Kganyago: National security must be insured to bring back investor confidence

Reserve Bank Governor Kganyago said that the country should return to pre-COVID-19 GDP levels by 2023 but there was a general consensus that the events of the past few weeks could not be repeated.

FILE: South African Reserve Bank Governor Lesetja Kganyago. Picture: @SAReserveBank/Twitter

JOHANNESBURG - With billions of rands lost due to looting and damage to property, there were now calls on the state to protect the economy to make sure the events of the past few weeks never happened again.

South African Reserve Bank Governor Lesetja Kganyago announced on Thursday that the first quarter of this year saw unexpected growth but this strong start was then cut down by the looting and lockdown.

He said this while announcing that the repo rate would remain unchanged.

Kganyago said that inflation was in check and the economy was regaining lost ground but that national security needed to be insured.

"...and make sure that we restore normality and by extension hopefully bring back investor confidence."

Chief economist at the South African Chamber of Commerce and Industry, Richard Downing, agreed.

"I think the main appeal is in terms of confidence, especially investor confidence for the longer term."

Governor Kganyago said that the country should return to pre-COVID-19 GDP levels by 2023 but there was a general consensus that the events of the past few weeks could not be repeated.

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