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Kganyago: Africa's economic outlook positive

South African Reserve Bank Governor Lesetja Kganyago made the remarks during a panel discussion at the World Economic Forum on Africa in Cape Town which ended on Friday.

FILE: South African Reserve Bank Governor Lesetja Kganyago. Picture: AFP

CAPE TOWN - Reserve Bank Governor Lesetja Kganyago said Africa had a positive economic outlook, even though some countries were still showing little or no growth.

Kganyago made the remarks during a panel discussion at the World Economic Forum on Africa in Cape Town which ended on Friday.

The World Economic Forum (WEF) on Africa has turned its focus to the continent's economic growth as well as the much-vaunted fourth industrial revolution.

As in a previous WEF gathering in Durban, the last day of the event saw a panel discussion on Africa’s varying economic picture.

When he addressed the session, Kganyago sounded optimistic: “I think that what we’ve seen for this year and next year’s outlook is that this continent will continue to grow faster than the world average. That is the good news.”

But he cautioned that a big risk was rising debt levels among some countries, including South Africa, which had received debt relief, mostly from the private sector.

“But at the same time, there are still risks and the risks have been associated with deteriorating public finances and rising debt levels. Some of the countries that have received debt relief seem to have been piled up.”

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