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Finance Minister Gigaba to detail inclusive growth action plan

South Africa is currently in a technical recession after being downgraded to junk status by two rating agencies this year.

FILE: Minister of Finance Malusi Gigaba. Picture: Thomas Holder/EWN

JOHANNESBURG - Finance Minister Malusi Gigaba will on Thursday morning announce details of government’s inclusive growth action plan at the Johannesburg Stock Exchange in Sandton.

South Africa is currently in a technical recession after being downgraded to junk status by two rating agencies this year.

The downgrades followed President Jacob Zuma’s Cabinet reshuffle in which he fired Pravin Gordhan as Finance Minister, replacing him with Gigaba.

Adding to the country’s woes, the unemployment rate hit a 13-year high of 27.7%.

Argon Asset Management economist Thabi Leoka says that the minister needs to restore business confidence.

“He needs to speak to corporate South Africa and instill confidence in them and also make sure that he bridges the trust deficit that I think has widened between the government and business since the reshuffle at the end of March.”

(Edited by Zamangwane Shange)