http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.52Change: 0.03
R/$ = 12.18Change: -0.02
Au 1172.32 $/ozChange: -2.19
Pt 1083.50 $/ozChange: 4.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Sep 11, 2008

SA's macroeconomic frameworks to remain in place - Phosa

Back
 
 
 
 
 
 
Africa|Building|Africa
Africa|Building|Africa
africa-company|building|africa
© Reuse this The African National Congress's (ANC's) treasurer-general, Mathews Phosa, insisted on Thursday that South Africa's macroeconomic frameworks would remain in place in what would be a "seamless" economic-policy transition from Thabo Mbeki's administration to the one that was expected to be led by Jacob Zuma after next year's election.



Speaking at a business breakfast organised jointly by the French and Nordic chambers of commerce in South Africa, Phosa also insisted that it was the ANC rather than its left-leaning alliance partners, the South African Communist Party (SACP) and the Congress of South African Trade Unions (Cosatu), that would ultimately determine the new government's economic policies.

Phosa, who is one of the so-called ‘top-six' in the post-Polokwane ANC leadership structures, was speaking on the same day as South Africa's leading financial daily, the Business Day, was running a front-page story suggesting that the SACP was proposing an overhaul of the role of the National Treasury and the South African Reserve Bank.

Both SACP and Cosatu were known to be unhappy with the tight fiscal and monetary policies overseen by Finance Minister Trevor Manuel and Reserve Bank governor Tito Mboweni, having continuously opposed the retention of both the Budget surplus and the policy of inflation targeting.

Phosa said that, while the ANC had respect for the views held by other sectors within the alliance, the ANC was not "communist" and was prepared to make the necessary compromises, as it had in 1994 under former President Nelson Mandela's leadership, in the interest of South Africa and continued economic growth.

"We made those compromises very consciously to ensure that we made the macroeconomic framework what it is," Phosa added, noting that the ANC had been criticised along the way, even to the point of being called a "sell-out".

Making continual reference to the spirit of "compromise", "balance" and "nation building" that epitomised the Mandela era, Phosa stressed that "we (the ANC) have our views too, and we have got the business of running that country [to consider]", adding that "Cosatu is Cosatu, and the ANC is the ANC."

But he also stressed that it was not hostile to the views held by either the SACP or Cosatu and would continue to talk with its partners to "convince one another".

"At the moment, as to where we stand, there should be no uncertainty. The ANC policy is on the record," Phosa stressed. But he refused to be drawn directly into the inflation-targeting debate, quipping that he was "not qualified" to do so.

An economics summit is scheduled for October, where the ANC and its allies were expected to enter a robust debate on the future trajectory of South Africa's post-Mbeki economic policies.

Edited by: Terence Creamer
Creamer Media Editor
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Video News
More
 
 
Latest News
Updated 57 minutes ago The seasonally adjusted manufacturing Purchasing Managers’ Index, compiled by the Bureau for Economic Research (BER), ticked up by 0.6 index points to 51.4 in June. This brought the average for the second quarter to 49.2 index points, slightly below the average of...
Trade and Industry Deputy Minister Mzwandile Masina
Updated 1 hour 22 minutes ago The first leg of one of South Africa’s largest equity equivalent investment programmes (EEIP) aimed at bringing a research hub to the nation’s shores along with enterprise and deep skills development was officially implemented on Wednesday. The launch of an...
Updated 1 hour 51 minutes ago Bus operator AutoPax was unable to start its engines on its first day in Mamelodi amid protests from taxi operators in a move that left scores of commuters stranded across the sprawling township. Autopax buses took over Putco routes after the latter’s decision not to...
More
 
 
Recent Research Reports
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
JSE-listed Afrimat will make a cash offer to acquire the entire remaining issued share capital of subsidiary Infrasors that it does not already own.
TEAMWORK Aggreko Europe, Middle East & Africa MD David Taylor-Smith; Aggreko Zambia chairperson Dr. Sixtus Mulenga; Aggreko Africa MD James Shepherd
Temporary power generation services provider Aggreko announced earlier this month that it had appointed Dr Sixtus Mulenga as nonexecutive chairperson of Aggreko Zambia, a move it believed was integral to the ongoing expansion of its operations in Zambia and the rest...
Major global aircraft manufacturer Airbus Commercial Aircraft is maintaining a steady course. "I don't have any big news, good or bad," company President and CEO Fabrice Brégier told international aviation journalists in Toulouse, France, at the company’s recent...
MEASURING DEVICES Bosch has released a mobile app that enables the measurements made with measuring devices to be sent and used directly on the app for accuracy and on-site quoting
Industrial tool manufacturer Bosch has increased the compatibility of many batteries in its range of blue industrial power tools and has released mobile-device applications (apps) for users of the tools, says Bosch South Africa training manager Peter du Bruyn. Many...
The new Nissan Navara has been launched onto the global market, but Nissan South Africa (NSA) will only know in August whether the local Rosslyn plant will assemble the one-ton pickup. The NSA plant currently produces the old NP300 Hardbody one-ton bakkie, as well as...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96