Afripol praises central banker Gill Marcus : A good omen for free enterprise in South Africa

The deputy governor of South Africa Reserve Bank, Gill Marcus was appointed the new governor of South African apex bank to replace the retiring Tito Mboweni. This appointment assured the global financial market that President Jacob Zuma who made the appointment is still committed to free market and financial discipline of his predecessor Thabo Mbeki.

The outgoing governor South Africa Reserve Bank, Tito Mboweni has the reputation of being fiscal conservative with a prudence in the application of well thought monetary policy to control inflation and maintaining the value of rand. Under the watchful eye of Mboweni the South African currency rand have continue to maintain its strong value but not too strong to dwindle export of home made goods. But lately "rand has been the top-performing emerging-markets currency since March 9, right around the time when the U.S. equity markets bottomed. The rand has soared 29% against the dollar over that period, buoyed by rising commodity prices and a general improvement in appetite for riskier assets."

South Africa economy is quite ebullient with its relentless dominance of the entire African economic and financial landscape – the largest economy in Africa and the only African country that made it to G20. A good thing coming from South Africa is its continue investments in the continent. South African investors are investing heavily in West Africa particularly in Nigeria and neighboring countries where they are dominating telecommunication industry. Many of construction contracts in buildings and roads in many African countries are dominated by South African firms.

Source: ModernGhana.com

Edited by: AHU – Gyula Balázs Kisvárdai