE TOWN - The finance minister shuffle in December has been described as a "own goal" at a summit on challenges facing Africa.

Experts have convened in Cape Town for the Thompson Reuters Africa Summit over the next two days.

More than 50 speakers will be sharing their Pan-Africa knowledge.

Panellist and Market Expert George Glynos says Africa is functioning in a worrying global economic climate.

"Despite the tremendous amount of effort being made by the central banks to reflate the global economy, the dividend that they've received for the efforts that have been expanded has in fact been quite small."

Co-panellist Ronak Gopaldas says the continent is not doing itself any favours by "scoring its own goals".

"Three finance ministers in a weekend in South Africa. In Nigeria you had political uncertainty in the run up to and election, followed by policy uncertainty. In Zambia it's flip-flopping around mine legislation and VAT receipts."

He adds the average 43-year age gap between leaders and citizens causes tension on the ground.