This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.Bloomberg News reports that SA Reserve Bank (SARB) governor Lesetja Kganyago has welcomed the reappointment of Enoch Godongwana as finance minister in the new coalition cabinet unveiled by President Cyril Ramaphosa.
"We still have the same minister of finance that we have been talking to, who has always been providing guidance and leadership on macroeconomic policy and that gives us comfort," Kganyago said in an interview on Tuesday. The formation of the so-called government of national unity (GNU) also provided reassurance to investors who had been concerned about what type of coalition would be formed in the wake of general elections in May, he added. The ANC, which had governed SA for three decades, lost its parliamentary majority for the first time in the 29 May vote. That forced the party to form a coalition government with rivals including the centrist Democratic Alliance and other smaller parties. The SARB has kept interest rates at 8.25% at each of its three monetary policy committee meetings held so far this year amid uncertainty before the elections. The governor also said that while there continued to be risks to the bank’s outlook for price stability, it was maintaining its outlook that consumer inflation would return to the midpoint of its 3% to 6% target range by the first half of 2025. The rate has been above 4.5% for more than three years and the central bank expects inflation to average 5.1% this year.
- Read the full original of the report in the above regard at Fin24
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