Over the last few months, Minister Mboweni has made a number of telling tweets that has caused the ruling party to distance themselves from his tweets and haul him over the coals! However it would appear that the minister is being a realist and his tweets are more like an impassioned plea for all to understand the predicament we are in. An extract from a recent speech by Minister Mboweni, points out the key reforms that are needed to facilitate the following:
- An efficient and capable state
- Prudent fiscal and monetary policy
- A competitive and flexible exchange rate
- A trade regime which promotes open and beneficial trade, particularly with the rest of the African continent
- A reimagined industrial strategy
- Opening up ‘network industries’ that is transport, logistics and telecommunications. This means reorganising Eskom and other state-owned companies.
- Lowering barriers to entry
- Prioritising job-creating sectors, such as agriculture and tourism
- An overarching legal framework with an independent judiciary and strong property rights
- A well-functioning financial sector
It is only through the implementation of the needed reforms that we can benefit from the advantages presented by our country, such as the young labour market, world class infrastructure and a sophisticated financial market. Achieving an inclusive, job creating and sustainable economy will not be possible without the reforms.
Minister Mboweni will expand on the status of the reforms when he presents the Budget in February.