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ANC urged to be cautious over appointment of new leaders

Economists say the financial markets will be looking closely at who President Cyril Ramaphosa will appoint in his cabinet.

Members of the ANC listen to President Cyril Ramaphosa’s address at the IEC Results Operations Centre in Tshwane. Picture: Thomas Holder/EWN.

JOHANNESBURG – As the African National Congress (ANC) meets on Monday to consider the next premiers in eight provinces, there are calls for the governing party to be careful when appointing new leaders.

The rand and the bond market have reacted favourably to the official announcement by the Independent Electoral Commission (IEC) which saw the ANC return to power albeit with a smaller majority.

Economists say the financial markets will be looking closely at who President Cyril Ramaphosa will appoint in his Cabinet.

President Ramaphosa and the ANC have been congratulated for the election victory but the party has also been cautioned to deliver on its promises.

The Black Business Council has called for an intensified application of socio-economic transformation policies.

Business Unity South Africa has called for a competent Cabinet and other top officials to push through the economic turnaround that is required.

Chief economist at the Efficient Group, Dawie Roodt agrees.

“So, I suspect that the composition of the Cabinet, over the next few days, will dominate what the financial markets think about South Africa’s financial markets at the moment.”

There is a general consensus that as political parties meet to discuss how they fared in the election, job creation and a strong economy need to be at the centre of their future plans.

(Edited by Leeto M Khoza)

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