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Lack of implementation also to blame for SA economic woes - Mboweni

According to Mboweni, even the implementation of a mere 30% of agreed-upon policies would equal good progress for the local economy.

(L-R) Deputy Minister of Finance David Masondo and Finance Minister Tito Mboweni at the third economic colloquium at the Reserve Bank on 17 October 2019. Picture: @TreasuryRSA/Twitter

JOHANNESBURG - Finance Minister Tito Mboweni on Thursday echoed the sentiments of other senior government officials and the African National Congress (ANC) that the biggest constraint to economic growth was a lack of implementation.

The minister was addressing the media before the start of the third economic colloquium at the Reserve Bank, where leading economists and technocrats gathered to discuss the country’s economy.

According to Mboweni, even the implementation of a mere 30% of agreed-upon policies would equal good progress for the economy, which the International Monetary Fund projected would grow the economy at just less than 1% this year.

“Which speaks to the capacity and capability of the state to implement, but also speaks to the failure to rally around the major economic actors in SA to pull in the same direction,” Mboweni said.

He said a lack of implementation was identified by the delegates of the last economic colloquium as the stumbling block in the way of South Africa’s economic revival.

Mboweni further spoke about the origins of the contentious draft economic recovery strategy document, which was nearing finalisation, saying its style was inspired by a similar paper compiled by a group of 12 Indian economists.

The document - which has drawn him ire from ANC alliance partners Cosatu and the SACP - received a slight nod by the governing party, which included some of its proposals in its economic recovery package.

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